Pursuing value over price

Amid the cost-of-living crisis, consumers prioritize quality over quantity, favoring long-lasting, premium items. To foster brand loyalty, companies should invest in such offerings.

• Consumers look for long-lasting as opposed to fast and cheap especially for bags and accessories:
• 35% and 36% of consumers buy premium in shoes category and clothing category respectively.
• But only 16% prefer premium in food and 20% in cosmetics/body care.

Sustainability is back in the spotlight

Ethical spending prioritizes sustainability even in challenging times, making it crucial for brands to invest in eco-friendly practices to appeal to socially conscious consumers.

• Sustainability is now a necessity when thinking about product and brand positioning.
• With over 40% of consumers open to paying extra for sustainable food and drink, and around 1 in 3 consumers willing to do the same for sustainable beauty and personal care, home and laundry, as well as apparel and footwear items.
• Know the drivers: for example the top driver in F&B is health, but in personal care it is nature and the environment.

A new prescription for stress relief

Gen Z and Millennials, acknowledging rising stress, seek solace through online health influencers, creating an opportunity for companies to develop offerings and partner with influencers to capture this new customer base.

• The buzzwords here are holistic self-care, mental health and relaxation.
• This trend is spearheaded by Gen Z and Millennials.
• Health gurus are sought-after influencers in social media marketing.

Trust in sharing data for personalization

Goodbye to one-size-fits-all ads. Consumers prioritize personalized content, and companies risk being overlooked without tailored campaigns. Effective personalization can attract, not repel, new customers.

• Consumers aren’t as concerned about data privacy if it means they get personalized content.
• Trust in customer reviews has dwindled. Over 60% of U.S. consumers found customer reviews helpful in 2019, which dropped to around 40% in 2023.
• Consumers prefer personalized recommendations over unreliable feedback.