Getting the best value for money remains a top priority for consumers, although what ‘value’ represents continues to evolve. Despite a more favourable economic outlook, people are still paying careful attention to how the weekly or monthly pay cheque gets used. They are ready to spend (cautiously), but not on any old thing.
The post-recession consumer is more confident and assertive about where and when they want to spend – and save – their money. They are insisting on defining value on their own terms, rather than letting brands dictate what they should find valuable.
While ‘value seeking’ is a highly personal exercise, expectations of brands remain high across the board. Consumers still want exceptional functional performance from products and services, but are increasingly prioritising brands whose personalities and values align with their own – ‘values’ can be a new form of value.
To ensure they get maximum benefit for what they spend, consumers continue to reach out for advice and guidance at every step. Online networks for review and recommendation are ever more popular, and facilitating the emergence of a new breed of consumer expert. These sources of information are considered to be increasingly credible, and are helping consumers achieve maximum value – as they define it.
There are five sub trends within the Personal value seekers Trend:
• The sharing economy – The web enabling information sharing and new models of ownership
• Personal values – Willingness to save and spend where it matters to you most
• Redefining values – Rising expectations of added functional and emotional benefits
• Exclusivity – The demand for exclusivity and rarity
• The new experts – Leveraging newly available sources of expertise to get the best products and deals for you
For more information on this Trend or any of the other five Consumer Lifestyle Trends, click here.
Source: BordBia – Consumer Lifestyle Trends – Personal Value Seekers
