The WARC Podcast Consumer trends: New shopping habits and the power of live events
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Sep 12, 2024 Chris Beer, a senior data journalist at GWI, and Ananda Roy, SVP global thought leadership at Circana, delve into the revived consumer confidence and changing shopping habits. They explore the optimistic forecast for global spending in 2024, driven by a rise in travel and a shift towards health-conscious choices. The duo also highlights the exciting return of live events in Europe and discusses how brands can creatively engage audiences, particularly the younger generation, while leveraging technology and data for better consumer interactions.
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Cautious Optimism Masks Stalled Demand
- Consumer sentiment is improving even while real demand remains constrained by high prices and interest rates.
- Consumers feel more in control because they've developed coping behaviours rather than because affordability has fully returned.
Essentials Are Becoming Two Distinct Groups
- The grocery 'essential' category has split into core essentials and 'transitioning essentials' where consumption is falling.
- These transitioning essentials blur category boundaries as consumers seek alternatives and change buying patterns.
Act Like A Category Leader Now
- Do treat transitioning essentials as a market opportunity and act with category-leader strategy rather than waiting them out.
- Invest in consumer insights and innovate products and messaging to commercialise shifting behaviours.