Some of the behaviours adopted by consumers during the pandemic, tracked by the EY Future Consumer Index since April 2020, have become embedded within mindsets.
A majority (63%) of the 16,000 consumers surveyed say the new behaviours they have had to adopt now feel ‘normal’. Climate change and pursuing fulfilling experiences have become more important. The ‘planet first’ and ‘experience first’ consumer segments (rather than the society, health and affordability first segments identified in the Index) grew during COVID-19, rising from 16% to 26% and from 11% to 18% respectively, according to the eighth edition of the EY Future Consumer Index. Sustainability is important when making purchase decisions for 85% of respondents.
The EY Future Consumer Index finds that respondents are reprioritising their purchase decisions and are spending less on what they perceive to be unnecessary goods for financial (49%) and environmental (30%) reasons. This is likely to have a longer-term impact on attitudes to conspicuous consumption. Brands are less of a factor for 44% of global consumers (49% for millennials and 47% for Gen Z). It is even less of a factor for Chinese respondents, with 59% of them saying brands are less important in purchase decisions.