Five years of global economic uncertainty, depressed consumer sentiment and belt-tightening ushered in a new age of austerity, a new era of frugality and created a more selective, value-conscious consumer.
Manufacturers and retailers have nurtured this new psychology by conditioning shoppers to expect great products and services at reasonable prices and in 2014-15 those expectations will remain.
Many premium brands are now offering value options as conspicuous consumption has gone underground. People do not want to be seen to be ostentatious with their wealth – wealth has gone down low and many of the brands that really stood out in the past will find it increasingly difficult to capture the spend of a more discretionary customer. Customers are now asking a primary question: “Do I really need it?”
The new age of austerity is one of the 10 trends discussed in our 2014-15 Trends Report.
Download the full 2014-15 trends report here: 10 trends that are changing our world (PDF)
Bargain Hunting
Although many consumers have always sought out bargains, any purchases have usually been kept low-key and have not been something to shout about. The attitudes of consumers to bargain hunting has changed.
Securing a great deal or bagging a bargain is not only now well and truly accepted; it is now also something that is applauded by friends and fellow consumers.
Websites like Freecycle.org or Gumtree.com.au or TuShare.com have struck a chord with the new environmentally conscious 21st century consumer who sees increased value in a ‘worn-out’ product.
- Where is your product or service positioned in the market?
- Does your product or service appeal to price-sensitive consumers?
CASE STUDY:
TuShare.com
Founded in 2013 by author, scientist and former panellist from the ABC television series ‘New Inventors’, Dr James Bradfield Moody, TuShare is a sharing network where friends can give things that they no longer need to one another. Users needing items can add to their wishlist of things they want, and then browse what other people in their social network have to give away.
TuShare allows you to save money, help others and save unwanted goods from going to the landfill. This taps into the environmental consciousness of today’s citizenry.
The new age of austerity is one of the 10 trends discussed in our 2014-15 Trends Report.
Download the full 2014-15 trends report here: 10 trends that are changing our world (PDF)
