1 min read.Updated: 25 Aug 2021, 11:59 AM ISTLivemint
Consumers have reevaluated what is important to them and are increasingly focused on their personal purpose, which is having a direct impact on what, how and why they buy
Bengaluru: A majority of consumers across demographics and geographies are reimagining their values and basing purchasing decisions on factors beyond price and quality, post the pandemic, according to Accenture’s 16th annual research report.
The report titled ‘Life Reimagined: Mapping the motivations that matter for today’s consumers’ is based on a survey of more than 25,000 consumers across 22 countries including more than 2,000 consumers in India.
71% of those surveyed in India are coming out of the pandemic having reimagined their behaviours and values as consumers. They have reevaluated what is important to them in life and are increasingly focused on their personal purpose. This is having a direct impact on what, how and why they buy.
An additional 22% consumers in India seem to have evolving values and purchasing mindsets while the unprecedented experience of the pandemic has had no impact on the buyer values of only 7% respondents.
“Driving innovation and growth in a post-pandemic economy will require the C-Suite to structure the entire organization around experience and ensure all aspects of operations including marketing, sales, innovation, R&D and customer service, understand new consumer motivations," said Vineet R. Ahuja, managing director and lead-consumer, sales and service, Accenture India. “It is extremely important to become a listening organization and invest continuously in data and analytics to understand changing consumer preferences."
The research found that five distinct areas are increasingly driving consumers’ purchasing decisions. These five factors extend beyond price and quality to include health and safety; service and personal care; ease and convenience; product origin; and trust and reputation.
Notably, these five factors, which have been historically important to the specific demographic groups of Gen Z and millennials, have now hit a tipping point and are considered critical across the full breadth of consumer demographics.