Transcription
Life ReimaginedMapping the motivations that matter for today’s consumersFrom insights to action, the path to extraordinary value starts here.
Global consumers have new motivationsbeyond price and quality.They are ready to abandon brands thatdon’t support their reimagined values.And to pay more to those that do.Life Reimagined: Mapping the motivations that matter for today’s consumers2
A majority of consumers—across backgrounds,demographics and geographies—have reimaginedtheir values and purpose over the past 18 months.They’ve made a consequential shift to focusingon what matters most for them in life; and theirmotivations for what and how they buy are,accordingly, meaningfully different. Research intothese changes reveal an enormous new white spacein which brands must differentiate themselvesanew to survive and discover new paths to growth.Consumers will leave brands that don’t recognizetheir new priorities—and they will pay more forthose that do. It’s time to ask: What will motivateconsumers to stay? What will motivate them to pay?Life Reimagined: Mapping the motivations that matter for today’s consumersThe pandemic compelled consumers—en masse—to shift their expectations morerapidly and completely than we’ve seen at anyother time in history. Specifically, as COVID-19impacted populations country by country,individuals looked inward, elevating conceptsof relationships and responsibility, and reevaluating their priorities. Suddenly, they wereseeing themselves and the world in a differentlight.1 Significant numbers of them are nowapplying these new mindsets to where, whatand how they buy. Through their purchasechoices, they are purposefully seekingto influence their communities and theenvironment, and to confirm how they seethemselves in the world.3
Accenture’s recent survey of more than 25,000 consumersacross 22 countries, with follow-up focus groups in fivecountries, bears this out: a full 50% of consumers2 say thatthe pandemic caused them to rethink their personal purposeand re-evaluate what’s important to them in life. Forty-twopercent say the pandemic made them realize they need tofocus on others more than themselves.Industries covered in the scope of ourconsumer survey Automotive Oil and gasolineThese consumers—we call them the “Reimagined”—arechanging their buying habits accordingly across all14 industries we covered. In doing so, they are creatingimmense opportunities for companies that respond byresetting strategies and setting new standards for meetingand exceeding their expectations. Our research revealedpreferences that are powerful enough to drive both brandswitching (“should I stay?”) and willingness to spend more(“would I pay?”). Consumer electronics Online entertainment Consumer goods Fixed service providers(broadband/telco)Property andcasualty insurance Retail Gas and electric utilities Retail bankingJust 17% of consumers—those we call the “Traditional”—saidthey were unchanged by the pandemic. Thirty-three percenthave mindsets that are still evolving, but many of themare shifting as well, and—coupled with the Reimagined—represent an opportunity for companies to capturesignificant market share. Healthcare Travel and tourism Life insurance Wireless servicesLife Reimagined: Mapping the motivations that matter for today’s consumers4
Figure 1: The Reimagined represent significant buying power17%Reacting to the statement“The pandemic made metotally revise my personalpurpose and what isimportant for me in life”50%33%Reimagined Consumers(Agree Strongly Agree)Evolving Consumers(Unsure)Traditional Consumers(Disagree Strongly Disagree)Base: All respondents (N 25,444) Source: Accenture Global Consumer Pulse Research 2021Life Reimagined: Mapping the motivations that matter for today’s consumers5
Reimagined consumers:Who are they?What stands out most about the Reimagined isnot what makes them different, but what makesthem the same. Our survey captured insightsabout age, gender, location, employment,income, life changes and other demographicinformation. We discovered that the Reimagineddon’t have discernible—or presumptive—demographic distinctions. They are, in fact,a generally heterogenous group.In fact, although everyone, everywhere, had their own deeplypersonal experience and reaction to the pandemic, theseconsumers have mainstreamed purchasing considerationsthat were once peripheral and confined to demographicsubsets. In the recent past, for example, it was youngerconsumers for the most part who expected a brand’s largerpurpose to align with their outlook on life.3 A broad group ofconsumers now seeks that connection.Life Reimagined: Mapping the motivations that matter for today’s consumers50%of the Reimagined say that many companiesdisappointed them by not providing enough supportand understanding of their needs during challengingtimes—versus 14% of the Traditional.“[I am] valuing time with family,friends, the people I love and who areimportant to me in general. To knowthat tomorrow does not exist and thatthe next second may be the last.”Brazilian consumer46
72%of the Reimagined expect companiesthey’re doing business with tounderstand and address how theirneeds and objectives change duringtimes of disruption—versus 27% ofthe Traditional.Life Reimagined: Mapping the motivations that matter for today’s consumers7
Figure 2: The Reimagined, by countryWhile the disparities in themindsets of consumers betweencountries could be explained bycultural differences, they also arean accurate representation of thedisproportionate impact of thepandemic on some countries andindicate that consumer preferenceswill continue to evolve in waves,similar to the pandemic’s effects.Reimagined Consumers(Agree Strongly Agree)Evolving Consumers(Unsure)Traditional Consumers(Disagree Strongly Disagree)Base: All respondents (N 25,444)Source: Accenture Global Consumer Pulse Research 2021Life Reimagined: Mapping the motivations that matter for today’s 4%36%36%40%11%12%10%9%21%22%23%26%24%8
What motivates the Reimagined consumer?While price and quality have long been—and remain—the dominantmotivations in consumers’ decision-making, they have lessened ininfluence among Reimagined consumers.Among the Reimagined, 66% said they nowexpect brands to take more responsibility inmotivating them to live by their values and tomake them feel more relevant in the world,versus 16% of Traditional consumers.We see this not just as a pandemic effect, but also as an inevitablelong-term consequence of the shift to digital technologiesinforming and enabling purchases—accelerated by the pandemic.Consider how easily and quickly consumers can check prices onthe internet and get a strong sense of the quality of an offeringthrough recommendations and reviews. Multiple platforms suchas Amazon and Google have built this process into the fabric ofconsumers’ lives. When the pandemic elevated digital shopping todaily necessities of life, the ability to immediately cross-referenceprice (comparison shop) and quality (ratings/reviews) impactedeveryone and leveled most playing fields. As a result, thesedeterminants have become easy-to-check table stakes—still crucial,but not necessarily differentiators. Other motivations, by contrast,now stack more powerfully.Life Reimagined: Mapping the motivations that matter for today’s consumers“I’ve realized the impor
Asda Stores British supermarket chain Asda Stores has rolled out a high-tech solution for cleaning shopping carts—they pass through a machine that sprays electrostatically-charged mist of anti-microbial liquid on each one in 15 seconds.8 MG Motor India Auto manufacturer MG Motor India partnered with Singapore-based Medklinn, a company focused
