Research highlights the need for consumer-facing businesses to respond to redefined consumer priorities
Despite financial uncertainty, consumers aren’t willing to reduce the amount they spend on health and well-being, according to the latest series of consumer surveys conducted by Accenture (NYSE:ACN) to test the pulse of consumer expectations and sentiment. since the beginning of the epidemic.
The exploratory study – From more than 11,000 consumers in 16 countries including India – it was found that even in the face of widespread uncertainty and personal financial stress, consumers consider health and fitness “essential”, along with groceries and household cleaning products. Although two-thirds of respondents (66%) said they feel financially stressed, 80% also said they intended to maintain or increase their spending in health and fitness-related areas — such as exercise classes or vitamins and supplements — the next year.
“While sharing ideas in health and wellness as a category in India is growing at a rapid pace, the market size is relatively smaller. We believe there is a great opportunity for FMCG companies in India to truly listen to the evolving needs of consumers, thus re-imagine their product and portfolio strategy, and explore synergies in their business models and focus on building more trust and credibility with consumers,” said Anurag Gupta, Managing Director and President – Strategy and Consulting, Accenture in India.
The survey also found that respondents seem to adopt a more holistic view of wellness, reformulating it as a staple of the consumer. In addition to more than four in 10 participants (42%) who said they increase the amount of physical activity, a third (33%) of respondents said they are more focused on self-care – such as indulging in a shower. Or cosmetic treatment – than it was a year ago.
Manish Gupta, Managing Director and Product Leader, Accenture in India, said: “With consumers increasingly focused on preventative healthcare and holistic wellbeing, it will be imperative for companies to use data and analytics to better understand consumption patterns, and innovate in order to come up with new products, services and collaborations. We are witnessing Already partnerships across industries across consumer electronics, wearables, healthcare, insurance, consumer goods, automobiles, etc. To succeed in a post-pandemic economy, consumer-facing companies need to further evaluate their current offerings, push the boundaries in terms of ecosystem partnerships and take bold steps to grow their businesses “.
Even as travel costs rise, the survey found that half of consumers (51%) also plan to maintain or increase their spending on leisure travel in the next year – perhaps not surprising given the widely recognized luxury benefits associated with the holiday. Furthermore, two out of five (39%) of high-income participants have booked a luxury trip or wellness retreat for some time in the next 12 months. Among millennials, one in five (21%) has booked to go away to a spa this year. Additionally, a third (33%) of all survey respondents said they would sacrifice spending on non-essential household products or electronics so they can afford travel.
While the survey identified where and how consumers prioritize spending, it is important that companies understand the context in which these buying decisions are made. According to the post Accenture Report“The Human Paradox: From Customer Focus to Life Focus“It is becoming increasingly difficult for consumers to balance purpose and practicality in their purchases, with nearly two-thirds (64%) wishing businesses would respond faster with new offerings to meet their changing needs. Only by understanding the context will companies have the right strategy to deliver the brands The most relevant business, products or services.
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Accenture’s 2022 Consumer Pulse Survey provides insight into consumer expectations, feelings, and behaviors. This year’s survey is relevant to all consumer industries but focuses on consumer goods, retail, travel and health. Accenture surveyed a representative sample of 11,311 consumers from 16 countries: Brazil, Canada, Chile, China, France, Germany, India, Indonesia, Italy, Singapore, Spain, Sweden, the United Arab Emirates, the United Kingdom, the United States, and Vietnam. The survey was conducted online and targeted consumers who had made purchases for their household in the past six months. Respondents were evenly divided across gender and age group. The survey was conducted between February 7 and 15. This was supplemented by an additional consumer survey, conducted from April 7-25, that included 10,085 participants from eight countries in the original survey: Canada, China, France, Germany, India, and Italy. The United Kingdom and the United States
Survey results are displayed in the Accenture report for selling by pieces industry.
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