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Insight of the Day: Meet the ‘new consumer’: How shopper behaviour is changing in a post-inflation world

Findings:

  • The "new consumer" emerged due to inflation, prioritizing value, digital savviness, and experiences over material goods.

  • Consumers still seek deals and discounts even as inflation stabilizes.

  • Digital platforms are used for price comparison and reviews, aiding informed decisions.

  • In-store experiences remain important, particularly for product interaction and human assistance.

  • Experiential spending is gaining traction over the accumulation of material possessions.

Key Takeaway:

Retailers must adapt to the "new consumer's" value-driven, digitally informed, and experience-oriented behavior to thrive in the post-inflation era.

Trend:

The trend towards value-conscious shopping, digital engagement, and experiential consumption is reshaping the retail landscape.

Conclusions:

  • Retailers need to reinvent physical stores as experience hubs, not just transaction points.

  • Loyalty programs that offer personalized rewards and enhance the customer experience are crucial.

Implications for Brands:

  • Prioritize creating unique, engaging in-store experiences that complement the digital journey.

  • Invest in loyalty programs that offer personalized rewards and exclusive deals.

  • Leverage digital platforms for effective communication, price transparency, and customer engagement.

  • Develop marketing strategies that emphasize the value and experiential aspects of their products or services.

By embracing these strategies, brands can effectively cater to the "new consumer" and thrive in the evolving retail landscape.

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