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 consumer’s 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.”
The “Reimagined” Consumer
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 are profoundly impacted by the pandemic and have made adjustments due 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.
- 17 percent of the Traditional say they were unchanged by the pandemic
- 33 percent of respondents are still evolving
Who are the Reimagined Consumers?
These consumers are more alike than they are different. Gender, age, income, and employment status make few distinctions on how they respond as a group. Pre-pandemic, there were identifiable patterns of behavior within individual demographic subsets. Although the Reimagined consumers’ response to the pandemic is based on 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.
- 50 percent say many companies disappointed them by not providing support and understanding during challenging times
- 72 percent want brands to be highly ethical when sourcing services and materials
- 55 percent would switch to another provider that promotes sustainable products and services
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.
- Health and Safety (11 percent)
- Service & Personal Care (14 percent)
- Trust and Reputation (12 percent)
- Product Origin (10 percent)
- Health and Safety (12 percent)
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
- Health and Safety (11 percent)
- Service & Personal Care (12 percent)
- Trust and Reputation (10 percent)
- Product Origin (7 percent)
- Health and Safety (9 percent)
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 states five measures companies should implement to drive growth and create the type of experiences consumers expect.
- Investing continuously to understand your customer’s evolving mindset
- Reimagine the experiences the company delivers to meet rising motivations with speed, agility, and innovation
- Structure the entire organization to create experiences that capture consumer’s evolving demands across all aspects of operations
- Developing the business model to improve experiences and meet the needs of customers continuously
“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.”