Euro RSCG Worldwide undertook a global consumer study and finds a fundamental movement away from hyper-consumerism. The new consumer is looking for more meaning, more deeply felt connections, more substance, and a sense of purpose. The authors cite the “Great Recession” as the impetus for consumers considering new paths and finding a better way to consume.
The study summarizes the “mindful consumer’s” mindset as:
- Embracing substance (e.g. 51% would like to be part of a truly important cause)
- Rightsizing (e.g. 67% believe most people would be better off if they lived more simply)
- Growing up (e.g. 70% say saving money makes them feel good about themselves)
- Seeking purposeful pleasure (e.g. 72% are shopping more carefully and mindfully than they used to).
This new paradigm means future marketing needs to embrace factors beyond the product itself.
- Shopping is no longer just about the product. Mindful consumers view purchases in light of who makes it and whether the company is having a positive or negative impact on the broader world.
- Consumers want to feel good about their purchase decisions. Successful brands will help consumers make the “right” choices by giving them practical and emotional incentives to do so.
- People feel isolated and crave connections, so smart brands will build connections that give people a sense of community and shared purpose.