In last year’s first edition of our annual research series, What matters to today’s consumer, we found that consumer sentiment had shifted dramatically over the preceding 18 months, with consumer expectations evolving in parallel. In this year’s edition, we see many of these trends persisting, alongside the emergence of new ones, as the cost-of-living crisis takes hold.1
In 2021 we found that consumers:
- Had returned to in-store shopping but were continuing the online shopping trend developed during 2020;
- Had come to expect fast, easy delivery and fulfillment, whether shopping on- or offline;
- Continued to scrutinize closely the ethical status of brands and products;
- Wanted assurances around healthiness of products and sustainability of production processes;
- Expected to be able to find sustainable products for which they did not have to pay a premium;
- Were open to ordering directly from favored brands, as well as sharing data with them, especially if this resulted in a better buying experience.
This year, we find that many of these behaviors have changed amid the ongoing development and repercussions of the COVID-19 pandemic, the geopolitical crisis and subsequent tensions, and rising inflation affecting energy, food, and housing prices around the world. Yet, certain behaviors and trends have remained largely stable. In this year’s research, we find that consumers are:
- Very concerned about their personal financial situations; many are worried about the cost of feeding their families and buying other essential items;
- Have changed their purchasing patterns in light of
the rise in their cost of living and are seeking more affordable brands and spending more time searching for bargains and promotions; - Expecting companies to help them through this difficult time with the likelihood that they will reward the most considerate brands with long-term loyalty;