Changing consumer behaviour: A new era is going to begin

John Wanamaker used to say,” When a consumer enters my store, forget me. He is king”. In today’s rapidly changing consumer behavior, businesses are realising the importance of staying attuned to constantly shifting consumer preferences to thrive in their respective industries. With uncertain market conditions and a potential recession on the horizon, consumers are prioritising essential purchases and seeking ways to streamline their shopping experiences, favouring online shopping and a blend of digital and physical lifestyles. As societal norms continue to evolve, people are embracing new ways of living and engaging with the world, driving significant changes across various industries and presenting challenges for businesses to keep pace. 

Consumption is considered to be the fundamental determinant of welfare for any economy. It reflects several important characteristics of an economy, including affordability, inequality, and others. Consumption behavior is one of the true measures of a society’s economic, political, and social condition at a given point in time or over time.

This is one of the exclusive indicators that captures various interconnected issues of a society. Although worldwide research related to consumption has gained momentum in the last three to four decades, in India it is still at a nascent stage. Most of the consumption-related research in India is still geared towards understanding inequality and poverty instead of looking at its implications on the economy and business decision-making. 

In the end, I would like to say that there has been a significant shift in consumer behavior with regard to media consumption habits, needs, and preferences. Notably, consumers are increasingly gravitating towards Fast Moving Consumer Goods and displaying a greater propensity to switch brands continuously to get the best deals.

Whatever the reason is it results in daily changes in consumer behaviour, which becomes an exhausting task for big giants.