By Austin Goltz
How Long Does It Take to Form a Habit?
It is debated how long it truly takes to form a habit. Some believe it takes 21 days. This stems from a piece of literature written in 1960 by Dr. Maxwell Maltz, a plastic surgeon and psychologist. Dr. Maltz witnessed that it took his patients about 21 days to let go of their pre-surgery appearance and accept their new image. A research study released in 2009 by Phillippa Lally in the European Journal of Social Psychology found that it took a bit longer, closer to 2 months or 66 days to be exact. Whichever the exact number may be, old habits can be broken and new habits can be formed, and it can happen with relative frequency.
Our Current Market Environment Has Forced Consumers to Break Old Habits
In the current market environment, consumers are in some way being forced to alter old behaviors and form new habits. About one month ago, states required non-essential businesses to shut their physical locations to help stop the spread of Coronavirus. Gyms, restaurants, barbershops, salons, shopping malls, places of worship and other non-essential businesses were forced to close their doors. In April, states like Connecticut, New Jersey, Hawaii, Maryland, Pennsylvania, Rhode Island and New York have not only required the closure of non-essential businesses, but are now strongly recommending Americans to wear a mask or other face covering while in public areas where social distancing is not possible. This would include essential businesses like grocery stores, pharmacies, convenience stores and liquor stores. Not only are consumers asked to wear face masks, but they are also advised to limit trips to these locations to avoid large crowds. It is safe to say that Coronavirus has materially altered the way in which we go about our day to day lives. Consumers still demand these services but they have been forced to be more creative in how they are consumed or received.
Accelerated Adoption of Internet/Digital Services
With non-essential retail businesses closed and with other restrictions placed on essential businesses, it is no surprise that consumers are trying new mediums to receive and consume services. For instance, a common consumer habit is going to the gym. Yet in the past month, gyms have shut their doors around the country. In Volition’s Consumer Sentiment Study, we found there’s a lot of opportunity in a market where strong demand meets limited supply. In fact, in the past month over ~17% of consumers have tried an online workout for the first time. Consumers are trying new internet enabled services across a variety of verticals. Most notably, ~40% of consumers tried video conferencing for the first time and ~22% tried grocery delivery.