What Consumers Want in 2021 - PART 2 - May 2021 update
на канале: ICERTIAS - International Certification Association GmbH
The COVID-19 epidemic imposed an economic shock on economies worldwide. With lockdown and businesses forced to close or with capacity restrictions, consumer spending habits drastically changed.
As consumers start spending again, there will be marked competition as manufacturers and service providers try to grab market share.
Price trends vary depending on the product and the economy. While some products will go up in price, particularly when an economy is growing, and inflation pushes up prices, other products will see a price decline. Ultimately, price trends reflect changes in lifestyles, technology, public and private investment, and government policies and regulation.
Today's consumers are no longer as loyal to brands as they were before the Covid pandemic. They are now more inclined to experiment and discover new products and services.
Numerous surveys conducted in different countries earlier this year reveal that the following factors are most important to consumers today: price, quality, value for money and superior user experience.
Of these factors, consumers are most sensitive to price and will likely emphasize price as the most important consideration when buying. However, they do not want to give up on quality and good customer support when hunting for the best price.
To attract new customers and retain existing ones, it has become crucial to offer products and services with an excellent price-quality ratio and to effectively communicate to shoppers that your product or service is the one offering the best price-quality ratio on the market.