Retailers urged to catch up with shift in consumers’ buying habits

CEBU, Philippines — Filipino retailers and food makers are urged to catch up with consumers’ shift of buying habits, which put more emphasis on minimalism, sustainability, and functionality.

According to Mintel, the world’s leading market intelligence agency, buying consumers’ across nationalities, including Filipinos, are shifting their focus on buying goods or eating food which has social impact or of high quality.

“Consumers will distance themselves from fast-paced lifestyles and excess consumption toward slower, minimal consumerism that emphasizes durability, protection, and functionality,” Mintel’s latest report read.

The report said that the new generation consumers are more conscious, discerning and socially aware. These are just few of the considerations that retailers, food makers and providers should seriously consider.

Mintel said that today’s bunch of consumers are becoming more active participants in the creation of a more sustainable economy and increasingly aware of the broad sustainability challenge facing the world.

Over the next 10 years, more consumers will have incorporated sustainable behavior into their lives, whether that means routinely recycling or looking for sustainable products.”

Recently, the Netflix documentary entitled “Minimalism” and the Japanese organizing consultant Marie Kondo’s “Spark Joy” method influenced the consumers’ shift to conscious buying. Minimalistic attitude thereby becomes “cool” nowadays.

Mintel also predicts that as consumers move away from unsustainable consumption they will move toward finding greater value and benefits for investments and purchases.

Well-being, inclusiveness, sustainability, and value are just some of the core drivers of consumer behavior that will shape global markets this year and this decade, the report added.

Likewise, Deloitte Touche Tohmatsu Limited, (Deloitte), a multinational professional services network predicts the diminution of fast fashion as consumers demand longevity from their purchases

Deloitte agreed, saying, “Consumers of 2020 wil continue to hunt for better value, but they will also expect their values to be embedded in what they buy—whether this is around healthier food and products, sustainability, or any number of personal interests.”

“There is no question that the challenges over the next ten years will be immense. Consumers are not only changing, but changing rapidly. However, companies that make themselves part of the change process, that remain agile and attentive to all their stakeholders, are more likely to remain relevant and interesting to consumers—and positively differentiated in the marketplace,” Deloitte said.  JMD