Changing Consumer Views
What tops the list of wants and needs of consumers in 2020? To answer those questions, we’ve scoured recent surveys and research to share some of the most up-to-the-minute findings with you.
To help answer those questions, here’s a look at some recent Consumer View reports from The National Retail Federation, including its just-released Winter 2020 edition.
Tip: Customers are demanding more “consistent levels of service across physical and digital experiences.”
1. BIG FIVE. Asked to rank the factors that matter most when shopping, quality still tops the list. Barely.
12% Brand values
11% Overall brand
(Source, NRF Winter 2020 Consumer View)
2. CONVENIENCE. 83% of individuals surveyed in late 2019 report that convenience is more important to them than it was five years ago. And, when it comes to brand loyalty, 93% report they will choose one business over another based on how convenient it is to deal with them.
3. CLICK. When it comes to websites, shoppers who buy in-store remain critical of their favored retailers’ websites. Complaints include:
55% Finding promotions and offerings
46% Locating reviews
47% Finding/comparing options
4. SMARTPHONES. Adults in the U.S. spent nearly four hours a day on their mobile devices. The tide has definitely turned as that’s now more than the time spent watching TV.
5. LOCAL. Nearly 9 out of 10 people surveyed (86%) report they shopped at a small business in the past six months, with 56% of them expressing a growing desire to support local businesses.
6. FLOW. A seamless experience is key. In fact, 65% of customers have reported that demand “consistent levels of service across physical and digital experiences.”
7. SUSTAINABILITY. Between 2013 and 2018, products marketed as sustainable grew 5.6 times faster than those that were not.
Source: NYU Stern’s Center for Sustainable Business
What changes are you seeing in what’s motivating consumers? Tell us about it and share in the conversation on Facebook here.