Consumer values and motivations have changed

A report published by Accenture highlights a significant shift in consumer values and purchasing motivations. It suggests that factors beyond price and quality are now influencing buying decisions. The study is based on a survey of over 25,000 consumers across 22 countries, indicating a broad global trend.

1. Consumer Values Have Evolved: A majority (50%) of consumers have reimagined their values and behaviors in light of the pandemic. They are now more focused on personal purpose, which directly affects their buying habits. Another 33% show evolving values and purchasing mindsets, while 17% remain unchanged.
2. New Consumer Expectations: The report suggests that consumers are looking for a different kind of relationship with brands. They seek experiences that matter to them, and brands need to adapt and meet these evolving needs to ensure sustained growth.
3. Five Critical Factors Influencing Purchasing Decisions:Health and Safety: Consumers want companies to prioritize the health and safety of both consumers and employees in their operations. This is considered crucial by 71% of reimagined consumers.Customer Service and Personal Care: Consumers value brands that provide clear and easy options for contacting customer service, as well as understanding and support during challenging times. Over half of reimagined consumers would switch brands if these criteria weren't met.Ease and Convenience: This is becoming increasingly important, with 57% of reimagined consumers stating they would switch retailers if fast and flexible delivery options were not offered. In healthcare, 51% appreciate the convenience of virtual appointments.Product Origin: Consumers are interested in ethical sourcing and production. They want to know how a product is made, where it comes from, and its environmental impact. 76% are attracted to brands that source services and materials ethically.Trust and Reputation: Consumers value brands that demonstrate visible actions for positive social impact, such as inclusion, diversity, environmental protection, and public health. This is a significant motivator for loyalty across various industries.
4. Broad Demographic Impact: These five factors, historically associated with Gen Z and Millennials, have now become critical across all consumer demographics. This indicates a universal shift in consumer values.
5. Call to Action for Brands: The report advises that brands need to differentiate beyond price and quality to capture the post-pandemic consumer. It emphasizes the need for companies to reset their strategies to meet and exceed the new expectations of consumers.

this report underscores the changing landscape of consumer values and priorities, suggesting that brands need to adapt and differentiate in order to meet these new expectations. It highlights the importance of factors like health and safety, customer service, convenience, product origin, trust, and reputation in influencing consumer purchasing decisions.

The full report is available at www.accenture.com/ConsumerResearch.