Consumers give more weight to emotional benefits in purchases: report

Businesses should provide alternative payment methods to capture these consumers.

Whilst price remains an important factor in purchasing items, consumers are not wasting time and are considering the emotional benefits to justify impulse or big-ticket purchases.

In a report, Euromonitor International said consumers are not abandoning financial responsibility but are “taking a short-term buying approach with discretionary items.”

“Discretionary spend has become more intentional. Productivity, personal growth and joy are reasons to buy. Smart splurges and affordable luxuries let consumers reasonably indulge to unwind or cope with the world,” the report read. 

“[A]lternative payment methods incentivise shoppers to take the plunge on higher-priced items,” it added.

READ MORE: Businesses should cater to consumers who seek work-life balance

According to the survey, 44% of global consumers are willing to spend money to save time, 33% like to browse in stores even if they do not need to buy anything, 29% regularly buy themselves small treats, and 19% often make impulse purchases.

To cater to this “Here and Now” trend, Euromonitor said emotional marketing would invoke positive brand associations that will capture these consumers. Creative campaigns focusing on spontaneity or timeliness can also attract these consumers.

It added that alternative payment methods such as buy now, pay later, loyalty programmes, and new loan and credit options, also play a crucial role as this help ease financial burdens.

“Your marketing strategy needs to target consumers at the right time with the right message. Track trends in shopping and browsing activities so you can tailor promotions and communication in real-time. Meeting consumers in the moment keeps your brand top of mind,” it said.

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