Dublin, Nov. 13, 2023 (GLOBE NEWSWIRE) — The Pursuit of Value Impact on Consumer Goods and Services Categories” report has been added to ResearchAndMarkets.com’s offering.
Consumers are actively searching for value, economising and saving money not only out of the need to stretch limited resources amid the cost-of-living crisis, but also as a result of the value shift towards conscious consumption and rising concerns about environmental issues. This report identifies the different consumer groups within the Pursuit of Value megatrend, explores their motivations, behaviours and preferences, and highlights how businesses can adapt and innovate to stay relevant.
The Pursuit of Value Impact on Consumer Goods and Services Categories Megatrend briefing offers latest insights into long-term consumer-based trends impacting businesses globally. It highlights important shifts in consumer values and behaviour, how these are affecting the evolution of the trend and offers strategic analysis into the implications for companies across categories and geographies. It identifies where opportunities lie for business and showcases relevant product and service manifestations responding to the trend(s) and the changing consumer need.
- Consumer types characterised by generational differences: The three consumer types identified under the Pursuit of Value megatrend reflect clear generational distinctions, with Millennials and Gen Xers most represented among fickle consumers (67% and 62%, respectively), a more even generational mix among cautious consumers and a tendency towards Baby Boomers among conscious consumers (29%).
- Affordability links strategies targeting the three consumer groups: There are distinct ways to rationalise value, but cost is a core thread that runs through the three groups. Recognising this, companies are promoting strategies that link up preferences of these distinct groups with low-cost products and services to capture these specific consumer groups.
- Brands push standards for sustainable claims to attract conscious consumers: Brands are stepping up the sophistication of their sustainability claims and initiatives to win consumers who are conscious about the impact their consumption has on the environment. This trend reflects that sustainability is increasingly an arena for competitive brand positioning and companies must ensure their claims are keeping pace with competitors.
- Companies invest in agile capabilities to respond to new and fading trends: Companies are investing in developing capabilities to engender innovation through collaboration with consumers, understanding that successful innovation depends on both internal and external alignment. A major part of this becoming more agile in order to quickly identify and act on emerging trends.
- Saving money tops future consumer spending habits: Survey data shows that in 2023, 44% of consumers plan to increase the amount of money they save, which is well above other responses for future shopping habits. This highlights the need to pay attention to where consumers look to save money and how they justify the purchases they make.
Key Topics Covered:
- Leaders harness megatrends to disrupt a market
- Key findings
- Pursuit of Value
- The pillars of Pursuit of Value
- Pursuit of Value: What to focus on
Pursuit of value among fickle consumers
- Over half of global consumers enjoy seeking new products, services and experiences
- Beauty and personal care: Increased investments in e-commerce to connect with consumers
- L’Oreal Group launched a virtual idol for the Chinese market
- Food: Being innovative and transparent to inspire and excite consumers
- Cargill’s House of Chocolate enables chocolatiers to react speedily to new trends
- Apparel and footwear: From fast fashion to ultra-fast fashion
- Shein uses AI technology for on-demand design and production
Pursuit of value among cautious consumers
- Two thirds of consumers globally are looking to reduce on cost and quantity
- Beauty and personal care: Brands focusing on multifunctionality
- Av e ne : Bridging beauty and health
- Food: Consumers are savouring deals and simplicity
- Grocery retailers offer discounts to win consumers amid high inflation
- Aldi looks to expand discounter footprint in the US
- Apparel and footwear: Cheap, fast fashion reaps record profit, even as consumers cut back
- Decathlon leads India’s sporting goods retail market with low prices and diverse portfolio
Pursuit of value among conscious consumers
- One in three global consumers are making thoughtful choices that align with their values
- Beauty and personal care: Brands increasingly adopt a minimalist ethos
- Walmart’s Clean Beauty addresses affordability and transparency in the US
- Food: Consumers’ preference for local remains steady while other sustainable claims faulter
- Pushing boundaries to feel (even) better about chocolate
- Apparel and footwear: Rising market potential of ethical fashion
- Arc’teryx focuses on design durability and circularity
Implications for future growth
- The pursuit of value is deeply embedded in consumer culture
- Strategies to win
- Leverage the power of megatrends to shape your strategy today
For more information about this report visit https://www.researchandmarkets.com/r/mw57o6
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