• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

OPINT

OPINT stands for Operational Intelligence

  • About
  • Sponsored Post
  • Make a Contribution
  • Contact

Accenture Report Finds Consumer Values and Buying Motivations Have Fundamentally Changed, Shifting Away from Price and Quality

June 23, 2021 By admin Leave a Comment

Brands must differentiate to meet new consumer demands for health and safety, customer service and personal care, and other priorities

NEW YORK – A majority of consumers — across demographics and geographies — are reimagining their values and basing purchasing decisions on factors beyond price and quality, according to a new report by Accenture (NYSE: ACN).

Accenture’s 16th annual research report based on a survey of more than 25,000 consumers across 22 countries, entitled “Life Reimagined: Mapping the motivations that matter for today’s consumers” set out to understand how companies can capitalize on evolving consumer expectations to achieve new levels of growth and competitive agility.

Fifty percent of those surveyed are coming out of the pandemic having reimagined their behaviors and values as consumers. They have reevaluated what is important to them in life and are increasingly focused on their personal purpose. This is having a direct impact on what, how and why they buy. An additional 33% of 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% of respondents.

“As the world reopens for business, the consumer we knew is no longer. Today’s consumer desires a different relationship with a brand,” asserts Baiju Shah, chief strategy officer at Accenture Interactive. “Brands must reevaluate and rebuild relevance to these new buyer values, and anticipate and meet the needs of their consumers in the moment. Leaders must make a critical choice to either tune in and create experiences that matter or tune out and miss the opportunity to differentiate and create sustained growth.”

The research — created by Accenture Strategy and Accenture Interactive — analyzed over 80 unique factors across 14 industries and found that five distinct areas are increasingly driving consumers’ purchasing decisions. The five factors extend beyond price and quality to 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 now hit a tipping point and are considered critical across the full breadth of consumer demographics.

“In order to drive new value and growth, the C-suite must take action now to reset their strategies and set new standards for meeting and exceeding the expectations of consumers. Brands must now differentiate well beyond price and quality,” states Bill Theofilou, Accenture Strategy senior managing director who leads CEO & Enterprise Strategy for the company. “Market leaders must assure consumers that their purchasing experiences will be predictable and safe, with minimal risk of harming people or the environment. The five factors serve as the new baseline for capturing the post-pandemic consumer and will be critical for those who aspire to grow as the world emerges from the shifts accelerated in the past 18 months.”

Health and safety are paramount
Consumers are asking: Are you keeping my neighbors and me safe? What about your employees?

Health and safety ranked high in importance for reimagined consumers, with 71% believing it is crucial that companies prioritize health considerations for consumers and employees in all operations.
Seventy-one percent of reimagined consumers believe that companies/brands are just as responsible as governments for the health of societies.
Two-thirds (68%) of reimagined consumers would switch travel brands if they felt health and safety were lacking.
Customer service and personal care are top of mind
Consumers are asking: Do you remember me? Are you making my experience with your brand as personal as it can be? Are you there for me when I need you?

More than half of reimagined consumers say they would switch brands if a brand doesn’t create clear and easy options for contacting customer service or provide clear responses about service levels related to pandemic or economic/societal issues.
Moreover, 50% of reimagined consumers say that many companies disappointed them by not providing enough support and understanding of their needs during challenging times.
Ease and convenience must be table stakes
Consumers are asking: Are you meeting me where I am, in the digital world, the physical world, and through a blend of the two? And are you able to deliver what I need, when I need it, across all channels?

A substantial 57% of reimagined consumers would switch retailers if they did not “offer new fast and flexible delivery options of goods such as click-and-collect and curbside pickup.”
In the healthcare industry, reimagined consumers appreciate the convenience of virtual health appointments as well, with 51% saying they would change providers if they did not offer online appointments instead of physical visits when appropriate.
Product origin is increasingly important
Consumers are asking: What about the environment, and societal and corporate responsibility? Can you help me make sustainable choices? Can you help me support my local community?

