A majority of consumers are reconsidering their values and basing purchasing decisions on factors besides price and quality, according to a report by Accenture.
In the research report “Life Reimagined: Mapping the Motivations that Matter for Today’s Consumers,” based on a survey of more than 25,000 people across 22 countries, Accenture set out to understand a changing marketplace and how companies can capitalize on evolving consumer expectations.
In the study, about half of consumers identified themselves as having reconsidered their purchasing priorities. Of those, 71% stated that it’s crucial that companies prioritize health considerations for consumers and employees in all operations. That proportion believes companies and brands are just as responsible as governments for the health of societies.
More than half of those consumers said they would switch brands that don’t create easy options for contacting customer service or provide clear responses about service levels related to pandemic or economic/societal issues. Half said that many companies have disappointed them by not providing enough support and understanding of their needs during challenging times.
Among consumers who have reconsidered buying priorities, 57% noted that they would switch retailers if they did not provide new fast and flexible delivery options, such as click-and-collect and curbside pickup. They want virtual health appointments, a wellness service that Walmart has lately looked to develop, with 51% saying they would change providers if they did not offer online appointments instead of physical visits when appropriate.
Also, they want to know where things come from, with 76% saying they are attracted to brands that source services and materials in highly ethical ways and 65% saying they are attracted to doing business with brands that are environment-friendly.
Baiju Shah, Accenture Interactive chief strategy officer, pointed out, “Brands must reevaluate and rebuild relevance to these new buyer values, and anticipate and meet the needs of their consumers in the moment. Leaders must make a critical choice to either tune in and create experiences that matter or tune out and miss the opportunity to differentiate and create sustained growth.”
