Megatrends: Shopper Reinvented – Impact on Consumer Goods and Services Categories

November 2023

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.

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Key Findings

As shopping continues to evolve, value remains paramount

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.

The reimagining of the shopping experience is based on six key pillars

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 fashion, shoppers are increasingly swayed by personalisation and digital offerings

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.

The growth of digital ecosystems has transformed consumer foodservice

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.

Shoppers beset by uncertainty will continue to prioritise convenience, experiences, and value

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.

Megatrends: Shopper Reinvented – Impact on Consumer Goods and Services Categories
Leaders harness megatrends to disrupt a market
Key findings
Around the world, the way that consumers shop is changing
The pillars of Shopper Reinvented
The pillars of Shopper Reinvented, explained
Evolving beauty and personal care needs stoke demand for personalised shopping experiences
Sally Beauty embraces experiential retail, letting consumers engage with beauty in new ways
Pola Orbis develops a fragrances service to meet the consumer desire for personalisation
Consumers are committed to dining out, but are now being more mindful of their budgets
Diners are transforming from passive online spectators to empowered, engaged customers
CHEFS digital-focused food hall democratises fine dining
The Fooder app combines meal discovery with a visual shopping experience
Fashion consumers fuel digital retail upgrades due to new shopping habits
Coach experiments with virtual try-on windows to drive immediate purchasing interest
Seattle Seahawks apparel stores test “Just Walk Out” technology for seamless shopping
Food and beverages consumers increasingly prioritise value and convenient online shopping
In Mexico, Walmart extends its lead in grocery e-commerce by embracing pick-up service
The Frugl mobile app enables budget-conscious Australians to better assess value
Travellers are seeking solutions that provide freedom to truly experience more
Journee enables travellers to experience a surprise trip to an undisclosed destination
Japan Airlines’ last mile service allows travellers to use “Any Wear, Anywhere”
Shoppers will continue to prioritise value, though their definition of value will evolve
Key takeaways
Leverage the power of megatrends to shape your strategy today
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