The depleting trust in government and it’s growing impact on corporations and businesses.
A lot has been written about the COVID-19 pandemic’s impact on the consumer. In particular, the erosion of people’s trust in government is a topic that is repeatedly discussed in print media and syndicated research as something that is stemming out of the pandemic. Which isn’t entirely true. The coronavirus hasn’t suddenly created the feeling of distrust among Americans towards their governments. It has simply added fuel to a fire that was already burning, albeit gently.
There’s a reason why the United States has witnessed an unprecedented proliferation of health and wellness related businesses over the past few years. From companies that help you examine your own DNA and regain control over your own body to others that help you de-stress and relax, there’s no lack of companies that fall into the universe of holistic health and wellness. While there are many logical and rational arguments that can be made about why this is so, from an anthropological perspective, the reason centers entirely on the American consumer’s ongoing distrust of the government, and in particular, its role in managing the health industry. This issue is and has been central to the American consumer’s psyche for many years now, only rising in popularity over recent years thanks to political rhetoric from the likes of Bernie Sanders and others, as well as news coverage of the price-gouging and collusive behavior of pharmaceuticals and governments.
You see, I’m a cultural anthropologist and entrepreneur. I run a very successful research technology company that uses big data to study shifts and changes in consumer culture. I, along with my team of anthropologists, have been studying millions of American consumers consistently over five years now. Keeping our finger on the pulse of culture is what we get paid the big bucks for, because we’re very good at it.
Decoding the culture of consumer distrust reveals two key drivers of consumer beliefs. The first has to do with healthcare and the provision of health services, including but not limited to the availability and costs of drugs. The second has to do with the issue of collusion or at least the perception of it. The consumer believes that governments and big corporations are working together for the profit motive, leaving the average person behind.
But here’s where things really get interesting when it comes to American consumers. Instead of fighting this through political and systemic change, American consumers feel more comfortable driving change through their wallets. Blame it on their unfettered belief in the capitalist system, or on their pride for American born innovations, but the reality is that American consumers believe that by simply redirecting their money elsewhere they can transform industries and culture itself.
This is where the COVID-19 epidemic is playing its greatest role.
The coronavirus has not only fueled the consumer’s ongoing distrust for their governments, but has also furthered their already developing trust in the alternative health marketplace. For clarity, when I use the term “alternative”, I use that through the consumer’s lens. That is, I don’t mean to imply (as many in the health industry would) that all alternative health solutions are based on pseudo-science or unproven theories. Consumers see the term “alternative” as just that — an alternative to the solutions endorsed by the medical industrial complex.
Of course, this increased push for alternatives comes with a series of opportunities that impact all sorts of businesses. Directly, it impacts those in the health industry — from new companies offering DNA kits to companies selling supplements, sleep aids, and even cannabis. Indirectly, it impacts anyone who could have an impact of increasing the consumer’s access to better alternative solutions — from retailers through to packaged goods companies that make packaged food, household cleaning products and much more. Even insurance companies could have an incredibly powerful role to play, if they so choose.
The underlying message emerging from the consumer is clear. This pandemic is going to push wallet-driven-activism even further. It will open the door for companies big and small, who are willing to take the necessary measures to give their consumers greater control over their own health and therefore their future. Companies that are willing think holistically (mental, physical and spiritual well-being) will be one of the winners in the post-coronavirus world. Of course, only time will tell who will be up to the challenge.
