Changing Consumer Views

2020 • Uncategorized

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.”

56%of consumers report increased interest in shopping at local small businesses.

1. BIG FIVE. Asked to rank the factors that matter most when shopping, quality still tops the list. Barely.

32% Quality

30% Price

13% Convenience

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.

(Source: NRF)

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

(Source: NRF)

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.

Source: Inc.com

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.

Source: GroundTruth

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.”

Source: eMarketer

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.