Consumer prices have increased by 20.9 percent since February of 2020, influencing consumer behaviors greatly, especially surrounding key components like inflation. Consumers are becoming more selective with their purchases, showing a mix of saving and spending, scaling back and splurging and balancing financial concerns with optimism for the future.
Tandem Theory, a digital agency renowned for its data-driven insights, has compiled a full report on Connecting with the Conscious Consumer and actionable strategies to boost sales, including those listed below:
- Cautious Confidence: Business optimism is continually rebounding, but consumer concerns prevail. Consumers feel more hopeful and positive about the future but are still concerned and cautious when it comes to inflation.
- Pursuit of Happiness: Consumers seek products and experiences that spark intrinsic value and contribute to their well-being. To tap into these values, it is vital to understand and research your target audience and cater to their needs.
- Purchase Activism: Consumers are increasingly researching a company’s values before making a purchase and prioritizing brands whose practices they agree with. A few causes they’re becoming more vocal about supporting include sustainability and fair labor.
