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1、#GetTheFutureYouWantWHAT MATTERS TO TODAYS CONSUMER2023 consumer behavior tracker for the consumer products and retail industries Executive Summary In last years first edition of our annual research series,What matters to todays consumer,we found that consumer sentiment had shifted dramatically over
2、 the preceding 18 months,with consumer expectations evolving in parallel.In this years edition,we see many of these trends persisting,alongside the emergence of new ones,as the cost-of-living crisis takes hold.1 In 2021 we found that consumers:Had returned to in-store shopping but were continuing th
3、e online shopping trend developed during 2020;Had come to expect fast,easy delivery and fulfillment,whether shopping on-or offline;Continued to scrutinize closely the ethical status of brands and products;Wanted assurances around healthiness of products and sustainability of production processes;Exp
4、ected to be able to find sustainable products for which they did not have to pay a premium;Were open to ordering directly from favored brands,as well as sharing data with them,especially if this resulted in a better buying experience.This year,we find that many of these behaviors have changed amid t
5、he ongoing development and repercussions of the COVID-19 pandemic,the geopolitical crisis and subsequent tensions,and rising inflation affecting energy,food,and housing prices around the world.Yet,certain behaviors and trends have remained largely stable.In this years research,we find that consumers
6、 are:Very concerned about their personal financial situations;many are worried about the cost of feeding their families and buying other essential items;Have changed their purchasing patterns in light of the rise in their cost of living and are seeking more affordable brands and spending more time s
7、earching for bargains and promotions;Expecting companies to help them through this difficult time with the likelihood that they will reward the most considerate brands with long-term loyalty;2Capgemini Research Institute 2023What matters to todays consumers 2023:consumer behavior tracker for the con
8、sumer products and retail industries Executive Summary Shopping less,both in-store and online,with many concerned about potential stockouts,especially of essential products;Persistently more concerned with delivery and fulfillment than in-store experiences and willingness to pay extra for fast deliv
9、ery has increased.In this years research,we explore the theme of the rise of influencers on social media and their impact on consumers search and decision-making processes.We found that nearly one-third of all consumers discover new products through social media including a substantial number,especi
10、ally among Gen Z and Millennial consumers,who learn of them through influencers they follow.We highlight three key actions that will help brands and retailers to capitalize on the opportunities that these evolving trends offer.First,companies must drive cost reductions by rethinking the way they ope
11、rate and how the supply chain is organized to ultimately be able to pass on costs savings to consumers.This involves using technology to digitize planning and forecasting along with automating warehouse operations and delivery and fulfillment.Second,brands and retailers must identify new revenue and
12、 channel growth opportunities.This involves tailoring experiences and content to divergent consumer needs and selecting the appropriate influencers for the appropriate audience to bring authenticity and credibility to their products.Third,companies must lead with purpose and help consumers through t
13、his difficult time to build goodwill and loyalty in the longer-term.3Capgemini Research Institute 2023What matters to todays consumers 2023:consumer behavior tracker for the consumer products and retail industries IntroductionConsumers around the world are feeling the impact of rising food and energ
14、y prices.As we move from the shadow of the pandemic and the cost-of-living crisis begins to take hold,new pressures are impacting consumer decisions about where and when they shop and what they buy.This report is the second in our annual research series that examines evolving consumer behaviors.In t
15、he first report of this series,we explored the impact of the different characteristics of products and services on consumers buying decisions.We also explored consumer trends in relation to delivery and fulfillment and direct-to-consumer models,including buying directly from brands.In this years rep
16、ort,we examine the aforementioned trends,and also explore newly emerging,but nonetheless important themes.Critically,we explore how consumers have changed their decision-making and purchasing behavior in light of the cost-of-living crisis.We also look at how concerned consumers are about stockouts a
17、nd their ability to obtain essential and non-essential products,and how they behave when faced with unavailability of preferred products.Lastly,this years research examines social media influencers role in influencing purchase decisions,especially among the younger generations.To address these quest
