Consumer values and spending – are consumers shopping their values?

More and more, consumers are connecting with brands that represent their values. But they’re looking for what a brand means to them personally, not just what it stands for societally. ¹

Adding to cart: values and value

Yes, they’re shopping their values, but at the same time, consumers are also looking for value for money. This is being fuelled by the cost-of-living crisis. Shoppers, especially younger generations, are buying less and using different methods to borrow what they need or choosing sustainable alternatives. ²

Consumers are striking a balance between a values-based mindset and a value-for-money mindset. This means that factors like 

• convenience
• flexible payment
• sustainability

are no longer just “nice to haves”. Before, consumers would trade off these attributes for the quality of the product. Now, these attributes add to the consumers’ overall perception of the quality of the product. This is because these attributes improve the quality of the experience.¹

How businesses are responding

Businesses are deepening their relationships with consumers through: 

• personalised experiences
• emphasising the trust and reliability they’ve earned
• leveraging the brand’s heritage 
• focusing on nostalgic elements.¹

¹ 2024 Global Consumer Trends - Mintel

² Retail Reinvention: A Framework for Future Growth - Euromonitor

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