A company known as WGSN studies consumer behavior and how it changes over time. As such, it is an invaluable resource for retailers who want to keep pace with the changing appetites and the preferences of consumers.
The company currently has a thought-provoking white paper out called Future Consumer 2023. One of its goals is to offer insight into how to prepare for customers once the COVID-19 pandemic has been contained and defeated.
Here’s a sample of some of the broader findings:
- Consumers are actively seeking out companies that offer pre-orders. Here’s a quote from the paper: “One of the greatest drivers of customer stickiness is stock availability. This cohort dreads the ‘item currently unavailable’ message, and is taking to inventory apps such as zooLert and NowInStock.”
- Fortnite, Apple and Nestlé all segued into the subscription sector in 2020, with new monthly products and services. Market research suggests there is a chemical payoff, where opening a box releases dopamine, creating an instant spike of satisfaction.
- Thirty-eight percent of Americans, and more than half of Gen Z and Millennials, are currently boycotting at least one company for lack of diversity.
- Financially stretched consumers are on a value hunt. Brands have to work harder to deliver value and stop “price jumping” consumers from switching their loyalty.
A phenomenon known as “shoppertainment” is going mainstream. New platforms, livestreaming capabilities and acceptance from mass-market consumers will mean that shoppertainment can’t be ignored as a sales channel any longer.