July 7, 2022

2022 Retail TrendWatch Series: Do Your Values Match Your Value?

By Matthew Tilley
Categories

Summary:

• In this Retail TrendWatch series, we’ll highlight each trend with the top stats you need to consider as you market your products and brand in 2022.

• It’s no surprise shoppers are looking for value in today’s tight economic climate.

• While people are looking for a good deal, they are also looking for retailers with whom their values align.

In our recent report — 2022 Retail TrendWatch — we uncovered insight from 1,840 consumers and 268 home retailers. Consumers provided their thoughts on spending priorities and buying outlook for 2022, while retailers shared their two cents on the biggest marketing and operational challenges in 2022.

Value + Values

People want to make their money stretches further. Factors like rising prices and supply chain delays (particularly across industries like restaurants and grocery) will continue to influence buying decisions. There’s an opportunity for savvy brands not only to compel people to try new products but to switch retailers altogether.

Our consumer insight survey found:

  • 55% of people are willing to try a new retailer or provider when purchasing a product or service for their home
  • 38% of people use coupons, discounts or deals to plan their shopping list

Pull quote

Our retail industry survey found:

  • 65% of advertisers say that supply issues are affecting their company’s advertising plans
  • 37% of home retailers cite finding parts or products needed as one of their customers’ biggest challenges, as well as extensive delays from service providers (34%)
  • 32% of advertisers think a big challenge will be people switching products because their preferred product isn’t available

Comparison of consumer versus retailer responses

People also continue to seek retailers that appeal to their ethical priorities and individual identity. We can expect to see an increase in values-based marketing and people will come to expect their favorite brands to take a position on important issues.

This means retailers shouldn’t forget to make the most of their values.

Our consumer insight survey found:

  • Ethics- and values-based buying decisions are of particular importance to Gen Z, who prioritize social and environmental responsibility (17%) more than other generations (12%)

Conversely, our retail industry survey found:

  • 37% of advertisers say social and environmental responsibility are important factors for people selecting a new retailer or service provider

Choosing where to shop comes down to more than just what’s in stock, on time and within budget. The first step is understanding how to support consumers’ values, and then creating an ethical balance with deals to meet the financial needs of cautious, budget-conscious customers.

Learn more about Relevancy + Immediacy in our next blog. Or read about Do It Yourself + Treat Yourself. You can also download the full report for more perspective, stats action items and recommendations.

Matthew Tilley is executive director of marketing for Vericast and leads content marketing for the company. He has more than 20 years of experience in digital advertising and consumer promotions to develop, communicate and distribute ideas to make modern marketers more effective. 

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