As a follow-up to our post about adapting to changing consumer values in the face of a global pandemic, our team explored consumer values in greater detail, how they're changing and why it matters.
But before we focus on the way these values are evolving, it’s important to understand what they are and how they influence consumer relationships with brands.
How do core values influence attitudes and behavior in today’s consumers?
Core values are the fundamental beliefs people hold. They’re the guiding principles that shape our mindsets and dictate our behavior, helping to make sense of the world around us. Core values often serve as the building blocks of our social relationships – with other people, but also with brands.
And these values have a significant impact on the way consumers think and act. The fact is, we don’t make decisions on rationality alone. Humans are inherently emotional, and our emotions and beliefs play a key role in deciding which products we like and which brands we support. We buy not solely for the functional benefits of a product, but also for the social, moral, political and environmental benefits promised to us by the brand.
How will values evolve as a result of the crisis?
While it’s natural for people’s values to evolve throughout their lives, the stress and anxiety that come with a global crisis can catalyze change much more quickly than many anticipate. And although it’s nearly impossible to know how specific consumer segments will be affected without conducting targeted research, we can already see values beginning to shift across the broader U.S. population. Consider these predictions:
What about my target audience?
While these predictions may come to fruition for some consumer segments, it’s important to analyze your target audience and identify the common values most likely to influence their attitudes and behaviors. Conducting quick-turn research on how those values are changing can uncover insights that might otherwise be overlooked – insights needed to inform critical developments to your brand.
But, as you’ve likely noticed, change brought about by COVID-19 has been rapid. Now is the time to take action to avoid being behind when the world resets.
To learn how our market research audit can help uncover the way your audience’s values are evolving, get in touch.