How is Consumer Behaviour Changing?

Consumer behaviour has been fundamentally transformed by the macroeconomic shocks of the last few years. However despite rising prices, 48% of shoppers say they are happy to pay more for better quality products, although they have become more savvy, with 34% of people now spending more time researching the best prices for the products they want.

It is therefore key that businesses have the necessary data to ensure their business models are able to pivot to the changing demands of consumers, which requires access to and the effective analysis of external data. The challenge for leaders is thus turning insights into action and ensuring their organisational infrastructure is built to get the most value from this data. 

In this free webinar, hosted by the Financial Times in partnership with Prevedere, industry leaders explored how businesses can make better data-driven decisions to adapt in line with changing consumer behaviour and capitalise on short term trends without damaging their long term business goals.

Conscious Consumers

Sustainability is here to stay - Gen Z wants a purpose to their consumption and they want to make a difference by ensuring that they imbue their values in everything they do

Luxury Goods

Luxury brands have been resilient despite the budget conscious mentality being adopted by consumers, this suggests that consumers are now looking to invest in fewer, better quality products that have meaning to them

Macroeconomic Factors

It's important to understand the macroeconomic factors that are affecting the way consumers are acting if you are to understand why consumers are interacting with your brand differently than they were 12 months ago

Onshoring

China's delayed economic reopening impact on the global economy has sparked an ‘onshoring’ trend causing a lot of capital investment to reverse the offshoring of manufacturing and product creation as it's clear that reliance on foreign economies is no longer the safest business move

The Chinese Market

For some time now, the Chinese government has been steering the rise of a consumer driven economy within the nation with consumer spending expected to double by 2030, reaching over $12 trillion. This offers a huge growth opportunity for retailers that are able to successfully pivot their operations to serve this market

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