It’s no secret that shopping makes us feel good, but what does that really mean?
In a new survey, carried out by Product of the Year and Kantar, 8,000 UK consumers were asked to reveal their main motivators/emotions they feel when making a purchase. ‘Value’ (56%), ‘comfort’ (37%) and ‘love’ (23%), made the greatest incremental increases when compared to the same study carried out in 2023, in which the stats were up to 5% lower for each.
Credit: Tim Douglas
Beyond the dopamine hit of a sale, consumers are turning to retail therapy for a wider range of reasons led by an emotional need, and this has only intensified in the cost-of-living age. Other buying motivations that featured in the top 8 list, include loyalty (27%), curiosity (27%), demonstrating ethical qualities (19%), nostalgia (17%) and endorsement from a friend/family (16%).
When asked what the most important factors were when trying a new product, gut health remained top of the trends for the second year, jumping from 31 to 37%. Whole foods, probiotics and supplements have become part of a fast-growing trend within the wellness sector.
Product of the Year’s research also reflects reports of tougher trading among vegan brands, with demand for plant-based products falling from 19 to 17% among those surveyed. However, the findings suggest this isn’t a reflection of consumers rejecting veganism, but could have more to do with changes in the ‘omnivore’ market, combined with a cost-of-living drive for lower-priced non-vegan basics.
According to Kantar’s head of behavioural science, Nicki Morley: “The biggest growth group in the plant-based market is omnivores. People who aren’t fully veggie, but who are looking to eat less meat for health reasons and the planet. In addition, when an omnivore has a negative taste experience with a meat-free product, they avoid the whole category for, on average, a year! This could contribute to the drop in numbers.”
Home-delivered food kits like Gousto and HelloFresh jumped up a few points from 11 to 13%. Other trends, including No-Lo, Free-From, grooming, protein alternatives and CBD, all received similar rankings year-on-year.
Consumers were then asked what the most important factors were to them when buying a product.
The top three?
A well-known/reputable brand (65%), products that have a positive impact on health/wellbeing (49%) and how innovative it was (36%).
“Competition among consumer brands is incredibly high. On average, approximately 30,000 new products are launched annually – so how do you get cut through?” Says Helga Slater, MD, Product of the Year. “Insights like those revealed in our research show how important emotions are to every sale. Consumers care more than ever about their health, the environment, animal welfare and many other factors, and every year we see brands stepping up to meet those needs in highly innovative and creative ways.”
Product of the Year, the UK’s largest consumer-voted award, is on the hunt for the most innovative products. Entries will open in Spring 2024.
