Brands are alleviating financial stress with special pay-what-you-can programs
Trend - During COVID-19, many companies have decided to offer their products, services, or a portion of them on a pay-what-you-can basis. These types of initiatives are launched as businesses seek to support their consumers while being sensitive about their financial situation during the pandemic.
Insight - Consumers are experiencing some financial insecurity as the COVID-19 pandemic has effectively taken away jobs and opportunities. For some, this impacts their ability to afford necessities like food, shelter, education, and so on. This creates a demand for more accessible goods that allow individuals to be fed or to enrich their lives without placing further strain on their unique financial situations. As a result, many opt-in for discounted or flexible solutions in order to take care of themselves and their families without worrying about money.
Insight - Consumers are experiencing some financial insecurity as the COVID-19 pandemic has effectively taken away jobs and opportunities. For some, this impacts their ability to afford necessities like food, shelter, education, and so on. This creates a demand for more accessible goods that allow individuals to be fed or to enrich their lives without placing further strain on their unique financial situations. As a result, many opt-in for discounted or flexible solutions in order to take care of themselves and their families without worrying about money.
Workshop Question - How can your brand increase affordability for certain products/services?
Trend Themes
1. PWYC Initiatives - Businesses are helping alleviate financial strain on consumers with pay-what-you-can programs in response to COVID-19.
2. Discounted and Flexible Solutions - Consumers are seeking accessible goods that allow individuals to take care of themselves and their families without worrying about money.
3. Virtual Programs - Virtual programs are becoming popular during COVID-19, especially pay-what-you-can classes and courses.
Industry Implications
1. Education - Pay-what-you-can programs for education services could be offered to support students during COVID-19 and beyond.
2. Food and Beverage - Pay-what-you-can initiatives on certain menu items can help restaurants draw in families during COVID-19.
3. Healthcare and Pharmaceuticals - Pay-what-you-can options in online pharmacies can help make healthcare accessible to people affected by COVID-19.
4 Featured, 34 Examples:
72,211 Total Clicks
Date Range:
Apr 20 — Jun 20
Trending:
Mild
Consumer Insight Topics:
