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Several factors are fundamentally changing consumer behavior in ways we have not seen before. Sumair Sayani, vice president at Nielsen and co-Center leader, recently sat down with Stan Sthanunathan, executive vice president of Consumer & Market Insights at Unilever, to discuss his views. Stan sees a world of hyper-personalization fueled by major changes in consumers’ world, propagated by innovations in technology. He called out four trends we should watch: (1) like-minded consumers forming new social connections across the geographical divide; (2) rising multipolarity in the world; (3) increasing consumer skepticism; (4) and surging impatience.
Consumers, according to Stan, are carrying their beliefs on their sleeves and are willing to express them via their actions, including their purchasing decisions.
We believe one such belief is that organizations should engage in responsible business practices. There is increasing evidence that consumers are taking organizations’ sustainability practices into consideration in multiple ways.
The big question is: are marketers geared to listen and understand consumer voices to be able to make the right decisions and reliably measure outcomes? Our newest blog post, Measuring Success in Making a Difference, looks into this topic further.