Consumers demand a seamless and simple journey. Once complicated by the stark contrast of what was presented online and what was in store, web-based and brick-and-mortar, when done right, can allow the consumer to research and select the product that fits both their need and personal style in a truly aligned and easy way.<\/p>\n
Today, that journey is being influenced by opposing forces further complicating the process of engaging and capturing the consumer\u2019s attention and dollars.<\/p>\n
According to Deloitte Insights, consumer spending was up more than 12 percent in 2021. But in March of this year, inflation grew about 8.5 percent \u2014 the highest in a decade and the Consumer Sentiment Index (ICS) fell to 59.4 percent \u2014 the lowest in a decade. On the other hand, the labor market is positive when it comes to job creation and declining unemployment. And, according to McKinsey & Company, inflation hasn\u2019t stopped consumers from spending.<\/p>\n
Consumers are reported to have had about $2.8 trillion more in savings in 2021 than they did pre-pandemic in 2019 and haven\u2019t hesitated, for the most part, to spend once pandemic restrictions eased. But credit card debt is beginning to rise.<\/p>\n
All of that said, this issue is devoted to understanding the landscape and most importantly, the consumer drivers and insights and how best to capture what dollars consumers are willing to spend.<\/p>\n
Year-over-year spending was highest among Millennials, according to McKinsey & Company. In fact, as of 2020, the Millennial & Gen Z generations accounted for more than 42 percent of the U.S. population. The good news is that we know a lot about them.<\/p>\n
It\u2019s no secret that social media is a big influencer and mobile purchasing is the norm. The trend to purchase through social media on your mobile device has extended to the generations before Millennials and Gen Z as well.<\/p>\n
I\u2019ve been known to make a purchase through Facebook. It is easy and, while I\u2019m not a fan of all the \u201csuggestions\u201d and pop-ups (they really can get annoying), the idea that something I might like is presented to me rather than having to go seek it, well, that makes it even easier to purchase on the spot.<\/p>\n
Personal identity is important to these two cohorts. Self-expression and their individual uniqueness hold great value to them. So brands and products they get behind must reflect their values and track on their moral compass \u2014 it directs who they buy from. This includes the environment and health and well-being \u2014 sustainability is a space the flooring industry sits strong in. Is what they are buying made in a way that is good for the earth? Does the company embrace the values they hold dear \u2014 whether around labor practices or employee health? How are they viewed in the community? All of that matters when it comes to having pride in a purchase.<\/p>\n
Personal expression drives their style. It\u2019s not about looking or being like everyone else, it\u2019s centered on living their own truth and what makes them feel good. We are coming to the home stretch of planning my daughter\u2019s wedding. With every decision, it is about what best reflects Meaghan and her fianc\u00e9 Howard. The venue, the food, the music, their wedding attire \u2014 from start to finish, it will be beautifully about them.<\/p>\n
Millennials and Gen Z crave being different so innovative products shine. And while they lean towards things that offer a perceived value, they also often choose immediate gratification over price. Yes, they want value in what they buy. But they also want it now.<\/p>\n
2021 was a very good year \u2014 our Statistical Issue will be out at the end of the month. Will the COVID buying habits of that year continue? The variables and influences impacting consumer purchases are complex. Prepare for the slow in spending but also for who is purchasing. Get to know Millennials and Gen Z because they are your biggest opportunity.<\/p>\n
Stay safe. Stay inspired.<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Consumers demand a seamless and simple journey. Once complicated by the stark contrast of what was presented online and what was in store, web-based and brick-and-mortar, when done right, can allow the consumer to research and select the product that fits both their need and personal style in a truly aligned and easy way. <\/p>\n
Today, that journey is being influenced by opposing forces further complicating the process of engaging and capturing the consumer\u2019s attention and dollars. <\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"xn-wppe-expiration":[],"xn-wppe-expiration-action":[],"xn-wppe-expiration-prefix":[],"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[25,294,58,24,56,21],"tags":[],"yoast_head":"\n
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