Financial pressures and continued uncertainty are changing the buying decisions of people around the world. This is especially true for technology and entertainment. To attract and retain customers, businesses must understand and respond to these fast-evolving patterns of behavior – identifying emerging trends, as well as the influences that are shaping them.
Knowing how concerned consumers feel about their own financial position, and how and why their perspective may change, will unlock opportunities to improve customer loyalty and increase sales.
In this new report, How inflation is shaping what and when consumers buy, Kantar’s Worldpanel shares findings from its new Global Consumer Confidence Tracker, which continuously surveys 540,000 million consumers in 19 markets to monitor the impact increased inflation is set to have on their personal finances.
The report focuses on people’s intentions to buy consumer technology and entertainment products, and – more importantly – what they subsequently went on to do. This highlights how problematic it can be to attempt to predict people’s actual behavior based on their original intentions alone.
Consumers have been segmented into three groups based on their financial outlook: Safely Secure, Cautiously Coping and Feeling the Pinch. This enables the movement of people from one segment to another to be tracked over time, to provide a view of how consumer confidence is changing and the implications this has on market dynamics.
The study explores:
- How consumers in different markets feel about their financial situation
- How this has changed over the three months between waves of the survey
- Their intentions to spend on smartphones and streaming services – or to delay or cancel a purchase altogether
- Whether they stuck to their original plans, and if not, why they behaved differently
- Whether consumer confidence is rising or falling overall.
Read the report and contact our experts for more information.