Home » Articles, Global, Major Trends and Insight, Packaging, Retailing » The Three Ts Driving Purchasing Decisions


March 31, 2012

The Three Ts Driving Purchasing Decisions

Analyst Insight By Sarah Boumphrey, Head of Countries & Consumers

With consumer spending expected to increase by just 2.1% in real terms globally in 2012 – the slowest rate of growth since 2009 – companies are having to fight harder for their consumers’ hearts and minds. Tweet this!  Social unrest, rising income inequality and high unemployment are combining to propel demands for fairness and this pervades all aspects of life – including purchasing behaviour. With brand loyalty a victim of the recession consumers are switching their allegiances and traditional bonds between consumers and brands are a thing of the past for many consumers.

Cost-conscious consumers are increasingly looking for more. That products offer good value for money should now be a given; in addition consumers crave the three Ts: Transparency, Trust and Togetherness. Tweet this! 

TransparencyTransparency – Supply chains must be transparent and provenance clear. Returns policies and small print should be apparent. The consumer spotlight can fall on any aspect of your business and social networking has made it easy for consumers to fight back against perceived misinformation. Companies must present themselves and their products both clearly and honestly. 

 

 

TrustTrust – Consumers need to trust brands. One aspect of this is green credentials. Euromonitor International’s Annual Study 2011 found that consumer trust in green and ethical labels is lower than interest in them. This is a fundamental problem for brands because trust underlies the whole concept of green purchasing.

 

 

TogethernessTogetherness – Less tangible, but garnering a sense of us all being in it together can help broaden brand appeal. Being human through use of social networking, building a product’s values, beliefs and attitudes and aligning them with those of your consumers can all help in this regard.

 

 

 


« Join us at Latin American Advertising and Media Summit 2012 | Main | Join Euromonitor International at Household 2012 »

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Very true!

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Comments are moderated, and will not appear until the author has approved them.

Subscribe

 RSS Feed

Receive New Posts via Email:

 

Join us on...


View our YouTube Channel Follow Euromonitor on Twitter Become a Fan on Facebook Connect with Euromonitor on LinkedIn

Filter by Category

Filter by Geography

Filter by Industry

Recent Posts

Risks to the Global Economic Outlook in 2015

International Business Provides Moderate Positives in Japan Tobacco Interim Results

A Few Factors Monster May Want to Know When Tackling China – the Thirsty Dragon

Monster: Marketing Energy Drinks in China – the Soft Aspects

Panorama de retail en Latinoamérica ¿estaremos realmente tan afectados?

Heat-not-Burn Launches Open a New Front for the Future of Tobacco

Top 3 Emerging Broadband Markets: Iran, Nigeria and Indonesia

Wait Marketing: The Perfect Marriage between Advertising and Selling

Huge Potential in India’s Yet Uncharted Tea Market

Swedish Match Evokes World Without Cigarettes in 3Q Results