Customers’ priorities are changing. Are you keeping up?​

Customers’ priorities are changing. Are you keeping up?​

Consumer behaviour has undergone significant shifts recently. In today’s market, price remains a pivotal factor, particularly during economically strenuous periods. Expectations around value are being recalibrated and brands need to demonstrate their product is worth the price. ​

According to the 2023 Evolution of Commerce report from PayPal, 59% of consumers cite discretionary spending reduction in response to cost-of-living crisis. With these stresses in mind, consumers are looking to brands to act with compassion and empathy toward their struggles and offer cost-cutting measures. Interestingly, empathy works both ways. While consumers want help, they also understand that brands are also under pressure so they’re willing to give companies more leeway, specifically around price increases, stock outages or longer delivery times.​

So how can businesses meet their customers where they really are while remaining profitable? In this roundtable we will explore:​

• How has the recent economic downturn affected consumers’ price sensitivity and their buying decisions?​
• How are companies adjusting to changing customer needs? What is working and what is not?​
• What impact is the rise of conscious consumerism having on corporate strategies and product development?​
• How important are partnerships in creating solutions that benefit the customer?