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Consumers are choosing to live with less and re-evaluating purchases
Some of the behaviours adopted by consumers during the pandemic , tracked by the EY Future Consumer Index since
April 2020 , have become embedded within mindsets .
It is even less of a factor for Chinese respondents , with 59 % of them saying brands are less important in purchase decisions .
A majority ( 63 %) of the 16,000 consumers surveyed say the new behaviours they have had to adopt now feel ‘ normal ’. Climate change and pursuing fulfilling experiences have become more important .
The ‘ planet first ’ and ‘ experience first ’ consumer segments ( rather than the society , health and affordability first segments identified in the Index ) grew during COVID-19 , rising from 16 % to 26 % and from 11 % to 18 % respectively , according to the eighth edition of the EY Future Consumer Index . Sustainability is important when making purchase decisions for 85 % of respondents .
The EY Future Consumer Index finds that respondents are reprioritising their purchase decisions and are spending less on what they perceive to be unnecessary goods for financial ( 49 %) and environmental ( 30 %) reasons .
This is likely to have a longer-term impact on attitudes to conspicuous consumption . Brands are less of a factor for 44 % of global consumers ( 49 % for millennials and 47 % for Gen Z ).
Ty battles global supply chain crisis in bid to put small businesses first
Ty Warner , CEO of Ty , has announced that his company has completed 283 air shipments for the holiday shopping season in his effort to battle the global supply chain crisis . In October , Warner began air-shipping his products into the US for distribution . Once shipped , the toys are delivered to small retailers and to specialty , convenience , grocery and drug stores – the essence of Warner ' s longstanding retail strategy . Though his company , Ty , one of the largest manufacturers of soft toys in the world , it does not sell to Amazon , Target or Walmart .
" The flights will continue . I ' m doubling down on what I said two weeks ago : Christmas is not cancelled ," Warner said . " I ' m determined not to let the global supply chain issues interfere with the holidays , and I ' m committed to supporting independent retailers ."
" This year has been an incredible struggle for small businesses , as we are considered an ' afterthought ' for most suppliers . Not Ty Warner . Ty has put small business first ," added Debbie Stevens , Owner of Candyapple , in Medina , Ohio . " Ty has allowed me to fill my store with a terrific product – shockingly , without any price increases ."
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