Insights:For many, now is the time.
The economic impact of COVID-19 has been widespread, but not really predictable. With millions unemployed or furloughed, we would expect purchasing of lifestyle items to have crashed. But in many segments the exact opposite has occurred.
Most of the country is experiencing a housing boom. Small boats are flying out of the showrooms, sports and hobby equipment are in high demand and even vacation homes are selling above asking price.
Undoubtedly, there are a lot of reasons that these and other non-essential lifestyle-focused items sales have remained vibrant during the pandemic. One theory that is worth taking notice of is that many people are converting their dreams for the future into action today.
This trend is being called the “COVID Catalyst” and it means that due to the dramatic social and financial changes brought by the pandemic, people are no longer willing to put off the things they desire or the goals they hoped to achieve someday. They are being proactive and making lifestyle changes now.
For marketers that offer products or services within lifestyle categories, this trend reinforces the continued validity of nurturing consumers’ aspirational visions and the appropriateness of supporting dreams with their messaging.