The consumer goods industry is constantly evolving, and 2023 has brought a wave of significant changes in consumer behavior that are leaving their mark on the sector. PwC’s Global Consumer Insights Pulse Survey 2023 provides deep insights into these shifts and helps us understand how companies need to adapt to meet changing consumer needs. In this article, we’ll explore the key data and findings from this report and discuss how these changes will influence the skills and qualities companies should look for when hiring new employees.
Changes in Consumption Habits
One of the main drivers behind these behavioral shifts is inflation and the current macroeconomic climate. Growing concerns about personal finances have led 96% of survey respondents to plan cost-saving measures over the next six months. This directly impacts their shopping habits, with increased price-consciousness and a preference for more affordable brands across many product categories.
However, it’s important to note that despite economic concerns, consumers still crave hassle-free shopping experiences. The survey reveals that 43% of consumers plan to increase their online purchases over the next six months. This suggests that while they’re looking to save money, they also value the convenience and accessibility that e-commerce offers.
The Pandemic’s Lasting Impact
The COVID-19 pandemic has left an indelible mark on consumer shopping preferences. During the height of the pandemic, e-commerce experienced massive growth, and while that momentum has slightly decreased, 43% of consumers still plan to increase their online shopping in the near future. This indicates that the convenience and safety offered by e-commerce remain fundamental priorities for consumers.
Hybrid Work and Changing Work Models
Another important factor influencing consumer behavior is work arrangements. The survey reveals that 63% of respondents identify as “non-hybrid” workers, meaning they must be physically present at their workplace full-time. This represents an increase compared to the previous survey and has implications for how consumers manage their time and shopping.
New Opportunities for Companies
These shifts in consumer behavior present challenges, but also opportunities for companies in the consumer goods industry. Companies must adapt to changing consumer expectations by offering both online and brick-and-mortar shopping options, along with affordable, high-quality products.
Additionally, the survey reveals that consumers are willing to spend more on products that reflect their values, such as locally produced foods or products from ethical companies. This suggests that companies adopting sustainable and ethical practices can attract a significant market segment.
How Should Companies Adapt Their Employee Search?
Given this changing landscape, consumer goods companies need to adjust their approach to hiring new employees. Here are some key considerations:
- Adaptability: Employees must be able to quickly adapt to shifting market dynamics and be willing to learn and evolve alongside the company.
- Economic Awareness: Understanding economics and consumer trends is essential for helping the company make informed decisions.
- Digital Skills: Given the continued rise of e-commerce, digital skills are valuable for managing online platforms and optimizing the customer experience.
- Corporate Values: Seeking employees who share the company’s ethical and sustainable values can strengthen relationships with consumers who care about these issues.
Conclusion
Changes in consumer behavior within the consumer goods industry are being driven by economics, technology, and the pandemic. Companies that adapt and seek employees with the right skills and characteristics will be better positioned to thrive in this constantly evolving environment. Understanding these changes and the ability to respond effectively will be crucial for the industry’s continued success.