Reimagined consumers want to know what goes into a product, how it’s produced and how far it’s been transported. Three-quarters (76%) say they are attracted to brands that source services and materials in highly ethical ways.
Additionally, 65% of reimagined consumers are attracted to doing business with brands that are environment-friendly.
Trust and reputation influence buying decisions
Consumers are asking: Can I trust you to do the right thing for me and not just for your business? Can I trust you to be who you say you are and stand for the things you say you stand for?

Across a wide swath of industries, a majority of reimagined consumers said they would switch providers if they did not “take visible actions for a positive social impact — e.g., related to inclusion and diversity, environmental protection or protecting the health of the population.”
For example, in the travel and life insurance industries, “strong ethical values” were either the top or second strongest motivator or loyalty driver among reimagined consumers.
The full report is available at www.accenture.com/ConsumerResearch.

About the Research
Accenture conducted its 16th annual Global Consumer Pulse Research to gain an understanding of global consumers’ preferences, beliefs and behaviors. 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 capitalize on that evolution to achieve new levels of growth and competitive agility. Fieldwork was conducted between December 2020 and February 2021.

About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.

Related

Filed Under: News Tagged With: market research

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Opinion

Africa’s population boom leaves no space for optimism
Justin Trudeau: Western countries should have a united front against China
Russia Blocks Brainly
The Sack of Ukraine
Russia’s apotheosis
Palestinians siding with Russia
WHO Chief Must Leave After Scathing Audit, Says AHF

Press Media Release

Atlas VPN releases a new security tool for monitoring data breaches
Woolpert Fully Reopens Offices in North America; Employees Offered Flexible Schedules
Mkt Dev 2022
ADL Says Buffalo Shooter Latest in A Long Line of White Supremacist Terrorists Who Embraced Racist, Antisemitic “Great Replacement Theory”
Memorandum of Understanding signed to collaborate on conductive ink development
OpenAP Introduces new OpenAP Data Hub to Power the Future of Television Advertising with Snowflake
Adorama Business Solutions Launches Federal Government Purchasing Portal

Secondary Sidebar

Analysis

AWS Announces AWS Glue DataBrew
Viet Nam Global Value Chains: Creating More Value Added to Local Economy From Rising Exports Is a Remaining Question to Tackle by the Government
Inflation, exchange rates and flexible work shaping employee mobility, according to Mercer Cost of Living ranking
Keystone XL Pipeline: Permit Issues and Recent Developments
MIT Sloan professor designs model to limit price manipulation

OSINT

War Criminal Identified
Why Link Analysis is Crucial for Getting Actionable Intelligence
6,440 Russians had been detained at anti-war protests across the country since the start of the invasion of Ukraine
The Russian ship is sinking
Analysis of a leading Chinese policy thinker on how Putin’s invasion of the world will re-order the global world

Footer

Resent Posts

  • PNSF Director visits the world’s largest experimental earthquake infrastructure facility
  • Rate for shipping a 40ft container from Shanghai to Los Angeles has now fallen by 38%
  • Be a futurist
  • Set shorter deadlines
  • Schedule flexibility is the name of the game
  • Excellent CEOs spin 6 plates at once
  • Macro-Eyes Wins the 2022 xTeachsearch6 Army technology innovation competition
  • For the next 5 years Macron will be scratching around for the votes he needs to get anything done
  • A long and protracted conflict between Western democracies and authoritarian systems
  • ICE Semiconductor Index Selected as Benchmark for Mega International’s New Taiwan-Listed ETF

Media Partners

  • Dossier
  • VC Matters
  • Opinion
  • Press Media Release
  • OSINT
  • Digital Market
  • Briefly

Media Partners

  • Technology Conferences
  • Event Sharing Network
  • Defense Conferences
  • Cybersecurity Events
  • Event Calendar
  • Domain Aftermarkets
  • Domain Market Research
  • S3H
  • VPNW

Copyright © 2018 OPINT.com

Technologies, Market Analysis & Market Research Reports

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT