Unveiling the evolution of consumer desires and the quest for stability
Explore how the changing consumer landscape is driving a craving for stability and routine in an unpredictable world from senior executives.
In a fragile world plagued by unpredictability, many of us find ourselves yearning for the familiarity of old routines. From the beloved coffee shop to the camaraderie of office banter, even the once-dreaded commute, we miss the sense of normalcy they provided.
President and Chief Research and Analytics Officer at CBS, Radha Subramanyam describes this longing as a "desperate quest for normal."
According to a recent World 50 poll of senior executives, the motivation behind this craving for stability and routine stems from the realization that life has become disconcertingly unpredictable. From two-year-long pandemics and weather events to artificial intelligence and the social isolation of remote work culture, we yearn for more meaningful experiences, deeper connections, adrenaline rush, kick in our daily work, and a sense of purpose in our lives.
This pursuit of stability has given rise to what the private leadership network dubs "the new customer."
In a deliberate report released on their website, www.thenewcustomer.com. it was revealed that 90% of business leaders surveyed agreed that consumer behaviors have changed significantly since 2019.
"The change is real," claims World 50 CEO David Wilkie, "but much of that change has proven to be markedly different from what many experts predicted."
For Subramanyam, the shifting consumer demands have sparked a renaissance in "appointment" viewing of TV shows and a renewed enthusiasm for a "proper fall season" of new launches.
These upcoming trends emerge in an era dominated by binge-watching and an overwhelming abundance of content, rendering such concepts seemingly obsolete.
The report emphasizes the importance of creating an omnichannel approach that seamlessly blends offline and online experiences.
Raj Vennam, CFO of Darden Restaurants, pointed out the significance of improving the in-person fine dining experience while simultaneously enabling digital interactions, such as online waitlists for in-person dining.
Nowadays customers expect a level of personalization that was once only experienced from a mother's touch. They anticipate companies or chains not only knowing their preferences and buying habits but also contextualizing that knowledge to reflect their communities. For instance, Best Buy is piloting a hyperlocal approach to store development, tailoring not only the size of their stores but also fulfillment options and employment models to different markets.
Perhaps the most significant shift is the thrust to collect experiences rather than accumulating more material possessions. This change can be attributed to both the human condition and the consequences of growing up. Environmental concerns are driving younger generations toward thrift stores, while pent-up demand is inspiring people to seek travel experiences.
Embracing personalization, blending offline and online interactions, and offering meaningful experiences is key to staying relevant in this ever-changing landscape. By understanding and responding to these shifting consumer behaviors, companies can forge deeper connections and provide the stability and purpose that today's customers seek.
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