In fact, even after lockdown, the net increase in online activity remains significant, at 28% on average. This begs the question, which digital categories are benefiting the most? We see the greatest net growth in online consumption of news (40%), social (39%) and leisure content (38%), followed by the use of online banking/payments (32%) and, of course, the boom of online education and learning (31%). Certainly this digitalisation lift has been more strongly felt in those countries where consumers and industries were used to more offline, traditional models prior to the pandemic.
Are these changes still temporary? Consumer preferences have been shifting towards online channels for over a decade, so we think that for those who used online more during the crisis, a long-lasting effect can be expected. Because of convenience, time saving and more choice alongside health concerns, social distancing and the risk of a pandemic blowback, we think new digital consumption will likely remain and flourish after the crisis. In the end, Covid-19 has defined better than anyone what ‘digital transformation’ actually means. The crisis could be the force accelerating online innovation and reinforcing consumer behaviour into new habits. And best of all, if industries develop digital architectures that adapt to changing consumer needs, it could contribute to more inclusive access.
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August 20, 2020 at 01:22PM
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Covid-19 aftermath: Europeans bond with online consumption and reinvent summer holidays - ING Think
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