Businesses globally are facing changes in consumer markets in the short term, owing to the rising cost of living and increasingly financially cautious consumers. Income and expenditure insights are crucial in identifying how to maintain consumer loyalty and reach increasingly frugal consumers.
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Born between 1995-2009, Generation Z is coming of age alongside significant changes in the post-pandemic economy, giving rise to the Gen Z beauty consumer's tendencies for price sensitivity, individualistic expression, active participation in user-generated content, and phygital spaces. Social media and social commerce are essential to succeed with Gen Z beauty consumers.
The post-pandemic consumer landscape has been transformed by major behavioural shifts on the part of consumers, in terms of how they live, work, play and shop. Key shifts in consumer behaviour – including the adoption of digitalised, home-centric lifestyles, increased concern about social and environmental responsibility, and a greater focus on value – have given rise to new consumer needs and priorities and necessitated the need for companies to rethink their strategies in order to stay relevant in the long term.
Euromonitor International has analysed a wealth of data derived from the results of its recent Voice of the Consumer: Lifestyles Survey 2022, and has drawn five key insights in order to help businesses and others understand what issues are driving the attitudes and behaviours of consumers around the world.