A majority of Irish consumers are reimagining their values and basing purchasing decisions on factors beyond price and quality, according to a new report by Accenture.
Accenture's 16th annual research report based on a survey of more than 25,000 consumers across 22 countries including Ireland, entitled "Life Reimagined: Mapping the motivations that matter for today’s consumers", set out to understand how companies can capitalise on evolving consumer expectations to achieve new levels of growth and competitive agility.
Fifty percent of those surveyed are coming out of the pandemic having reimagined their behaviours and values as consumers. They have re-evaluated what is important to them in life and are increasingly focused on their personal purpose. This is having a direct impact on what, how and why they buy. An additional 33% of consumers surveyed have evolving values and purchasing mindsets while interestingly, the unprecedented experience of the pandemic has had no impact on the buyer values of 17% of respondents.
The research analysed over 80 unique factors across 14 industries and found that five distinct areas are increasingly driving consumers’ purchasing decisions. The five factors extend beyond price and quality to include health and safety; service and personal care; ease and convenience; product origin; and trust and reputation. Perhaps even more notable is that these five factors, which have been historically important to the specific demographic groups of Gen Z and Millennials, have now hit a tipping point and are considered critical across the full breadth of consumer demographics.
"Customer demands have fundamentally changed and it’s time for Irish businesses to respond by revisiting their strategies and setting new standards for the services they offer," said Hugh-John O’Reilly, Managing Director, Customer Strategy & Consulting at Accenture.
"Irish consumers are embracing new experiences and forming new habits, but this comes with high expectations. They value convenience and transparency, and expect companies to not only understand their needs, but deliver on them seamlessly across all channels. There’s a huge opportunity for businesses to build customer loyalty by refocusing their customer engagement strategy and create personalised experiences with the right mix of digital and in-person interaction."
