Voice of the Industry: Consumer Insights

Delivery

This report comes in PPT.

Key findings

Consumers and product offerings form key pillars of corporate growth strategy

Corporate strategies seek to drive growth by maximising return on investment, enhancing market share and growing revenue. The key focus revolves around consumers and product offerings, driving initiatives to enhance the consumer experience, introduce new and improved products/services, and diversify distribution channels.

Consumers’ need for saving money and convenience remains evident

Optimistic sales expectations for 2024 have prompted strategic shifts, favouring channels like discounters, retail e-commerce and online marketplaces, signalling a consumer emphasis on saving money and seeking convenience. The surge in digital commerce, influenced by evolving consumer expectations, offers opportunities for industries like food and beverages, and beauty and personal care.

Capturing a wider consumer base is fuelling innovation

Companies prioritise consumer needs in innovation, with over 44% increasing investment. New product launches revolve around price positioning, format/formulation and packaging. These are aimed at targeting broader and untapped markets, appealing to new consumer demographics.

Evolving tech development invading consumer purchase and consumption journey

Rapid tech integration shapes consumer experiences and transforms business processes. From formulation to disposal, emerging technologies like 3D printing, genetically modified ingredients, automation and AI are revolutionising industries, emphasising the need for ongoing monitoring and adaptation for businesses to navigate the dynamic landscape.