![]() More tellingly, consumers who said they intend to spend more time in brick-and-mortar environments in the coming six months signalled that they expect more technological bells and whistles. Next, at 12%, was the ability to use retailers’ “scan-and-go” devices and apps, allowing shoppers to bypass both staffed checkout lanes and self-service kiosks. At the same time, 16% of all respondents said the ability to use self-service checkout kiosks was their most-favoured attribute, followed closely by in-store use of a retailer’s website or mobile app to browse for particular products (15%). Increasingly, consumers are saying that they want the physical shopping experience to be enhanced, facilitated or mediated by digital technologies: call it phygital.Īsked to rank what factors would most enhance their in-store shopping experiences, 27% of respondents put access to knowledgeable and helpful sales associates on top-with half of Baby Boomers ranking that as the leading factor. As is evident throughout the survey, it’s not an either–or proposition. And it’s incumbent on market participants to meet consumers in both physical and digital spaces-and to meet their changing expectations. Perhaps most important, what people expect and experience in all shopping environments-physical and digital-is changing. At the same time, plans to increase shopping in physical stores dropped significantly, too, from 33% to 23%. Looking ahead, when consumers were asked about how their spending and shopping behaviour might change in the next six months, 43% said they plan to increase online shopping, down from 50% in our last survey. But the data also shows that the long-term growth trends remain intact. In a nutshell, many of the trends that got supercharged in the depths of the covid crisis, which is still ongoing in many parts of the world, have unwound. More than 70% said that ‘to some or to a great extent’ they’re willing to pay more for food produced by local farmers and for goods made by a company known for ethical practices, such as supporting human rights or avoiding animal testing. Consumers have displayed a willingness to put their money where their values are. In groceries, the area where consumers are least likely to cut back, 24% said they plan to decrease spending, compared with 12% in the prior survey. They’re less likely to travel, for instance, and more likely to switch to a cheaper brand of a particular product or even go without a regularly used one. The most pessimistic group (42%) expects to significantly decrease their spending across all retail categories. And looking ahead, fully 96% of surveyed consumers intend to adopt cost-saving behaviours over the next six months. Half of consumers are extremely or very concerned about their personal financial situation (50%), with one-fifth extremely concerned (22%). ![]() For many consumers, especially in the US and Europe, this may be the first experience of sustained increases in price levels. It would be expected to dampen consumers’ spirits, because prices have been rising more rapidly than incomes in many parts of the world. ![]() Though inflation in a number of markets is coming off the boil, it remains a powerful factor. In 2022, a source of friction rarely seen in our prior surveys entered the field: inflation. Beyond meeting consumers where they are-physically and psychologically-companies must invest to ensure that they’ll be able to meet them where they will be in the future. They must identify, isolate and mitigate the many frictions that stand between them and their customers, and between their customers and optimal experiences. The survey makes it clear that companies must go beyond responding to consumers’ evolving attitudes, actions and aspirations. And as more of everyday work and leisure life continues to go digital, mobile and virtual, concerns about data security and privacy remain a significant source of friction. They’re continuing to experiment with the next generation of digital platforms, including the metaverse. Consumers are seeking less friction-but that doesn’t necessarily mean opting only for e-commerce, or for physical experiences that are entirely mediated by technology. Yet, even as they take defensive actions, consumers remain resilient, demanding and eager to experiment. The demand and supply shocks brought about by covid continue to ripple through the economy and factor into consumers’ decision-making, habits and attitudes. ![]()
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