P2PI LIVE Keynote Examines Trends in Consumer Behavior
A keynote presentation from The Harris Poll highlighted the first day of sessions at P2PI LIVE & Expo. Michele Salomon, VP, and Gabriel Rozenwasser, research director, gave an in-depth presentation that explored emerging trends that are redefining consumer behavior in today's rapidly evolving marketplace.
“One of my favorite subjects is data, consumers; what people think, feel, do,” Salomon told the audience Wednesday at the Renaissance Schaumburg Convention Center Hotel in Schaumburg, Illinois. “We want to zoom out. Help you understand the broader world your consumers live in.”
The theme of the presentation was the disconnect between where consumers are in terms of what they are feeling (in regard to price, value, quality and overall customer experiences), how that translates to perceptions of brands, and how all of that sits in the broader cultural, political and societal context, Salomon said.
The key points of their presentation included:
The Economy
It’s all about the economy night now. Financial woes are present. According to data from The Harris Poll, 76% of consumers agree with the statement, “Economists may say things are getting better, but we’re not feeling it where we live.”
Perceptions are not aligned with reality. Prices are up. Emotional stress layers on the economics stress. We’ve hit peak political stress — 62% say U.S. politics is a significant source of stress in their lives. The line between the consumer brain and the political brain is blurred. Politics creates brand dissonance. The majority agree too many subjects have become political.
Reputational Impact
Opinions about American companies are on the decline. Reputation is linked to political neutrality. Partisan brands have the worst reputation. Grocery, retail and CPG reputations decline after continued inflation. Inflation is the leading cause of the decline in opinions of companies, Rozenwasser said. Prices are up, quality is down. That’s a damaging duo. Additionally, consumers will cancel business over inflation.
Consumer Experience
In-store is not dead. It outweighs online for inventory and discovery. Consumers are searching for better experiences. Hands-on equals happiness. If you build it (a vibe), they will come. Younger consumers turn to social commerce for buying and selling. New technology (save self-checkout) is underutilized across the board. Effort is rewarded with improved shopping experience, regardless of the measure.
Make AI matter — 78% say what matter to them most is a product’s or service’s overall quality and experience, not if it uses AI; 72% say AI has become the latest marketing ploy by companies; 70% say companies overestimate their interest in AI-infused products and services.
“If at first you don’t succeed with technologies, try, try again,” Salomon said.
After Rozenwasser took a deeper dive into grocery shopping, the speakers made it clear that consumers “just want to have fun” or “want a sweet treat.” “Consumers are finding ways to make more out of less,” Salomon said.
The speakers closed by pointing out that consumers make 35,000 decisions per day, and then rhetorically asked what attendees could do to make their brands stand out.
Their four takeaways were:
- Consumer context is critical: Be mindful of the macro events that are shaping the environment your consumers are making decisions in.
- Realign the consumer-brand contract: What matters now is what has always mattered — price, experience, quality and value.
- Meet consumers where they are: Technology isn’t one size fits all, but it can be leveraged to improve consumers’ shopping experience that meets them where they are.
- Take retail to the next level: Make your shopping experience a sweet treat to crave by creating the immersive experience consumers want.