Evolution of the Consumer in the face of the economic recession
Faced with an unprecedented economic situation and in view of the changes that are taking place in the world of communication and media, Omnicom Media Group has conducted a study at level to know how consumer behavior is changing, the true protagonist of the evolution that we are living. Thanks to the investigation, we have verified that some of the changes that are taking place are not passengers, much less disappear with the crisis, but that they are taking hold and are beginning to create culture among us.
The syndrome “and if it’s my turn”
With the highest unemployment rate, the consumer suffers the effects of the crisis with special harshness. Not only those who swell the unemployment lists, those who keep their job are under the syndrome of “and if it’s my turn”.
According to the study, 71% of consumers believe that is in recession or about to enter it, compared to 67% of average. 61% admit spending more cautiously compared to 64% and even 41% of admit having had to resort to their savings to cope with expenses (35%).
Austerity or caprice?
In this context, the consumer has become an expert who acts with intelligence in the administration of their resources the so-called “smart shopper”, who wants to continue buying his favorite brand but not at any price: 7 out of 10 are willing to buy the same brand but will look for the best price.
The price has become a key buying factor: 65% is now much more fixed on prices than before. An alarming figure for brands is that 50% of say they buy more white label today than before, twice the average.
The search for the best price leads to greater promiscuity with brands and loyalty with conditions: two thirds of consumers are willing to change brands to get more out of their budget. The same% declares to be willing to be true to their brand only if the price is adjusted. In products of greater implication, they comment to us that they prefer to reduce the frequency of purchase before giving up the product, for example with the products of beauty and cosmetic of high range.
In any case, the choice of purchase is not based solely on the price, but on the justification for it: the value and confidence in the brand, the greater durability and better functionality of the products are now decisive factors. In addition, there is room for whims: 59% feel the need to indulge in something outside their economic situation and 55% are still very interested in buying news.
Check and Chat before buying
Undoubtedly, we are faced with a consumer “with control”, who invests more time before buying: 2/5 parties recognize that they tend to compare prices on web pages, just like the average.
In fact, online shopping that offers cheaper prices starts to be an interesting option. 2 out of 10 recognize making the online purchase more than before. It’s just the tip of the iceberg.
According to the AECEM (Association of Electronic Commerce in), online sales will generate 10,000 Mio. From € in 2009, which means 58% growth versus the previous year. The companies Privalia and Buyvip.com, focused on Vip brands from the world of fashion as well as cosmetics and accessories, are having a very rapid growth in our country.
A matter of trust (age of Heritage)
The study shows that although the consumer extends the purchase decision process in search of the best option, on the other hand it considerably reduces its circle of “influencers”. I mean, before I had much more in mind market trends in different sectors, was guided more by advertising, the “trendy” effect of brands in society, etc., however, in these times that we seem to have reduced the circle of people we trust as prescribers and we resorted 42% to the recommendation of closest friends and family, versus 39% of average.
Sharing is living (old is the new new)
That said, we are not surprised to see that 1 in 3 share things, now more than before, with family and friends. In fact, although behind other countries, we see a growing tendency towards sharing, renting, borrowing and making oneself cards, gifts, DIY at home, etc. For example, 22% acknowledge borrowing books in the library more than before, another 22% make arrangements at home more than they did before.
No to superfluous luxuries (evolution of opportunities)
Buying by buying is no longer an option. Uncontrolled consumerism is badly seen socially in these times and the “Premium” purchases we make should be well justified. ¾ parties just want to buy things that really matter.
“I have realized that money is not so important, today we can have less, maybe in a short time we will have more, but materialism and that fever for having everything, is not good”. José Luis.
Staying at home is the new way out
We have returned to celebrate parties at home, to the homemade food and the tupper again booming; 36% of consumers cook now more at home, 43% tell us that they take food to work compared to 36% of average.
“Eating out of the house … I love it, now the feasts are organized in friends’ houses or in mine, they come out much cheaper”.
Consumer electronics adopts a unifying role in the family; TV plays a fundamental role, being the main “activity” in their leisure time, especially for women. Internet becomes an essential good, something without what we could not live and of which even with the crisis they do not cancel.