18、ions and themes,we conducted a global survey of more than 11,000 consumers over the age of 18 across 11 countries:Australia,Canada,France,Germany,Italy,Japan,the Netherlands,Spain,Sweden,the UK,and the US.To qualify for inclusion in the survey,consumers must have purchased groceries and/or health an
19、d beauty products in the preceding six months.For more details on the survey sample,please refer to the Appendix.4Capgemini Research Institute 2023What matters to todays consumers 2023:consumer behavior tracker for the consumer products and retail industries IntroductionThis report explores five bro
20、ad themes:0104020503Consumers have changed their purchasing patterns in light of the rise in cost of living and expect companies to help them through this difficult timeDelivery and fulfillment are still more important than in-store experiences We close this report by specifying the key actions for
21、brands and retailers to ride through the ongoing shifts in consumer behavior.The cost-of-living crisis has resulted in a decline in store visits and online shoppingSocial media influencers are on the rise and wield increasing power over consumer decision-makingMany consumers are concerned about stoc
22、kouts,especially of essential products 5Capgemini Research Institute 2023What matters to todays consumers 2023:consumer behavior tracker for the consumer products and retail industries Consumers expect companies to help them through the cost-of-living crisis6Capgemini Research Institute 2023What mat
23、ters to todays consumers 2023:consumer behavior tracker for the consumer products and retail industriesConsumers are concerned about their personal financial situationsThe majority(61%)of consumers globally say they are extremely concerned about their personal financial situations.This concern is mo
24、re pronounced for Millennial(66%)and Gen X(64%)than Boomer(55%)and Gen Z(60%)consumers(see Figure 1).We also observed that consumers with children in their household(66%)are more concerned than are individuals without children(59%).By country,the greatest proportion of consumers are concerned in Can
25、ada(68%),Australia(65%),and the US(65%),while the Netherlands(50%)has the smallest proportion of consumers concerned.%of consumers who agree with the statement:I am extremely concerned about my personal financial situation.55%64%66%60%61%BoomersGen XMillennialsGen ZOverallFig.1Six in ten consumers a
26、re concerned about their financial situations Source:Capgemini Research Institute,Consumer demand survey,OctoberNovember 2022,N=11,300 consumers;992 Gen Z consumers,3,264 Millennial consumers,3,332 Gen X consumers,3,712 Boomer consumers.61%of consumers say they are extremely concerned about their pe
27、rsonal financial situations7Capgemini Research Institute 2023What matters to todays consumers 2023:consumer behavior tracker for the consumer products and retail industries Among the consumers who are extremely worried about their personal financial situations:Many believe the government is not doin
28、g enough to address the rise in their cost of living(79%);They are worried about energy use in their home due to rising energy prices(64%);They are worried about their ability to afford food or other basic household necessities(62%);Their mental health has been negatively impacted by the rise in the
29、ir cost of living(60%globally,and even higher for Gen Z and Millennials,at 69%);They fear that their personal financial situations will worsen within the next 69 months(80%).Consumers are becoming more sophisticated in their purchasing behavior because of their cost-of-living worries To deal with th
30、e cost-of-living crisis,73%of consumers are making fewer impulse purchases.Sixty-nine percent of consumers are cutting back on non-essential items,73%of consumers are making fewer impulse purchases8Capgemini Research Institute 2023What matters to todays consumers 2023:consumer behavior tracker for t
31、he consumer products and retail industries%of consumers who agree with the below statements regarding changes in their shopping behaviors in the past 36 months because of increased prices73%69%69%65%64%58%57%54%I am looking to buy smaller quantities each time Igo to the store,so I spend only what I
32、haveI am spending more time shopping at differentphysical stores to find deals and discountsI am spending more time searching online to find dealsand discountsI am buying products from hypermarkets anddiscount stores rather than buying themfrom specialty grocery stores and convenience storesI am buy
33、ing cheaper private-label or low-costbrands over name brandsI am delaying purchases of luxury items(e.g.,jewelry,cars,designer clothing)I am cutting back on non-essential items(e.g.,electronics,plants,toys,dining out)I am making fewer impulse purchasesFig.2Amid the cost-of-living crisis,consumers ar
