Consumer Values Shifting Away From Price and Quality
According to a new report by Accenture, a majority of consumers—across demographics and geographics—are reimagining their values and basing their purchasing decisions on factors beyond price and quality.
And these new preferences are powerful enough to drive both brand switching (“should I stay?”) and willingness to spend more (“would I pay?”).
Here is what is important for this reimagined consumer.
- Health & safety. Health and safety ranked high in importance, with 71% of consumers believing it is crucial that companies prioritize these considerations for both their consumers and employees in all operations.
- Customer service & personal care. More than half of consumers surveyed indicated that they would switch brands if clear and easy options for contacting customer service were not provided.
- Ease & convenience. A substantial 57% of consumers plan to switch retailers if fast and flexible delivery options are not made available.
- Product origin. Consumers want to know behind-the-scenes information of the products they buy—76% say they are attracted to brands that source services and materials in highly ethical ways, and 65% are attracted to doing business with brands that are environmentally friendly.
- Trust & reputation. Across a wide variety of industries, a majority of consumers said that they would switch providers if they did not “take visible actions for a positive social impact—e.g., related to inclusion and diversity, environmental protection or protecting the health of the population.”
Are you meeting these new consumer needs in the eyes of your target market? Only research can answer that question. H2R can help. Schedule a free consultation today or send us an email at firstname.lastname@example.org.
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