Accenture Report Finds Consumer Values and Buying Motivations Have Fundamentally Changed, Shifting Away from Price and Quality

A majority of consumers — across demographics and geographies — are reimagining their values and basing purchasing decisions on factors beyond price and quality, according to a new report by Accenture (NYSE: ACN).

Accenture’s 16^th annual research report based on a survey of more than 25,000 consumers across 22 countries, entitled “Life Reimagined: Mapping the motivations that matter for today’s consumers” set out to understand how companies can capitalize on evolving consumer expectations to achieve new levels of growth and competitive agility.

Fifty percent of those surveyed are coming out of the pandemic having reimagined their behaviors and values as consumers. They have reevaluated what is important to them in life and are increasingly focused on their personal purpose. This is having a direct impact on what, how and why they buy. An additional 33% of consumers surveyed have evolving values and purchasing mindsets while interestingly, the unprecedented experience of the pandemic has had no impact on the buyer values of 17% of respondents.

“As the world reopens for business, the consumer we knew is no longer. Today’s consumer desires a different relationship with a brand,” asserts Baiju Shah, chief strategy officer at Accenture Interactive. “Brands must reevaluate and rebuild relevance to these new buyer values, and anticipate and meet the needs of their consumers in the moment. Leaders must make a critical choice to either tune in and create experiences that matter or tune out and miss the opportunity to differentiate and create sustained growth.”

The research — created by Accenture Strategy and Accenture Interactive — analyzed over 80 unique factors across 14 industries and found that five distinct areas are increasingly driving consumers’ purchasing decisions. The five factors extend beyond price and quality to include health and safety; service and personal care; ease and convenience; product origin; and trust and reputation. Perhaps even more notable is that these five factors, which have been historically important to the specific demographic groups of Gen Z and Millennials, have now hit a tipping point and are considered critical across the full breadth of consumer demographics.