Media round up: Changing consumer priorities
Media round up: UK marketers confused by changing consumer priorities
In May 2022, CIM launched new research which revealed that the majority of marketers (59%) are finding it harder to predict the fast-changing consumer priorities following the pandemic, and this is causing concern over the future of the brands they represent.
The survey, which explored the views of 500 in-house and agency marketing professionals, found that marketers are concerned about the fitness of their business models. Nine in ten (91%) believe their brand must evolve to keep operating, and over a quarter (28%) feel there is even a need to radically overhaul their business model within the next decade in order to survive.
According to marketers, convenience tops the table of the fastest-growing consumer needs (83%), closely followed by value for money and environmental impact tied at second place (78%). Companies’ performance on diversity and inclusion is in third place (74%), followed by shopping locally (73%). Interestingly, having a physical store to visit is one of the least important consumer needs (38%), highlighting a notable shift towards online shopping, which was further accelerated by the pandemic.
The industry’s response:
Since the research launched, key marketing and trade titles have written about the changing nature of consumer expectations and how marketers need to keep up with the fast paced change in consumer behaviour, referencing our research. To read what the wider marketing industry thinks of our research and the key things marketers need to know, see some of the examples below:
- Marketing Week: Consumer priorities, inflation, brand loyalty: 5 interesting stats to start your week
- Campaign: Marketers warn brand business models need 'radical overhaul'
- Marketing Week: Everything that matters this morning
- Research Live: UK marketers warn that pandemic has changed consumer expectations of brands | News | Research Live
- Learning News: UK marketers warns pandemic and inflation has changed consumer expectations of brands - Learning News
For more information on CIM training courses, which address some of the issues in the articles, click here.
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