Decoding the Value Equation of Today’s Consumers
Understanding the nuanced impact of consumer spending shifts across different categories necessitates a deeper dive into the underlying behaviours and values that shape consumer choices. Winning in today's environment requires aligning with a specific set of consumer values. While price remains a crucial factor, it is not the sole determinant of consumer consideration and purchase decisions.
Memories and associations
Promotions
Emotional affinity
Sensory cues
Functional qualities
Absolute price
Undeniably, affordability is a top priority for Australian consumers. However, it is key to note the similarities and differences in their strategies to manage expenses by the different generational cohorts.
“Thinking about your behaviour in the last 3 months, please indicate how often you typically do any of the following actions to manage expenses?” Source: NIQ Australia Consumer Outlook 2024 Survey
Not far behind affordability & safety, consumers are prioritising their search for healthier product options. It’s perhaps not surprising to see that, among a list of over 20 different factors, consumers say their #1 influencer is building, maintaining, or improving their health & wellness.
While there are many ways by which they intend to do so, 46% of consumers indicate a willingness to opt for low- or no-alcohol-containing adult beverages for both social and at-home scenarios. Alcohol-moderation is of particular interest to younger cohorts.
of Australian consumers say they’re likely to opt for low- or no-alcohol options at social events and at home
In a recent survey, 83% of global consumers said sustainability is important to them. For most people, it’s a combination of many smaller actions that are driving their green intentions and impact. Minimisation tactics at home and in the marketplace are becoming more common and showing a broader interest in adopting realistic behaviours to help the planet. From only buying what they need to avoid waste to being more strict and conscious of properly separating different household waste types. Consumers are feeling the impact of the environmental crisis, and it’s making a difference in the broad swath of consumer behaviours.
Yet when asked to rank its importance, sustainability fell into sixth place behind other attributes like affordability, hygiene, and quality. That might be expected, given the economic pressures we’re all under, but it could also because sustainability, as a whole, has become so broad and holistic in context.
We probed consumers a little further on this topic. The chart shows how differentiated and nuanced consumer expectations of sustainability have become. Packaging emerges at the top in consumer awareness and importance ranking among those popular sustainable attributes.
Consciously separate garbage for recycling
Minimize electricity usage
True growth is achieved by looking beyond what consumers explicitly state, and understanding their underlying motivations and desires. Look for deeper insight allows brands to create products and experiences that truly resonate.
Successful brands go beyond single attributes. True growth is unlocked in what they are sub-consciously seeking by understanding the key product attributes inside and outside your categories.
Sustainable growth comes from anticipating and fulfilling unmet needs. By going beyond the obvious and delivering unexpected value, brands can foster stronger connections and long-term loyalty with their consumers.
Learn about our solutions
In today's dynamic and challenging market, understanding consumer behaviour and market trends is crucial for success. NIQ is here to empower your business with the insights and strategies needed to thrive.
Our expert consultants leverage a Fullview approach, combining global, regional, and local insights to provide a comprehensive understanding of your market landscape.
Our tailored solutions delve into the most granular details to inspire big-picture ideas, empowering business leaders to envision the future and take decisive action.
Ready to unlock your growth potential? Connect with NIQ today and discover how our full view consultancy and tailored solutions can help your business thrive.
Connect with us here
Discover more NIQ solutions →
Our Solutions uncover the most granular details to inspire the big picture ideas, helping business leaders envision the future and take decisive action.
NielsenIQ (NIQ) is the world’s leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. NIQ combined with GfK in 2023, bringing together the two industry leaders with unparalleled global reach. Today NIQ has operations in more than 95 countries covering 97% of GDP. With a holistic retail read and the most comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full View™ .
Capture consumer purchases across online and offline channels for a complete view of changing omnichannel behaviors.
30K+ Australian omnishoppers, tracking 35 million transaction a year.
Learn more
Trust your performance and trend data in retail and e-tail markets with comprehensive CPG market measurement solutions.
Be a market expert with dependable data.
Whether it’s brand strategy, packaging, pricing or advertising, NIQ BASES is positioned to deliver the insights you need to ensure your next innovation or renovation launch delivers growth, with solutions that account for all aspects of consumer decision-making.
A powerful, collaborative analytics platform that helps brands interpret and master their omnichannel data. Real-time e-store data and advanced A.I. algorithms offer actionable insights and clear strategic guidance for optimised execution across an organisation.
Get actionable insights with easy-to-use advanced analytics solutions designed for your needs. Maximise profitability, eliminate wasteful trade spend and ensure the right price and promotion strategy with more granular data and precise recommendations.
Do you know which marketing investments deliver the highest ROI? NIQ Marketing Mix Modeling enables you to demonstrate the strength of your commercial impact. obtain the breadth, depth and balance you need to measure and optimise impact.
