![]() ![]() We scoured government data talked to clients, industry leaders, and analysts conducted primary interviews and surveyed a representative sample of more than 4,000 consumers from the United States. We undertook a yearlong journey to study the consumer. It’s this swirl of financial and marketplace dynamics that is heavily influencing the behavior of today’s consumer as opposed to a fundamental rewiring. They’re also changing in reaction to the abundance of competitive options available to them, made possible by technology. ![]() This, in turn, has been triggered by a rise in nondiscretionary expenses such as health care and education and the growing bifurcation between income groups. They’re changing because of the financial constraints they find themselves in. What we learned is that the consumer hasn't fundamentally changed, but to the extent they are changing is because the environment around them is evolving, characterized by economic constraints and new competitive options. Our findings debunked many conventional wisdoms about the new-age consumer. It is with these questions in mind that we conducted a year-long study to go beyond the headlines and unearth more profound observations about the consumer that might have been either missed or misunderstood in the midst of the hype. Has the consumer fundamentally changed? If yes, in what ways have they changed? Is there a seismic difference in the changes that we are witnessing? More importantly, is the hysteria in the marketplace obscuring a much deeper and more fundamental change in consumer behavior? They have even been blamed for ruining everything from movies to marriage! 1 They seem to have broken the mold of their similar-aged cohorts of past eras.Īmid this confusing and fast-changing narrative about the changing consumer, we paused to ask ourselves some hard-hitting questions to cut through the noise and arrive at the truth. ![]() They are often branded as being more narcissistic, more idealistic, more socially-conscious, and more experience-oriented than any of their preceding generations. There are even more clichés surrounding the millennial consumer. In a hurry? Read a brief version from Deloitte Review, issue 25Ĭreate a custom PDF or download the issueĭownload the Deloitte Insights and Dow Jones app Subscribe to receive related content on Consumer business Explore more articles from Retail and consumer products ![]()
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