News from Davidsons
Are you adapting to change?
“It’s not the strongest of a species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change”. Charles Darwin
Are you adapting to changing consumer and customer behaviours?
In October Davidsons Director Clint Fraser participated and assisted in the facilitation of a round table conference event for the Surf & Boardsports Industry Association (SBIA) in Sydney. The event gathered leaders in the surf, snow and skate industry to unpack and better understand the way in which consumers behave.
The concepts are applicable to all industry types as the majority of business models have a product to sell and a service to provide to a consumer or user. Furthermore we are all consumers ourselves. Can you reflect on your changes in consumer behaviours and patterns over recent years?
In a world of disruption (think Uber) and global connection (think Amazon) we are motivated differently, we behave differently, we seek different purchasing experiences and we consume products differently. The SBIA session introduced the concept of “New Consumerism” and broke down the seven components.
WELLBEING - A trend which continues to drive consumer behaviour and is an underlying principle of the New Consumerism. Wellbeing isn’t just about healthy eating or natural products, it includes prioritisation of time for oneself and changing spending behaviours from belongings and possessions to experiences.
SIMPLICITY - An antidote to endless choice, constantly updated products and services and unnecessary and complicated features, the search for simplicity is crucial to the idea of consumers reassessing their priorities and wanting simple solutions.
SUSTAINABILITY - Increasingly important in the minds of consumers who are aware of the immediate and long term environmental effects of the products they consume. Sustainability gives priority to what you already have and using as few natural resources as possible.
THRIFT - Post-recession, consumers embraced the thrill of thrift, a “make do and mend” mentality of repairing, recycling and upcycling.
TECHNOLOGY - Technology is enabling and facilitating many of the features of New Consumerism. It enables consumers instant information and access to products and facilitates the purchase from anywhere in the world, any hour of the day from the palm of your hand.
AUTHENTICITY - The move towards conscious consumption (over and above conspicuous consumption). The desire for authentic travel experiences by staying in someone’s home (Air BnB) rather than a hotel chain underlines the importance of authenticity and the significance of story-telling for a brand.
FREEDOM - Freedom from, and freedom to do, can be the ultimate in luxury or a basic human right. Freedom has become a craving for many consumers in an always-on world removing the constraints of ownership, with the trend of buying time – providing the freedom to experience life, and with experience – the prioritisation of doing, seeing and feeling over having more “stuff”.
So have you considered how New Consumerism concepts have affected your customers? Are you adapting to change?
In the words of Seth Godin “Don’t find customers for your products, find products for your customers”
Clint Fraser is a Director in Tax & Business Services based in the Torquay office with a portfolio of clients in retail, tourism and a range of other consumer related industries for more information email firstname.lastname@example.org or call 03 5261 2029