Storyboard18 | 2022 - Definitely, Maybe: The Year of Great Leap or Sink

Also Read | Storyboard18 | 2022 - Definitely, Maybe: Hyperlocal TV ads, Visual Search and The Persuasive Power of Voice

Or even vanish because brands will be expected to cover all aspects of their consumer’s needs: from extended product experience to post purchase experience,  to even counselling post purchase for future needs. Those brands that do so will pull consumers away since consumers will want to simplify things as far as possible to either keep their time free or deploy productively elsewhere. Insurance companies will have to collaborate with gyms, pharmacy chains, financial services or whatever else falls in their orbit, for example, if they want to stay competitive.

With the economic squeeze that is inevitable, consumers will grow at the top and bottom end, leaving the middle somewhat stagnant. People who have money will continue to splurge because avenues for spending are less, and those who don’t will flock to brands that are very affordable. Being in either or both segments will benefit because the mainstream, in the middle will be difficult as the middle class will have to restructure their wallet leading to deferred spending.

Consumers are going to be far more receptive to brands that are active to make a difference in the domain of their environmental responsibility. However, the trouble is that any move in this direction by businesses comes at a cost because the technology for alternatives is expensive, and so consumers may have to pay up more. Whether they will do so or not, time will tell, but brands will not have the luxury to be indifferent to this aspect, even if they are just starting off the block in 2022. The generation shift of young consumers that happens in the next five years will decide the scale of this change.

Also Read | Storyboard18 | 2022 - Definitely, Maybe: OTT - the new cinema?

Experience with covid has proved the stupidity of waiting till the problem strikes. Consumers will have the mindset to look for problem avoidance. Brands that offer promise of prevention will thrive for the larger audience, even more than those that are providing solutions. Brands that are able to resolve this anxiety of consumers in an empathetic way could have them cue up outside gratefully.

In short, it’s a year of transition. Brands and businesses will take off from here or start to wither. Watching consumers closely and walking with them, as always, will be the answer. Old and comfortable business practices must be challenged voluntarily before they become a reason for decline. 2022 is the year of the agile and the alert.