In 2023, COVID-19 began to fade from public consciousness, just as economic concerns became more pressing for many. Consumers everywhere have been adjusting their shopping behaviour to reflect this new reality. Although consumers are increasingly focusing on value, what constitutes value is evolving to encompass priorities like convenience and unique experiences. This briefing explores how shoppers are reinventing global commerce across various consumer goods and services categories.
This report comes in PPT.
In 2023, global shopping habits are changing due to a resurgence of pre-pandemic consumer behaviours and increasing economic stress, driven partly by high inflation. This is leading to an increased consumer focus on value. Despite a slowdown in e-commerce sales growth, online shopping remains popular, reshaping how people research and buy goods and services.
Consumers are increasingly gravitating towards brands, retailers and hospitality operators that can credibly offer some combination of value for money, experiential shopping, instant gratification, personalisation, seamless checkout and convenient last mile fulfilment.
In beauty and personal care, consumers are searching for brands that align with their personal values and preferences. In fashion, shoppers are migrating to digital platforms for convenience and larger assortments. Across both categories, the provision of unique experiences – featuring innovative service offerings or novel technology – is increasingly the key to winning customers.
In consumer foodservice, budget-conscious shoppers are dining out less frequently. Instead, they are prioritising value-orientated channels like delivery, takeaway and drive-through. Digitalisation is powering this transformation, with social media and all-in-one online foodservice platforms becoming more important in consumers’ purchasing decisions.
In the coming years, consumers will continue to reshape the shopping experience, as the quest for value guides their purchasing decisions. Value, however, encompasses convenience and exciting experiences, not just low prices. Brands, retailers and operators that can use digital platforms and technology to offer quality at competitive prices will be best placed to succeed.
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