Valassis Research: Gen Z – Chasing and Redefining Value in Multiple Ways
New Data Illuminates Fresh Opportunities as Behaviors Shift
Valassis, a Vericast business and the leader in marketing technology and consumer engagement, released its annual Consumer Intel Report, “Chasing Value: The Mind of the Modern Shopper.” The annual report examines responses from more than 2,000 U.S. consumers in two separate surveys, noting how their shopping patterns and purchasing decisions have changed within specific categories including food, household goods and health & beauty care products amid the COVID-19 pandemic. The findings point to actionable insights at a time when brands are adjusting their approaches in building meaningful connections with consumers to drive increased engagement.
Read More: Frost & Sullivan Radar Ranks Wolters Kluwer As A Top 20 AI Innovation Leader In Healthcare IT
The impact of the pandemic has led to a noticeable shift in consumer behaviors, including an expanded awareness when it comes to savings and value. According to the survey, 70% of consumers have increased saving behaviors and 76% expect these new behaviors to continue over the next year, reinforcing the concept that the consumer adaptation to be more savings oriented will be more permanent vs. temporal. Brands and marketers need to shift and adjust their long-term engagement strategies to reflect these new market conditions.
Read More: Collibra Strengthens Executive Leadership Team To Support Continued Company Growth
In addition to monetary value, consumers – especially younger generations – place increasing emphasis on identifying and connecting with a brand’s corporate values. For example, 43% of all consumers say they are more likely to buy products from companies whose values match their own. Important among younger generations, this is true for 55% of millennials and 47% of Gen Z consumers. As younger generations – especially Gen Z – garner increasingly more buying power, brands and marketers must prioritize impactful engagements to build lasting relationships.
“The modern shopper is resilient, quick to adopt online shopping options and actively seeks value,” said Michelle Engle, chief marketing officer at Valassis. “For brands to spark consumer discovery, they must connect consumers with marketing at precise moments to accelerate a purchase. Our findings help illuminate a path forward as brands re-establish their relationship with the consumer. With the right tools to fully understand consumer behavior – including the strong desire for savings and a flexible, seamless shopping experience – brands can deliver on consumer needs and buying intentions as well as tap into what motivates them.”
Read More: Mi9 Retail Launches ThryveAI
