Sustainability matters, but price matters more: 74% of consumers perceive price as a major influence on purchase decisions compared to a brand’s commitment to sustainability (47%)
Consumers still care about brands’ commitment to sustainability and social responsibility, but the high cost-of-living is pushing them to balance these issues against price concerns.
Three-quarters of consumers worldwide (74%) perceive price as a major influence on purchase decisions, compared to 47% who cited a brand’s commitment to sustainability as a purchase factor.
Bill Alberti, Managing Partner, Interbrand, says: “In many cases, being ‘green’ is used by brands as a vehicle to drive premium pricing. But, with cost of living a pressing priority for many, consumers will choose less expensive options as prices increase. Because they will have to, and because they can.”
Gen Z is facing a mental health crisis. Personal finances (36%) is their greatest concern, followed by prices of products (34%) and climate change (34%)
Gen Z’s mental health struggles are on the rise but growing awareness around the issue has led this generation to take action and prioritise their wellbeing.
According to GWI data, their biggest concerns revolve around their personal finances (36%), prices of products or services (34%), and climate change (34%).
While nearly 3 in 10 (29%) Gen Z say they are prone to anxiety – a higher proportion than any other generation, they are more likely to take steps to manage their mental wellbeing such as doing hobbies / activities they enjoy (55%) and spending less time on social media (37%).
Abhimanyu Kumta, Lead – Digital Listening, Quantum Consumer Solutions, says: “Platforms like Discord have seen drastic growth amongst the youth as well as other audiences, where it helps people casually hang out with friends, connect with strangers over common interests, play games and so much more.”
Social commerce is on the rise: it is forecast to reach USD$2tn by 2025, representing a quarter of all online retail sales that year
The social commerce market shows no signs of slowing down, driven by increasing social media usage and effective influencer marketing.
Analysis by Kepios shows that in April 2023, the number of social media users worldwide was estimated to be 4.8 billion – nearly 60% of the global population. Users spend on average over 2 hours per day on these platforms.
Mirroring this increase in consumption, the social commerce market is expected to expand, reaching approximately USD$2tn by 2025 per Deloitte, (representing roughly a quarter of all online retail sales that year).
Nearly half of Gen Z and millennials follow influencers who regularly promote products or brands (44%) and are likely to purchase a product recommended by influencers (45%). For approximately half of these cohorts, influencer recommendations are more engaging than regular ads.
Wendy Wang, Head of Influencer Marketing APAC, Media.Monks, says: “Businesses that devote themselves to producing authenticity-focused content have a higher chance of succeeding within the competitive social realm since customers currently crave tailor-made, bona fide experiences.”
Shifting the balance between privacy and convenience: 53% of consumers perceive ad targeting as intrusive. 62% find personalised recommendations helpful
The contradiction in consumer attitudes towards personalised marketing highlights the fine line that brands must tread between convenient and intrusive.
Over half (53%) of internet users find ads specifically targeting them to be intrusive. A slightly larger proportion (62%) think personalised product recommendations are helpful. Notably, more than a third (34%) agree with both statements.
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