Looking ahead to the coming decade, the data points to a second factor that will sit alongside value-led shopping in shaping expectations and behaviour towards brand choice: values.
The ‘Acquisition and the Consumer Mindset 2021’ report indicates that using marketing that represents the diversity of society is a clear route to customer acquisition for brands in 2021.
Key stats include:
37 percent of consumers claim that they find advertising that does a good job at representing diversity more engaging. This figure rises among younger, more affluent and London-based consumers.
59 percent of consumers aged 25 to 34, and 47 percent of those aged 16 to 24 state they are more likely to buy from brands that do a good job representing diversity in their advertising.
Nearly half of consumers (45 percent) would like to be able to filter products by the values that matter to them when shopping online, such as sustainability or localism.
Tim Bond, Director of Insight at the DMA, says: “Our latest findings highlight the importance of diversity to customer engagement and acquisition. Ensuring that brand marketing represents the diversity of UK society is a clear route to successful customer acquisition in 2021.”
According to the figures, 37 percent of consumers claim that they find advertising that does a good job at representing diversity more engaging. This figure rises among younger, more affluent and London-based consumers.
For example, 55 percent of consumers aged 25 to 34, 51 percent of consumers in the highest income bracket, and 46 percent of consumers based in London agree that diversity in advertising drives better engagement.
Diversity in advertising is also a key driver of customer acquisition, with almost one in four claiming that they are more likely to buy from brands that do a good job representing diversity in their advertising.
Again, the agreement is higher among young and more affluent consumers. However, it is notable that agreement is highest among 25 to 34s (59 percent), rather than the youngest aged group of 16 to 24s (47 percent).
What consumers find important
The majority of consumers surveyed (80 percent) state that they expect brands to offer good value for money as standard (rising to 92 percent for those aged 65 or over). But to be encouraged to try something new, consumers are looking for more than just good value, with their own values shaping the choices they make about which brands they engage with.
This values-led shopping, where consumers can shop through the lens of what matters most to them personally, already holds strong appeal. Nearly half of consumers (45 percent) would like to be able to filter products by the values that matter to them when shopping online, such as sustainability or localism. Interest also rises to almost two-thirds (62 percent) for consumers aged 25 to 34.
Value plus values
These findings indicate that ‘value plus values’ could be the core paradigm that shapes shopping and acquisition behaviour in the 2020s. There have been some interesting shifts in consumers behaviour and acceleration of some of the trends the DMA have been tracking since it first started conducting this research.
Bond continues: “The pandemic has brought about the rapid rise of a new paradigm brands must be aware of, where value must also be aligned with the right values. While functional reasons for choosing a brand – like discounts, a cheaper price and free trials – should naturally be highlighted, these should be treated as hygiene factors with more emotional and values-based considerations brought to the forefront.
“Brands should seek to implement options that allow consumers to shop by personal values,” he believes the data reveals. “This could take the form of values filters for online shopping or dedicated in-store space for specific values for in-store shopping.”
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