Consumer behavior highlights many differences from the past, which have been significantly caused by the pandemic. From the Euromonitor International 2022 report, which presents the ten trends in consumer behavior, (“Top 10 Global Consumer Trends 2022”, https://go.euromonitor.com/white-paper-EC-2022-Top-10-Global-Consumer-Trends.html) presents the new conscious consumer, as with a different way of thinking, which largely determines his buying behavior and companies must carefully plan their strategy, enriching what they offer with possible experiences, through an approach that can combine digital with physical presence.
Based on this data, companies need to look for alternative sales methods in order to gain a loyal customer base. Branded brands need to adapt to the new way of life, with new values and priorities. All companies must adopt this logic with similar circular economy initiatives, emphasizing their reputation and the impact that their actions have on the environment. As the above report shows, a glorious brand or a well-known logo is no longer enough to win the favor of the consumer public. Analytically,
The Ten Behaviour Trends
1. The report shows how consumers consciously want sustainability, flexibility, technology, optimism, priority, satisfaction, connection, search, security and socialization. One of the strongest trends is sustainability, with 35% of consumers demanding that businesses take steps to reduce their carbon footprint in the environment, as they themselves have been doing since 2021. They demand consistency, transparency and sustainability from branded companies in their production.
2. Consumers have learned to be more flexible, as disruptions in the supply chain have created many problems in securing supplies, but also in the simple demand of a customer to get what he wants. They have become more creative to meet their needs and do not hesitate to turn to alternative firms, to subscribe to subscription services, to look for alternative shopping methods that bother them less.
3. The consumer public is familiar with the technology and uses the possibilities it offers. More and more of the older generations, who did not have the relevant knowledge, are constantly getting acquainted and have ceased to be hesitant. This means that companies need to appreciate that they have a much wider audience than what e-commerce has to offer.
4. Consumers have begun to be optimistic about their finances. It is very interesting to find the report that more than half of the world’s consumers believe that, within the next five years, they will be in a better economic situation. There is a shift in investment, the search for solutions to secure a better financial future, the savings, trends that have been particularly favored by the pandemic.
5. Priorities have changed, as there could be no change in the way consumers think in the harsh conditions of the pandemic. There was a collective re-launch of values and new priorities were created, with an emphasis on well-being and more value on experiences.
6. The report refers to a “revolution” of consumer satisfaction, with acceptance and self-love, a requirement for personal purchases, in order to feel good. It also acquires a strong dynamic, as another manifestation of a new mentality, the goods they are looking for, to be the ones that will give them the feeling that they have an honest connection with favorite brands that suit them in value.
7. Consumers also seem ready for the “Meta-connection” and the new shopping experiences that companies can offer them. Judging by the discussions caused by the renaming of Facebook to Meta and the 56% increase in augmented reality audiovisual devices, then we see that consumers will follow new connections for shopping.
8. Searching for consumers by buying second-hand items, as well as the ability to sell used ones, is like looking for a treasure. Reuse and rental are booming and have become very popular in recent times, proving that they are now thinking differently. On the one hand, they want to enhance the benefits of the circular economy, on the other hand, they are not so much interested in owning an object as in having a nice experience.
9. A safer and cleaner living environment is the key issue that has highlighted the distance work, presenting a new challenge for companies, which will have to find ways for them to go to their customers and meet the difficulties that may arise in transportation. They are invited to offer the goods that meet the disposition of households for a change of lifestyle in a safer and greener environment, in suburbs or smaller neighborhoods, away from the points of sale of metropolitan centers.
10. Finally, the report observes a different socialization of consumers. The measures, the quarantines, the controls, the fear of Covid, naturally created a hesitation in direct human contact. 76% of consumers worldwide take some protective measures when leaving home, which indicates that this embarrassment and prevention will continue to exist. Stores need to keep this in mind in order to make their customers feel safe and give them a sense of attentive service.
