Significant changes in consumer behaviour and the role of data in making business decisions were analysed by Agnieszka Jaskiewicz, Media & Marketing Effectiveness Senior Sales Manager at NielsenIQ, within the framework of the 23rd Cyprus Grocery Retail Conference presented by Alphamega Hypermarkets.
The cost of living remains the dominant factor influencing purchasing decisions, leading consumers to adopt multiple savings strategies. Indicatively, she noted that each consumer implements an average of 4.4 different strategies, combining choices related to both prices and overall purchasing behaviour.
In terms of price, Jaskiewicz explained that consumers are turning to lower-cost products, systematically choosing products on sale and preferring private (own-name) labels, while in many cases choosing the cheapest product regardless of brand. At the same time, there is a shift towards discount stores, which are gaining ground due to the perception of better value.
Beyond product choices, she also highlighted changes in consumer behaviour, noting that they are monitoring their spending more closely, focusing on the essentials, utilising reward programmes and purchasing larger quantities to save costs.
Referring to the way in which the money saved is utilised, the expert noted that consumers prioritise basic needs, while at the same time are seeking to create a financial “cushion” for unforeseen situations. Three categories of expenses stand out: Entertainment outside the home, the purchase of clothing and travel and holidays.
Finally, Jaskiewicz emphasised that understanding these multi-layered strategies is a critical tool for businesses, as the data and insights derived from consumer behaviour can guide more targeted and effective decisions in an environment characterized by continuous adaptation.
(Source: InBusinessNews)
