What matters to todays consumer 2023
2023 consumer behavior tracker for the consumer products and retail industries.
In last year’s first edition of our annual research series, What matters to today’s consumer, we found that consumer sentiment and expectations had shifted dramatically over the preceding 18 months. In this year’s edition, we see many of the same trends persisting – for example, consumers still want sustainable products without having to pay a premium – alongside the emergence of new consumer trends.
Many behaviors have changed amid circumstances including the ongoing COVID-19 pandemic, the geopolitical crisis and subsequent tensions, and especially the cost-of-living crisis, the impact of which we explore in relation to how consumers have changed their decision-making and purchasing behavior. We also look at consumer concerns about stockouts and their ability to obtain essential and non-essential products, and how they behave when faced with unavailability of preferred products.
Additionally, our research indicates that amid the rising cost of living and resulting concerns about personal finances, consumers expect companies to play a role in helping them through this difficult time, with the likelihood that they will reward the most considerate brands with long-term loyalty.
With this evolution in consumer behavior in mind, we highlight three key actions that will help brands and the retail industry capitalise on the opportunities offered by current trends. These required actions will include cost reductions by rethinking the way they operate and how the supply chain is organised , identifying new revenue and channel growth opportunities, and leading with purpose – helping consumers through this difficult time to build goodwill and loyalty in the long term.
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