Over the past decade, subscription services have reshaped many of our habits and behaviours, providing us convenience and practicality. For instance, when looking for entertainment options, consumers can now access an endless variety of films and series from the comfort of their own sofas. According to Euromonitor’s Voice of the Consumer: Lifestyles Survey, fielded January to February 2024, more than half of online Millennial and Gen X consumers currently use streaming services.
For business across various industries, like automotive, books, hygiene products or toys, this model offers the potential for consistent revenue growth. As the availability of subscription options expands globally, so does consumer demand for top-notch services or products. Thus, what strategies are essential for attracting more subscribers?
First of all, investing in product development is key to developing higher-level customer experience to foster loyalty. Providing quality, fast delivery and customer support all relates to customer satisfaction, leading to retention and growth. Moreover, continuous innovation and improvement keeps your brand ahead of the competition, while connecting more with your target audience. It’s highly relevant to leverage customer data and get insights on preferences, demographics and purchase behaviour. For example, although baby boomers are the least inclined to use streaming services, this is changing. In 2023, over one third of baby boomers reported not using any subscriptions but this dropped to just one quarter in 2024, according to Euromonitor's Voice of the Consumer: Lifestyles survey, fielded January to February, 2024.
In the long term, customer data helps to develop business models and product personalisation, leading to more loyal consumers and a larger subscription base.
More about the Voice of the Consumer: Digital Survey
While the digital space becomes increasingly relevant for consumer’s purchase in several industries, it is important for companies and brands to understand the key aspects of online purchase experiences, considering digital wallets, virtual and voice assistants, payment preferences and others.
To effectively help businesses, we worked with our in-house industry experts and analysts alongside key players within the industry to create the Digital Survey, which covers a wide array of topics and key trends in 40 countries.
Key Questions the Voice of the Consumer: Digital Survey Answers
- What motivates consumers to sign up for a loyalty or rewards program?
- Are consumers comfortable about using voice assistants or AR/VR?
- How are consumers’ online purchases and habits evolving, by generation?
- How does consumers’ social media usage reflect on the purchase process?
- In the foodservice space, what are consumers preferences in third-party platforms?
Euromonitor International's Consumer Insights Offering
Euromonitor designs consumer survey in-house, using input from research experts and clients. Our offering includes nine annual Voice of the Consumer tracking surveys, which can be explored in the Survey dashboard and in the data download tool for in-depth analysis. These capabilities live in Passport, Euromonitor’s one stop shop for industry, economies and consumer data. Connect with our team to learn more.
Read our article, Personalised Shopping Experiences: How Pharmacies and E-Commerce are Winning Sales from Direct Sellers in Latin America, for more analysis on retail channels in the beauty and personal care space. Check out the report, Top Five Digital Consumer Trends in 2024, to gather insights on impactful digital trends in 2024.