A new breed of 'resilient' consumer is capable of changing his or her behaviours suddenly, and in unexpected ways, amid increased volatility, a new study by Accenture has found.
Accenture's latest Consumer Pulse Survey 2023, of more than 10,000 consumers in 16 countries, found that 85% of consumers believe they are currently 'living with uncertainty', with just over half (52%) expecting this to last for more than 12 months.
At the same time, amidst what Accenture has dubbed an 'era of volatility' affecting consumer behaviours, many are seeking out ways to protect and control what's most important to them.
Some 73% believe that their disposable income will either 'stay the same' or 'improve' over the coming 12 months.
Drivers Of Consumer Behaviour
“To succeed in this market, retailers and brands should not overgeneralise when it comes to examining the drivers of consumer behaviour," commented Jill Standish, senior managing director and global lead for Accenture’s Retail industry practice.
"Instead, they need to understand the nuances of the consumer as an individual — pay close attention to data and analytics — and use that insight to offer the right product and the right experience at the right price in the right places on the right channels.”
Elsewhere, 71% of respondents plan to either 'sustain' or 'increase' their spend on leisure travel over the course of the next year, even while limiting spending in most discretionary categories. Some 78% are planning leisure travel over the coming year, with half (50%) planning two or more leisure trips.
Read More: One Billion More Digitally-Native Consumers To Create Opportunities For Brands: Accenture
A Future 'Struggle'
Despite their resilience, Accenture's study also found that consumers are not naïve about the state of the world, with more than half (56%) expecting the coming years to be a 'struggle', and over two thirds (68%) saying they are 'more cautious' about the decisions that they make.
At the same time, 44% say that the challenges of recent years have 'created opportunities' for them, with 61% trying 'new experiences' or adopting new habits in their day-to-day lives.
“People are demonstrating a resilient mindset and ability to deal with adversity, withstand shocks, and adapt to continued uncertainty. Now, retailers and brands must do the same,” Standish added.
“It means taking a holistic view of the consumer and committing to a continuous strategy of reinvention that allows them to quickly adapt and accelerate as disruptions and crises arise over time. Creating dynamic data-driven pricing strategies, targeted marketing, and loyalty programmes, and stress-testing the P&L against different spending slowdown scenarios, are just some of the ways companies can get ahead of the market.”
Read More: Accenture’s Laurent Thoumine On 'Rethinking The Store Of Tomorrow'
© 2023 European Supermarket Magazine – your source for the latest Retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
