\n How often do you stream a movie and order a takeaway via an app for a night in? Or unpack your subscription recipe box while your personal assistant device serves up music based on your listening habits? The way we purchase and consume things has changed dramatically in the last 10 years, with COVID-19 accelerating the pace of change in some areas but provoking a return to old habits in others. One thing remains consistent, as the consumer landscape continues to shift we are responding in ways that look to make our lives easier and more fulfilling. \n
\n \n \nWhat is the current landscape?
\nPeople in the UK are living longer but have more health concerns, according to our research. They’re better educated but experiencing higher debt levels. More people are in work, but not necessarily better off when the cost of living has increased and disposable income decreased. COVID-19 has impacted consumer spending and mobility and has created uncertainty over jobs and employment prospects. All this adds up to major changes in buying behaviour.
\nEven in these uncertain economic times consumer behaviour is shifting to embrace sustainability, and how old you are and how much you earn makes all the difference. Cutting down on single-use plastics was embraced by over two-thirds of respondents, making it the most popular method of supporting sustainability.
\nConsumer confidence edged upward but remained lower than the same period last year. Our latest Consumer Tracker showed that sentiment improved for job security, job opportunities and career progression, and children’s education as hospitality reopened during the summer and the academic year resumed. However, whilst sentiment on the state of the economy improved quarter-on-quarter, the combination of new local lockdown measures, a year-end Brexit transition deadline, and ongoing financial impact of the COVID-19 pandemic saw year-on-year confidence fall.
\nHow do UK consumers compare to those in China, India or the US? Are they more worried about their health or finances? And which consumers are returning to shopping in stores the fastest? Our global research will help answers these and other questions.
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Our report tells us that people in the UK are living longer but have more health concerns. They’re better educated but experiencing higher debt levels. More people are in work, but not necessarily better off when the cost of living has increased and disposable income decreased. All this adds up to major changes in buying behaviour.
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What does a changing consumer landscape mean for businesses?
\nMore people with increased buying power and access to more choice has resulted in consumers making better informed decisions before they purchase a product or service. If you’re not already looking to consumer data to inform your business strategy – now’s the time.
\nAs consumers, we want to feel that every brand we interact with has given us an individual experience, which aligns to our own values. As a consumer business, how can you meet that expectation if you don’t know why and how your customer demands have changed?
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Is technology the driving force behind consumer buying behaviour?
\nTechnology is certainly a massive factor. Next, or same day delivery is a common, if not expected, offering from online retailers. Social media stars have become the new ‘word of mouth’.
\nBut as the landscape changes people are becoming cynical and untrusting of ‘paid influencers’ and we are seeing a shift towards brands that are seen to have integrity, who are more authentic and that talk openly about their values and the provenance of the products they sell.
\nAlthough many consumer businesses have been fast to develop their online offering, our consumer tracker indicates that while online sales for grocery shopping continue to grow, the majority of sales still happen in large supermarkets.
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How can understanding the changing consumer landscape help businesses meet demands without affecting margins?
\nUsing consumer data in smarter ways can help save money and get your product or service to the right people, at the right time. It’s increasingly important to understand the demographics and behaviours of your audience. For instance, do you know if your customers are mainly homeowners? Are they parents? Are they graduates with student loan debt? Or are they saving for a wedding or major life milestone? Our report shows how different factors are impacting people’s spending habits.
\nBy understanding in more detail why your consumers spend the way they do, you can help eliminate waste, improve forecasts and reduce uncertainty in an ever changing world. \n
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\n Are we buying less because we care more? Can consumerism ever be truly sustainable? Listen to our latest podcast from The Green Room featuring our Consumer Insights Director, Ben Perkins in conversation with Choose Love’s Philli Boyle to hear their take on some of the biggest questions around conscious consumption.
\n \nHow consumer behaviour is embracing sustainability
\nFollowing on from this insight our latest research into the changing landscape of consumer buying behaviour reveals the growing influence of sustainability. Consumer trends in 2020 reveal that sustainability is a key consideration for a variety of consumer segments when making their purchase decisions. Explore the insights.
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\n Read about The Clean Kilo to find out how we helped a supermarket attract consumers who care about sustainability and prefer to shop in person.
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\n If you’re struggling to understand where your customers are, check out Location Edge, our tool to help consumer businesses with geo-spatial insight.
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\n Are we buying less because we care more? Can consumerism ever be truly sustainable? Listen to our latest podcast from The Green Room featuring our Consumer Insights Director, Ben Perkins in conversation with Choose Love’s Philli Boyle to hear their take on some of the biggest questions around conscious consumption.
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Want to know more?
\nIf you’d like to discuss how we can help you navigate the changing consumer landscape, please get in touch with our consumer expert, Ben Perkins, and keep an eye out for the next instalment of our UK consumer insights.
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\n Ben Perkins
\n Head of Insight & Marketing, Consumer
\n Email Ben
\n +44 (0)20 7007 2207
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\n Read biography\n
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