NEWS3 July 2023

Consumers have ‘resilient mindset’ in face of uncertainty, finds survey

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GLOBAL – A majority of people expect their disposable income to remain the same or improve within the next 12 months despite economic uncertainty, according to a survey on consumer goods, retail and travel from Accenture.

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The management consultancy conducted an online survey with a sample of 10,100 consumers from 16 countries: Australia, Brazil, Canada, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, Singapore, Spain, Sweden, United Arab Emirates, the UK and the US.

According to the survey, 85% of respondents reported that they are “currently living with uncertainty”. However, almost three-quarters ( 73%) claimed that they expect their disposable income to stay the same or improve in the next year.

Over half ( 56%) of those surveyed expect the coming years to be “a struggle”, and 68% are more cautious about the decisions they make.

Around two-fifths ( 44%) of respondents reported that challenges in recent years have created opportunities for them, and 61% claimed they are trying new experiences or adopting new habits to improve their lives. 

When asked how their expected spend will change over the next six to 12 months, respondents claimed they would spend more across eight out of 15 categories – in areas including leisure, travel and wellness (for example, self-care) – compared to six categories in 2022.

Jill Standish, senior managing director and global lead for Accenture’s retail industry practice, said: “To succeed in this market, retailers and brands should not overgeneralise when it comes to examining the drivers of consumer behaviour. Instead, they need to understand the nuances of the consumer as an individual — pay close attention to data and analytics — and use that insight to offer the right product and the right experience at the right price in the right places on the right channels.

“People are demonstrating a resilient mindset and ability to deal with adversity, withstand shocks, and adapt to continued uncertainty. Now, retailers and brands must do the same. It means taking a holistic view of the consumer and committing to a continuous strategy of reinvention that allows them to quickly adapt and accelerate as disruptions and crises arise over time.”

Accenture has been conducting a series of surveys to test the pulse of consumer outlook and sentiment since the start of the Covid-19 pandemic.

The company’s 2023 Consumer Pulse Survey focused on consumer goods, retail and travel.

The survey was conducted online and targeted consumers who have made purchases for their household in the past six months. The survey was conducted in 15 countries between 2nd-22nd March, and in Japan between 21st-28th April.