Purchase Drivers – Consumer Behaviour Trend Analysis
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Purchase Drivers Consumer Behavior Trend Analysis Report Overview
Consumers’ concerns about their finances, and mental wellbeing are influencing their purchasing decisions. Brands must understand how these factors influence consumer behavior and how they can target specific concerns and demands to attract consumers . Hygiene, convenience, and simplicity of use are important features for consumers, who are becoming increasingly frugal in their choices. Brands must adapt to these changing demands by offering affordable, multi-functional, and long-lasting products that cater to consumer concerns.
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Purchase Drivers Dynamics
The top 10 qualities of the products driving the consumers’ purchase decisions are hygiene, ease to use, convenience, good for mental wellness, authenticity, good for physical health, natural, time-saving, tailored to consumers’ interests, and sustainable/eco-friendly. All the attributes’ relative importance has decreased over the year, indicating that the shortage of supply and rising prices have driven consumers to relax their standards for what they will buy.
Across all age categories, hygiene is a key buying motivator, with customers over 45 being the most affected. The pandemic dramatically increased demand for this function because of everyone’s awareness of and worry about hygiene and germs. But across all age categories, the proportion of consumers who consider hygiene crucial has decreased over the quarters. This shows that these customers may be realigning their purchase decisions to follow market trends by selecting goods that are more affordable or accessible but lack hygienic assurances.
Demand for products that are simple to use increased in Q2 2022 as more people looked for outdoor simplicity and on-the-go products in Northern Hemisphere countries during spring. Although there has been a slight reduction since Q1, demand for this product feature remains high as customers actively seek out goods and services that bring value through convenience.
Customers who are younger are more likely to believe that a purchase that promotes mental wellness is crucial. Consumers can now purchase goods that are high quality, more easily available, and more reasonably priced even though they are not as authentic thanks to the growth of private label brands
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Purchase Drivers Consumer Behavior Trend Analysis
Page Count | 19 |
Key Take-aways | Regional differences, Hygiene remains important, Needs over preferences, and Affordability is key |
Scope
- The current market is seeing a significant shift in consumer behavior due to rising inflation, cost of living crisis, and an increasing concern for mental wellbeing.
- Consumers are becoming more frugal and cost-conscious, looking for affordable, multi-functional, and long-lasting products that cater to their needs. In addition, hygiene, convenience, and simplicity of use are becoming important factors for consumers, and brands must prioritize these features in their product development to attract and retain consumers.
- Brands must adapt to changing consumer demands and offer value-for-money options that provide emotional wellness benefits to meet consumer needs.
Reasons to Buy
- Gain a broader appreciation of the fast-moving consumer goods industry.
- Understand the relevant consumer trends and attitudes that can drive and support innovation and brand strategy.
- Access valuable strategic take-outs to help direct decision-making and inform new product development.
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Table of Contents
Frequently asked questions
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What are the key take-aways from purchase drivers consumer behavior trend analysis? The key take-aways from the purchase drivers consumer behavior trend analysis are regional differences, importance of hygiene remains, needs over preferences, and affordability is the key.
The key take-aways from the purchase drivers consumer behavior trend analysis are regional differences, importance of hygiene remains, needs over preferences, and affordability is the key.
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The top 10 qualities of the products driving the consumers’ purchase decisions are hygiene, ease to use, convenience, good for mental wellness, authenticity, good for physical health, natural, time-saving, tailored to consumers’ interests, and sustainable/eco-friendly.
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Which quality is the most important product feature impacting consumer buying decisions?
Hygiene remains the most important product feature, although its characterization as ‘essential’ has decreased over the year.
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