In 2014, the lowest price will no longer equate with the best value, with people reevaluating their brand allegiances, reconnecting with products by supporting artisan manufacturers, shopping at independently owned retailers, or opting to do-it-themselves.
Mintel has observed this trend taking place in the West, however, as the trend migrates, the research agency sees it taking various shapes.
In retail, private label brands in Japan and Australia are taking advantage of this expanded definition of value with revamped lines that attract careful shoppers who do not want to compromise to save money. Not to be left out, brands are creating smaller packaging in markets like India instead of instituting price increases.
In the region’s largest market, Chinese consumers prioritise many factors above low price. Safety and brand outrank low price
As they carefully read labels, scan QR codes, or check online reviews before buying, shoppers are sleuthing before charging. Product recalls, questionable claims, and shady business practices have heightened the skepticism in consumers. This elevates the need for brands to be authentic and transparent in their business practices in 2014.
In 2014, companies must the careful to monitor all aspects of their image and interaction with fans, ensuring that they’re aligning with corporate responsibility goals as well as the key priorities of its current—and prospective—consumers.