34、e making fewer impulse purchases,lowering their spending on non-essential items,and looking for cheaper alternativesSource:Capgemini Research Institute,Consumer demand survey,OctoberNovember 2022,N=11,300 consumers.such as electronics,plants,toys,and other non-essential expenses,such as dining out,a
35、s well as delaying the purchase of luxury items.In addition,over half(65%)of consumers say they now prefer cheaper private-label products over name brands,and a similar percentage(64%)say they are buying products from hypermarkets and discount stores,rather than using,for instance,convenience stores
36、 or specialty grocery stores(see Figure 2).Over half(57%)of consumers also say they are spending more time in different physical stores to find deals and discounts.The cost-of-living crisis has led to more sophisticated purchase behavior,with consumers experimenting with different options for more a
37、ffordable products.Graeme Pitkethly,CFO at Unilever,comments:“We are starting to see consumers down-trading and looking for greater value Sales volumes are beginning to fall as some shoppers switch from branded goods to own-label products in a bid to make ends meet.”2,3 Gen Z consumers are less like
38、ly than those in other demographics to have changed their behaviors.For example,60%of Gen Z consumers say they are making fewer impulse purchases compared to 76%of Boomers.In addition,59%of Gen Z consumers are reducing purchases of non-essential items versus 73%of Gen X consumers.9Capgemini Research
39、 Institute 2023What matters to todays consumers 2023:consumer behavior tracker for the consumer products and retail industries 44%of consumers say they are reducing their overall spending this year compared with 33%in November 202010Capgemini Research Institute 2023What matters to todays consumers 2
40、023:consumer behavior tracker for the consumer products and retail industries Consumers have cut down on spending since the pandemic lockdown periodAmid the cost-of-living crisis,the percentage of consumers who say they are reducing their overall spending has risen this year,to 44%compared with 33%i
41、n November 2020(see Figure 3).The percentage of consumers who are planning to reduce their spending on non-essential items has increased more than for essential products.Douglas McMillon,President and CEO of Walmart,believes inflation is driving consumer price sensitivity,regardless of income level:
42、“Higher-income families are shopping at Walmart because they are more price-sensitive now.Families making over$100,000 in household income have driven a lot of our growth,since around the middle of the first quarter,when we saw food inflation reach a level where behavior was starting to change.4 Rec
43、ent data from the US Bureau of Economic Analysis for the third quarter of 2022 reveals that while US consumers kept spending despite rising prices through the third quarter,spending on goods,led by food and beverages,gasoline,and motor vehicles,declined for the third consecutive quarter.5 In additio
44、n,according to Nielsen,while overall CPG sales are growing,fueled by rising inflation,consumption i.e.,spending volume or the amount of items consumers put into their baskets is declining.There was a 9%increase in dollar sales in September,but unit consumption dropped by 3%.6%of consumers who plan t
45、o reduce purchases,overall and by product category33%44%33%32%29%20%28%37%29%35%57%41%47%58%46%Luxury productsFurniture andfurnishingsOver-the-counterhealthcare productsGroceries andfood suppliesOverall spending*November 2020 November 2022 Post-cost-of-living crisisFig.3Amid the cost-of-living crisi
46、s,more consumers are planning to reduce spending Source:Capgemini Research Institute,Consumer demand survey,OctoberNovember 2022,N=11,300 consumers;Capgemini Research Institute,The great consumer reset:COVID-19 and the consumer products and retail consumer,November 2020.*Overall spending includes gr
47、oceries and food supplies,household supplies,personal care products,over-the-counter healthcare products,furniture and furnishings,consumer electronics/white goods,apparel and accessories,at-home entertainment/media,luxury products,take-away food from restaurants,casual or fine dining in restau-rant
48、s,alcoholic beverages,tobacco,leisure travel,work-related travel.11Capgemini Research Institute 2023What matters to todays consumers 2023:consumer behavior tracker for the consumer products and retail industries Consumers expect companies to help them through the cost-of-living crisisThe majority of
49、 consumers globally expect companies to help them through this difficult time.Seven in 10 consumers expect companies to provide a wider range of discounts to help them purchase essential items and to provide bigger discounts to loyal customers(see Figure 4).Organizations have responded with initiati
50、ves to help consumers;for example,Tesco is freezing the prices of more than 1,000 everyday products from October 2022 until January 2023.7 In April 2022,Morrisons reduced prices on more than 500 products,including many essentials such as eggs,beans,coffee,rice,chicken,and diapers,and improved multib