Consumer Behavior Amidst COVID-19 Lockdown
The world is facing a global lockdown the kind of which has not been seen in modern history, due to the outbreak of a new respiratory virus which remains without a cure, COVID-19. Because of the outbreak, which was dubbed a pandemic by the WHO, most countries of the world have imposed certain rules and regulations that have restricted people’s movements and changed the way we live our daily lives in many ways.
With this global lockdown now in full effect, we took a look at consumer behavior, especially in the entertainment industry. As expected, the internet has been playing a massive role in the crisis period, especially when it comes to certain parts of the entertainment industry such as online casinos as the South African page here shows.
Impact of the Outbreak on the Gaming Industry
The gaming and gambling industry worldwide is just massive. With places such as Las Vegas, Monte Carlo and Macau all significantly impacted by the government imposed shutdowns caused by the virus pandemic, the losses are being counted in the billions of dollars every day.
This does not mean that the gaming industry has stopped altogether however, as people still want to be entertained and are finding ways to do so even from the comfort of their homes. The online casino industry is booming like never before, with online sites that offer gambling games on the surge.
The one area of the gambling industry that has seen losses both live and online is the sports betting, as there are simply no sports to bet on. While people continue to bet on virtual sports and other worldly affairs, the lockdown has crippled the betting industry in unprecedented ways.
Daily Entertainment Changed
It is not only the specific parts of the entertainment industry, such as gambling, that have been affected by the lockdown. The way we interact and have fun on a daily basis has also been greatly affected. In many countries of the world, people are now not allowed to come together in groups of more than two or three and public places like parks, zoos or cinemas are completely closed as countries do their best to slow down the pandemic.
Once again, the internet is playing a great role in helping people socialize and stay sane through this period, as various apps offer some solutions. Social networks are booming at this time, with places like Instagram or Facebook giving us a chance to make some human contact.
Online apps like Netflix have been absolutely booming as well, with services like Netflix Party allowing people to replicate the experience of a cinema at home and chat apps like WhatsApp, Viber and iMessanger all helping out as well.
The reality is that, for most of the western world, internet is the biggest savior these days. Consumer trends have shifted completely towards the virtual space as we await for the pandemic to end and the world to go back to how it once was.
The Internet Helps Slow the Pandemic
Many times in recent history, we had to look at the impacts of the internet, both good and bad and weigh them off. This is another one of those times, as the internet is once again proving both helpful and harmful in many ways.
The truth is that the internet is helping governments with imposing the social distancing measures, as people are entertained enough at homes, which makes it easier for them to honor such orders. This is certainly helping slow down the pandemic and make the whole problem smaller.
On the other hand, the internet is also helping with the spread of disinformation and the online media are given free rein to publish any kind of sensationalist news, fighting for clicks and market share. In this difficult time, it can sometimes be hard to say if the internet is doing more good or bad.
The once clear thing is that, for the next few months, it is likely that consumer interests will continue to be with online products and services and that online shipping services, online gaming sites and other virtual businesses will be significantly increasing their earnings.