COVID-19 pandemic is shifting the trend in consumers behaviour. L’Oreal’s deputy CEO, Nicolas Hieronimus, presented upon the company’s results presentation on Friday three significances that may change in the “new normal” era.
L’Oreal: COVID-19 pandemic’s impact on consumers behaviour
L’Oreal suggests the pandemic will impact consumers’ behaviour for the long term. Several behaviour changes include more interest in online shopping and environmentally conscious products.
Quoted from Reuters, the deputy CEO of L’Oreal Nicolas Hieronimus said, “people have lived virtual lives and many of those habits will stay.” This means more people will start to shift into online shopping even after the pandemic ends. Accordingly, the company foresees 50% of its future sales to come from online. As of when the company might be able to reach the figure, though, was not revealed.
Furthermore, COVID-19 also made consumers more environmentally conscious. Thus, consumers are now not only looking at the quality of the products sold. They also go deeper into knowing companies’ values and tend to choose those who contribute to protecting the earth. More people are also trying to focus on health and understand the significance of science and research in solving problems around the world.
To cater for the shift of consumers behaviour, Hieronimus said L’Oreal will position itself accordingly. He promises to bring more products that chime in with consumers’ wants once he becomes the CEO. Hieronimus also said that research and development would take a more prominent role in the company.
Read also: L’Oreal Foresees Cosmetics Rebound Post-Pandemic
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