In an era of uncertainty, “The Resilient Consumer” adapts to change, according to a survey by Accenture. According to new research from Accenture, the majority of consumers (85%) believe they are currently experiencing uncertainty, with more than half (52%) expecting this to last for more than a year. This is the latest in a series of consumer surveys that Accenture has conducted to gauge consumer outlook and sentiment since the start of the pandemic. This is ushering in a “Era of Volatility” in which a persistent state of uncertainty prompts people to alter their behaviour abruptly and, frequently, in unexpected or contradictory ways.
“The Resilient Consumer”
The survey of more than 10,000 consumers in 16 countries revealed that despite persistent unpredictability, the “resilient consumer” is emerging and adapting to ongoing disruption by seeking out means to protect and control what is essential to them. In addition, nearly three-quarters (73%) of consumers anticipate that their discretionary income will remain the same or increase over the next 12 months.
Jill Standish, senior managing director and global lead of Accenture’s Retail industry practise, stated, “Retailers and brands should not overgeneralize when examining the drivers of consumer behaviour in order to flourish in this market. Instead, they must comprehend the nuances of the consumer as an individual, pay close attention to data and analytics, and use this understanding to offer the right product and the right experience at the right price in the right locations and through the right channels.”
Resilient expenditure categories
The intention of consumers to spend more is a strong indicator of their resilience. When asked how their anticipated expenditures will change over the next six to 12 months, respondents said they intend to spend more in eight out of 15 categories, including leisure travel and wellness (e.g., Self-care), compared to six categories in 2022.
In addition, after several years of pandemic-related travel restrictions, consumers were reminded that travel is more than just a vacation. It involves human connection. After a year of robust growth for the travel industry, 71% of consumers intend to maintain or increase their current spending on leisure travel in the coming year, despite limiting their spending in the majority of discretionary categories. Eight in ten consumers (78%) are planning leisure travel within the next year, and half (50%) are planning two or more leisure excursions. This indicates that consumers continue to view travel as essential to their lives.
Emily Weiss, senior managing director and global lead for Accenture’s Travel industry practise, stated, “As they focus on capturing this buoyant desire to travel and driving growth through customer acquisition, travel companies are aware that they must put the traveller at the centre of their operations and customise their offerings for various types of consumers. This requires going beyond traditional silos and contemplating the customer’s entire journey by integrating all customer touchpoints with technology. It is about personalization at scale, maximising the value of micro-moments, and meeting guests where they are rather than attempting to dictate their path – for instance, having the insight to know whether they are seeking self-service or direct contact and then meeting those needs.
Source: traveldailymedia