The current state:
Our latest Consumer Pulse dives into the current state of Americans’ shopping attitudes and behaviors. The findings indicate a diverse range of viewpoints towards product considerations and spending habits. Consumers' approach to budgeting, spending and research before purchase, vary significantly across different age groups and demographics. These insights provide a valuable understanding of how different cohorts are navigating the market today.
How we’re feeling right now:
In this edition of the Consumer Pulse, we examine many bipolar attitudes, values and behaviors to determine which side shoppers are more likely to gravitate:
- 39% agree that they are open to trying new products and services while just 24% say they stick to what they know works.
- Despite their openness to trying new things, fewer than 1 in 5 recognize themselves as early adopters, with Millennials (24%) leading the charge.
- 42% of respondents report researching most products before purchasing, indicating a need for education and due diligence. Only 21% of people describe themselves as impulsive spenders, whereas 36% adhere to a strict budget, compounding not only the need for thorough content, but also a clearly defined value proposition.
Why it matters:
These insights indicate a preference for practicality and understanding before making purchases. However, while brands should be highlighting the functional benefits of their products and providing detailed, transparent information to build consumer trust, they mustn't undervalue the impact of developing emotional connections. In an environment in which consumers are more likely to be carefully considering purchases, brands have even more opportunity to build deep connections. This means knowing how your target audiences differ and finding the unique ways in which your brand can resonate with them.
Do you want to take the Pulse of your customers? Our Insights team will partner with you to design a study to help you better understand your customers and their problems, and how your brand can win at retail.
To get additional insight into what this means for brands and retailers, read the entire study.
