Top Five Trends Impacting Consumer Income and Spending Behaviors - Persistent Rise in Living costs and Polycrisis Solidify Consumer Caution - ResearchAndMarkets.com

The "Top Five Trends in Income and Expenditure" report has been added to ResearchAndMarkets.com's offering.

Businesses worldwide are navigating shifts in consumer behaviour driven by persistent cost-of-living pressures and heightened financial caution. The Top Five Trends in Income and Expenditure report reveals opportunities to gain and retain consumer loyalty. By catering to squeezed but value-conscious consumers, engaging overlooked segments, and expanding into underserved markets, brands can drive growth in a challenging economy.

Key Findings

Persistent rise in living costs and polycrisis solidify consumer caution

Years of geopolitical, economic, social and environmental volatility have entrenched consumer caution as a permanent behavioural trait. Since 2022, rising living costs have outpaced income growth, further intensifying this trend. The Voice of the Consumer: Lifestyles Survey, fielded January to February 2024, shows that, as of early 2024, 72.4% of consumers remain concerned about increasing everyday costs, a marginal decline from 2023, signalling that cautious spending is now a long-term behavioural shift rather than a temporary response.

Value and purpose-driven spending on par with cautiousness

In 2023, consumers displayed increased resilience but adopted more selective spending habits. They prioritised brands that align with their values, support social and political causes, and champion financial independence through transparency. Amid rising costs and tighter budgets, consumers are focused on maximising the value of their purchases. Enhancing the value proposition is essential to attract and retain today's consumers, focusing on addressing their needs through value-added innovations.

Targeting the overlooked presents significant growth opportunities

Often-overlooked consumer segments hold significant growth potential for brands. The expanding "silver" segment wields considerable purchasing power and seeks tailored offerings. Low-income consumers, a sizeable market, are driven by value and loyalty. Meanwhile, rural consumers, with distinct preferences, remain largely untapped too. By engaging these segments, brands can unlock new paths for innovation and market expansion.

Report Scope

Strategy Briefings offer unique insight into emerging trends world-wide. Aimed squarely at strategists and planners, they draw on the vast information resources to give top line insight across markets and within consumer segments. Written by experienced analysts, they are designed as provocations for senior management to use in their own forum, allowing them to stand back and reflect on the behaviour and motivation driving global markets today and tomorrow

Data coverage: Market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?

• Identify factors driving change now and in the future
• Understand motivation
• Forward-looking outlook
• Briefings and presentation should provoke lively discussion at senior level
• Take a step back from micro trends
• Get up to date estimates and comment

Key Topics Covered:

Top Five Trends in income and expenditure

• Expert's view of Income and Expenditure in 2024
• Key findings

Introduction

• Inflation keeps threatening consumer income and expenditure
• Top five trends in Income and Expenditure
• Top five trends uncovered

Cautiousness at the centre

• Consumers are prioritising financial resilience
• Nuuly, a clothing rental service for younger, less affluent consumers, becomes profitable
• We Do Solar provides solar panel systems for apartment balconies
• Growth opportunities in cautious times

Selective spending for maximum value

• Balancing price sensitivity with selective spending
• Air France offers "signature" dishes to premium economy passengers for the first time
• AWC caters to modern travellers with integrated experience app
• Growth opportunities amid selective splurging

Growing affluence of silver consumers

• Silver financial power grows
• Squid Brand's personalised fish sauce for the silver generation
• Brazil's Menoderm Payot adjusts benefit messaging to target menopausal women
• Opportunities in affluent ageing

Beyond the big and the obvious

• Opportunities in underexplored segments
• Kenangan Brands' affordable coffee chain is aimed at budget-conscious consumers
• REWE in Germany introduces mobile supermarkets - a game-changer for rural retail
• The next growth frontier

The year of inequality

• Income polarisation intensifies
• Kindroom lets renters swap skills for housing
• Addi facilitates more convenient payment solutions for Brazilian BoP
• Navigating rising income inequality for growth

Conclusion

• Future implications
• Opportunities for growth

Company Coverage:

• Addi
• Air France
• AWC
• Kenangan
• Kindroom
• Menoderm Payot
• Nuuly
• REWE
• Squid Brand
• We Do Solar

   

For more information about this report visit https://www.researchandmarkets.com/r/c9jbl4

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241213143857/en/