Those who experience traumatic life-altering events reflect on their relationships with family and friends and their impact on society. Regardless of an individual’s point of view, most will acknowledge our collective response to the pandemic touches everyone. A recent Accenture survey, titled Life Reimagined: Mapping the Motivation that Matters for Today’s Consumers, looks at how consumers’ values and purpose have changed in the past 18 months. One US consumer says, “I’ve realized the importance of friendships, being closer to family, really valuing the things that truly matter in life.”
New Reality Changes Attitudes
The survey was conducted in 22 countries among 25,000 consumers. The results identify two distinct consumer segments—the Traditional and the Reimagined. Those consumers in the Reimagined category have made monumental shifts in their attitudes and primarily focus on what matters most to them in life. They have been impacted by the pandemic and have adjusted to living in a time of uncertainty. This new reality motivates what the Reimagined buy and the causes they support. Companies and brands that are to survive must differentiate themselves once again and recognize the priorities of these emerging consumers.
Who are the Reimagined Consumers?
These consumers are more alike than they are different. Gender, age, income, and employment status make little distinction on how they respond as a group. Pre-pandemic, there were identifiable patterns of behavior within individual demographic subsets. Although the Reimagined consumer’s response to the pandemic is based on uniquely personal experience, this broad group of individuals now expect a company’s purpose to align with their perspective on life. Previously, it was primarily young consumers who held that belief.
What motivates their Buying Decisions?
Accenture’s research reveals the “Reimagined” have a “desire to feel better and have confidence in the products, services, and companies they patronize.” The survey pinpoints five new purchasing motivations for these consumers.
Price and quality continue to be the most significant factor in the consumer buying decision. However, they have less influence for the Reimagined–Quality (21 percent) and Price (19 percent). Traditional was slightly higher. They ranked quality at (26 percent) and Price at (25 percent).
New Purchasing Motivations for Traditional Consumers
How Businesses Can Leverage the Opportunity
There is an opportunity for businesses to broaden their scope by recognizing that consumers are moving beyond Price and quality as the sole factors in determining which products they purchase. Understanding and responding to the personal motivations of the Reimagined consumer is critical to the future success of every business. Their viewpoints are only the beginning of an emerging trend that will continue to grow over time. The Accenture Survey identifies five measures companies should implement to drive growth and create the experiences consumers expect.
“By embracing the business of experience in these ways, organizations can seize the opportunity, meeting the Reimagined and others where they are and building new loyalty and revenue streams.”