Kimola Newsletter | Analytics: Lord of the Maps, our new precious.
Consumer spending habits
A study conducted by The Food Industry Association (FMI) and The Hartman Group examines the spending habits and attitudes of grocery store consumers. According to the study's notable findings, in February 2023, only 32% of consumers reported buying fewer products to cope with rising prices, compared to 41% in October 2022. This suggests that although consumers remain concerned about the increasing food prices, they are less likely to reduce the number of products they purchase. In addition, concerns about food prices exist across all age groups, but baby boomers are more worried than any other group. The worry rate, which was 69% in October of last year, increased to 80% in February. Millennials are closely following, with 76% reporting that they are worried, an increase of 5% from last year. The study also reveals that over half of consumers (55%) are worried about the rising prices in restaurants.
Discovery through user videos
According to Deloitte's annual digital media trends research, approximately 50% of consumers say that user-generated content (UGC), such as videos from influencers and content creators, helps them discover new products and services. Additionally, 70% of Gen Z and millennial consumers say they watch UGC for longer than they had planned. Half of the participants also say that they discovered new music and artists through videos on UGC platforms. However, around 4 out of 10 people say that it is difficult to determine whether UGC videos contain "sponsored" or "advertising" content. The research also reveals the attitudes of younger generations towards digital media: 32% consider online experiences as a meaningful alternative to in-person experiences. For Gen Z and millennials, this rate increases to 50%.
New consumption trend Authenticity
According to a global study conducted by Asendia with the participation of 8,000 people, while the trend of more careful consumption continues, "authenticity" is emerging as an important new driving force among consumers for income and loyalty. According to the significant findings of the research, three-quarters of consumers say they will spend more money on brands they perceive as authentic, while 62% say they will only shop from original brands. The most important factor defining authenticity for consumers is being honest about delivering on promises (63%). This is followed by clear brand value (49%), transparency in the supply chain (39%), advocating sustainability (35%), and acting according to brand values (33%).
EV interest rises, consumer concerns persist
A study conducted by Dynata and Hill+Knowlton with 525 participants in the US reveals detailed results about buyer hesitation. According to the study's prominent data, 54% of adults say they are interested in owning an EV in the future. Two out of five people who do not own an electric car say they have little or no knowledge about charging, while 27% of EV owners also indicate that their knowledge is limited. 49% of non-EV owners and 51% of EV owners express fear of running out of battery or range anxiety while driving. 46% of non-EV owners do not know where charging stations are located, and 42% do not know how long it takes to charge an EV. The percentage of EV owners with the same concerns is 44% and 40%, respectively.
Interest in travel advisors is on the rise
According to a new consumer survey conducted by ASTA, the likelihood of using a travel advisor is higher than it was last year. The survey found that 50% of respondents said their likelihood of using a travel advisor had increased compared to previous years. Additionally, 49% of participants agree with the statements "In these times, the expertise of a travel advisor will make me more comfortable with my travel plans" and "Using a travel advisor to plan my dream vacation is a great way to find the best of the best." The survey found that 47% of participants see travel as their most important expense, followed by home remodeling or renovation (23%) and purchasing a computer (10%). Most participants (63%) had concrete travel plans for 2023, and 39% said they would spend more on travel this year compared to last year.
