What brands should know about today’s consumers

2024 is seeing a rise in new consumer attitudes, hurting brands. In some category theatres, private label products are estimated to account for as much as 40% of sales as shoppers look for ways to stretch their paychecks. Here are some of the other changes that I’m seeing.

1ne: Consumers still sharply remember prices before the pandemic and don’t understand why prices are increasing while the media reports on record corporate profits.

2wo: Healthcare is eating more of their income, and people are having problems finding a doctor or pharmacy in some areas.

3hree: People in their prime, ’20s-’30s, are unhealthy, which leads to more of their time and income for health-related expenses.

4our: Convenience is necessary, so retailers have a better stock of items they want and need.

5ive: Shoppers are willing to drop brands that have raised prices. Brand equity does not compensate for higher prices.

6ix: As gas prices rise again, shoppers will have less disposable income.

7even: It’s estimated that more people are buying new cars, and financing their purchase may be underwater as soon as they drive their new vehicle off dealers’ lots. Too many dealers still charge MSRP and use sales tactics to close sales.

8ight: Consumers are using social media to vent, so at a minimum, brands should be listening.

9ine: If you upset a customer, there is an excellent chance they will go on social media to complain. Brands that ignore these complaints are seen as “not caring.”

10en: Credit card debt is at record levels. Sooner or later, this will affect consumer spending.

Brands that continue to act like they’re marketing to the same consumers as in the psst are going to pay price in lost sales.

About richmeyer

Rich is a passionate marketer who is able to quickly understand what turns a prospect into a customer. He challenges the status quo and always asks "what can we do better"? He knows how to take analytics and turn them into opportunities and he is a great communicator.

View all posts by richmeyer →

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.