Purchase Drivers - Consumer Behavior Trend Analysis

Purchase Drivers - Consumer Behavior Trend Analysis

Summary

Consumers' concerns about their personal financial situation, mental wellbeing, and the cost of living crisis are influencing their purchasing decisions. Brands must understand these factors and adapt their product development and marketing tactics to meet consumer demands. Hygiene, convenience, and simplicity of use are important features for consumers, who are becoming increasingly frugal in their choices.

The current economic climate is having a significant impact on consumer behavior, with rising inflation and cost of living leading to a shift towards frugal choices. Consumers are also increasingly concerned about their mental wellbeing, which has become a top priority for many. Hygiene, convenience, and simplicity of use are also important factors for consumers. Brands must adapt to these changing demands by offering affordable, multi-functional, and long-lasting products that cater to consumer concerns.

Scope

• The current market is seeing a significant shift in consumer behavior due to rising inflation, cost of living crisis, and an increasing concern for mental wellbeing.
• Consumers are becoming more frugal and cost-conscious, looking for affordable, multi-functional, and long-lasting products that cater to their needs. In addition, hygiene, convenience, and simplicity of use are becoming important factors for consumers, and brands must prioritize these features in their product development to attract and retain consumers.
• Brands must adapt to changing consumer demands and offer value-for-money options that provide emotional wellness benefits to meet consumer needs.

• Gain a broader appreciation of the fast-moving consumer goods industry.
• Understand the relevant consumer trends and attitudes that can drive and support innovation and brand strategy.
• Access valuable strategic take-outs to help direct decision-making and inform new product development.