Most Irish consumers are reimagining their values and basing buying decisions on factors other than price and quality, a report by Accenture shows. One in two of those surveyed are coming out of the pandemic having reimagined their behaviours and values. They have rethought what is important to them in life with more focus on their personal purpose.
The shift is having a direct impact on what, how and why they buy. An extra one in three consumers surveyed have evolving values and purchasing mindsets, while interestingly the unprecedented experience of the pandemic has had no impact on the buyer values of 17 per cent of respondents, the survey of over 25,000 consumers across 22 markets indicates.
Accenture’s report, entitled ‘Life Reimagined: Mapping the Motivations that Matter for Today’s Consumers’, set out to understand how companies can capitalise on evolving consumer expectations to attain new levels of growth and competitiveness. The research studied 80 unique factors across 14 industries and found that five distinct areas as the key drivers.
The five factors include health and safety; service and personal care; ease and convenience; product origin and trust and reputation. Perhaps even more notable is that these five factors, which have been historically important to the specific demographic groups of Gen Z and Millennials, have hit a tipping point and are seen as critical across all demographics.
Accenture conducted its 16th annual Global Consumer Pulse Research to gain an understanding of global consumers’ preferences, beliefs and behaviours. The online survey of 25,444 consumers age 18+ in 22 countries was designed to identify how consumer expectations are evolving and how companies can capitalise on that evolution for growth.