Megatrends: Pursuit of Value Impact on Consumer Goods and Services Categories

Delivery

This report comes in PPT.

Key findings

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.