Consumer Trends: Embracing Thrift and Seeking Norms

Gartner research reveals a shift in consumer behavior towards embracing thrift as an aspirational virtue, resisting consumerism for self-improvement, and seeking reassurance through community standards. Consumers are also wary of unexpected costs and pricing inconsistencies.

Moreover, 74% of consumers are open to automated technologies such as drone delivery and cashier-less stores. Kate Muhl, Gartner’s consumer and cultural insights expert, sheds light on these findings in an exclusive report available to Gartner clients.

Wholesome Thrift

A new generation of “New Spartans” is adopting thrift as a lifestyle choice, with 88% of consumers engaging in underconsumption behaviors. These behaviors include using products longer, buying second-hand or DIY items, and fixing rather than replacing. While cost-saving remains a key motivator, lifestyle and self-improvement reasons also drive underconsumptive behavior.

“Consumers are turning thrift into a way to tell a story about themselves,” notes Muhl. Despite decreasing inflation, conspicuous consumption is not making a comeback, as austerity continues to be embraced as a sign of strength and wisdom.

Brand marketers are advised to align with consumers’ goals to enhance brand value.

Are You Norming?

In a world of uncertainty, consumers seek objective or communal benchmarks for their actions and opinions. They desire clearly established boundaries, the ability to label and categorize things, self-understanding, and a guide for navigating life. This trend, known as “norming,” has gained momentum as consumers strive to understand their place in the world.

Brand marketers can support consumers in understanding themselves by providing relevant content that goes beyond direct sales pitches.

Paranoid About the Price

Nearly 60% of consumers lack confidence in determining the true cost of a purchase, citing reasons such as unexpected fees, discrepancies between online and in-store prices, and price changes in shopping carts. This trend has a significant impact on consumer trust and loyalty.

Businesses are urged to prioritize price stability and loyalty rewards to build trust with consumers.

Why We Care

Gartner’s analysis goes beyond tracking consumer behavior to uncover the deeper belief systems that drive consumer choices. Understanding cultural and consumption trends at scale is crucial for businesses seeking to engage with consumers authentically.

As a note, the research on consumer comfort with drones was conducted prior to recent news cycles.

FAQs

1. Why are consumers embracing thrift as a lifestyle choice?

Consumers are turning to thrift as a way to save money, simplify their lives, and align with values of sustainability and self-improvement.

2. How can brand marketers support consumers’ goals?

Brand marketers can align their values with those of consumers, offering products and services that resonate with their desire for thrift and self-improvement.

3. What is the significance of norming in consumer behavior?

Norming reflects consumers’ need for communal benchmarks and boundaries to guide their actions and opinions in an uncertain world.

4. How can businesses address consumer concerns about pricing?

Businesses can enhance trust by ensuring price stability, transparency, and offering loyalty rewards to build long-term relationships with consumers.

5. Why is understanding consumer belief systems important for businesses?

By understanding the deeper motivations behind consumer behavior, businesses can tailor their strategies to resonate with consumer values and build lasting connections.