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Voice of the Industry: Consumer Lifestyles

February 2021

In the Voice of the Industry (VOI) series, Euromonitor connects with industry professionals to explore trends and innovations. This report draws on insights from a new addition to the series, VOI Lifestyles, and explores how and why businesses are rethinking strategy planning to put the consumer centre stage, alongside sustainable initiatives and technological investment.

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Key Findings

Uncertainty andfinancial concerns are rising among consumers who are spending less and morecautiously. As they increasingly question their investments, value for moneybecomes the most important purchase criteria.

Consumers are returning to stores but confidence is low. Still fearful and guarded, they are choosing shops with appropriate safety measures in place and that enable them to shop quickly and efficiently with limited interaction.

Shifts in consumer behaviour are having a lasting impact on sales across industries as new habits and routines, especially around connectivity and health and wellness, become more permanent.

Business that puts consumers at the centre of strategic thinking will fare better as consumers expect brands to understand and respond to their changing needs.

Companies are adapting and investing to leverage new opportunities, but they must ensure change is aligned with consumers’ values and priorities in order to succeed.

Introduction

Scope
Consumer Lifestyles Voice of the Industry survey snapshot 2020

Consumer Values and Behaviour Impacting Business

Value for money key as consumers question their investments
Case study: Perso/ L'Oréal  added value personalised digital skin care
Case study: Little Miracles drinks adds value with health attributes
Shifts in consumer behaviour to further impact sales in year ahead
Five consumer trends spotlighted as having the most influence
New remote working and digital lifestyles have the greatest impact
Case study: Schutz renovates footwear for “at-home fashion”

Shifting Spending and Shopping Habits

Consumers saving not spending as uncertainty continues
Driving a more frugal approach to spending
Case study: Apple launches new low cost iPhone
Case study: Aion helping consumers manage their money
Safety measures key to bringing consumers back in store
Business must invest for long-term shift in shopping experiences
Case study: Best Buy US expands curbside pick-up services
Case study: Mobile app “Safe Queue” supports consumer safety

Corporate Strategy Insights

Three main areas of focus for corporate strategy planning
A consumer-centric corporate strategy is a must
Business must build awareness of consumer behaviour and trends
Retailers can leverage data to learn more about their customers
Digital investment is now essential for most businesses
Case study: E.L.F leverages digital platforms to engage consumers
Significant gap between sustainability awareness and action
Case study: Aspiration Bank helps consumers to save the planet
Businesses rethinking, adjusting and investing for growth
Companies prioritise recovery and growth in 2021
Building brand image and investing in technology are top objectives
Business rethinking and adapting organisation structure

Key Takeaways

Three main areas of focus for corporate strategy planning
Businesses rethinking, adjusting and investing for growth
Key takeaways

About Voice of the Industry

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