The Future of Consumer Trends: Buyers will not forego brands they love

1 June 2023

At the recent IEC Business Conference in Barcelona, Dr Amna Khan, consumer behaviour and media expert, captivated delegates with her expert analysis into ‘The Future of Consumer Trends’. Her presentation explored how consumers are navigating an “extended period of uncertainty” and how we, as businesses, can best support them in this journey to retain and, ultimately gain, customers.

Dr Khan opened by highlighting the importance of understanding constantly evolving consumer demands: “Successful businesses have consumers at the forefront of what they do – it’s important to understand the beliefs, desires and concerns of the consumer so you can tap into their ever-changing behaviours”.

She went on to outline four key pillars that egg businesses should utilise for building trust with consumers during these turbulent times – value-based consumption, the importance of branding, consumer communities and sustainable consumption.

Connecting with value conscious consumers

First, Dr Khan delved into the significance of value-based consumption, explaining that buyers make purchases that align with their social, economic and ecological concerns. She added that human nature means buyers are heavily influenced by their peers as well as by societal pressures: “If the most popular child in the playground has a certain trainer brand, that is the trainer brand that everyone else will want too”.

Using a case study of the UK market, Dr Khan highlighted how the current cost-of-living crisis has forced consumers to change their buying behaviours. In order to save money following increased costs, the public is shifting from buying branded products to cheaper, own brand items. However, she added: “Consumers are unwilling to forego brands they love, like and trust, despite the economic hardship”. Positioning your brand as one they do not want to live without is key, according to the expert.

Furthermore, Dr Khan emphasised the importance of communicating with consumers, to demonstrate transparency and offer an alternative perspective on increasing prices, encouraging delegates to tell their story for the egg industry.

Building a brand that stands out

Next, Dr Khan discussed how a powerful brand can be capable of greater financial return, as well as stronger business-to-consumer relationships. She conveyed the importance of a clear narrative, explaining that “success is born from telling the story of your product – the consumer wants to know what you stand for”.

The expert speaker also illustrated the transformational effect of branding, arguing that a tray of eggs cannot provide information about their origin or ethical values, but a powerful brand can.

Furthermore, Dr Khan described how buyers choose specific brands for logical reasons such as easy identification and risk reduction, as well as symbolic drivers, like confirmation of their self-image and “what it says about them”. With this, she reiterated the importance of developing a compelling narrative to position your brand as the best and first choice in the eyes of the consumer.

When a powerful brand perception is created, a better relationship is built with the consumer, which in turn results in more widely accepted higher prices, Dr Khan summarised.

Fostering loyalty and driving growth with consumer communities

“Marketing is not just about selling; it is also about building engagement” said Dr Khan, discussing the value that communities of consumers bring to a brand. She argued that, for businesses, these groups exist as a means of building interactions and maximising engagement.

Dr Khan explained how communities with a shared passion for your brand will advocate for it, while also being resilient to negative news about it: “They’re your ambassadors, they do the marketing for you.” Furthermore, these communities are more likely to focus less on the price because of the value they associate with the product.

Although most consumer communities are online, Dr Khan recommends reinforcing these groups with offline events as well as by engaging directly with the group as a brand. By way of illustration for the egg industry, Dr Khan suggested approaching schools and offering lessons about the lifecycle of egg production or similar in order to strengthen consumer and local community relationships. Moreover, she emphasised the power of reviews – unbiased experiences from other customers can be instrumental in consumers purchase decisions.

Tapping into consumers’ eco-conscious minds

Referring to recent studies, Dr Khan explored how the cost-of living crisis has driven consumers to use goods and services in a way that is more sustainable: “Consumers see the power of now, they need immediate results through use of sustainable consumption as a solution to the cost-of-living crisis”.

Dr Khan used the case study of UK supermarket giant, Sainsburys, to illustrate how to work with your consumer to build trust: “Sainsburys educated consumers on how to freeze their eggs to keep them longer and reduce waste, despite the fact this meant customers might need to visit them less often”.

The expert speaker went on to explain that trust is accelerated when someone is supported during a time of need; by offering crucial advice to the buyer when they are in a vulnerable position the brand is building a trusting relationship with them. “Educate your consumers to navigate the cost-of-living crisis so when their finances return, they only think about you”, she urged.

Using change to elevate your business

Dr Khan concluded her stimulating presentation with a thought-provoking question: “We are all consumers, we shift, we change, we evolve and as we change, we create opportunities. How are you going to use this change and shift to elevate your business?”