Consumer Trends (Cont’d from Page 5)
and efficacy, according to the report. Nonetheless, while consumers value their daily es- sentials, they still seek simple pleasures in splurges that elevate their everyday – they just might need a little extra nudge from brands to allow themselves to feel comfortable with these mini indulgences. Once again, brands have the opportunity the shape consumer spending as consumers report being wor- ried about the long-term changes to their lifestyle. Six- ty-four percent of UK consumers have a budget they try to stick to; 52 percent of U.S. adults are worried about how COVID-19 is impacting their lifestyle; and 82 percent of Chinese consumers think it’s worth pay- ing more for products of a higher quality. Globally, consumers are embracing a scarcity mind- set that makes them monitor their spending more closely and avoid excess consumption. In this search for things that matter to them, consumers are seeking not just affordability and convenience but also safety, protection, and durability of goods. In the very near future, accelerated by the pandemic, cashier-less stores, self-checkouts, home delivery, and consolidated shopping trips will become the norm, and consumers will continue to cut down on non-es- sential goods and services. In this time of incredible uncertainty, brands are tasked with communicating
brands have an opportunity to use technology to con- nect with consumers and rally around causes that are important to them. This puts pressure on brands, in ways that are un- precedented, and the only way for brands to respond is to be clear about their values and brand positioning. Consumers more saliently see and understand the es- sential needs of their immediate physical community, and they are seeking brands that leverage resources to offer positive impacts readily felt on local and regional scales. And while digital capabilities will continue to be crucial in the amplification of grassroots movements and the functioning of society, consumers are wary of surveillance technologies and unsound data collection, raising awareness about ‘ethical’ tech. Priority Shift In addition to the myriad ways in which the pan- demic has forced the world to reevaluate the ways in which health care and government should better serve the general population, it has also shifted consumer perception of value toward minimal consumption that emphasizes affordability, convenience, and protection. Consumers are also redefining value through a re- sults-driven lens, seeking durability, flexibility of use,
(Cont’d on Page 9)
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