Inflation: Businesses struggle to adjust to Canadians' expectations

Inflation: Businesses struggle to adjust to Canadians’ expectations

UPDATE DAY

A majority of Canadian consumers, 64%, expect businesses to adapt more quickly to their new expectations, in a context of inflation and climate change.

In total, 67% of Canadian consumers admit that rising prices have caused them to choose more affordable brands during their recent purchases. And this even if the pandemic has prompted them to adopt a more sustainable lifestyle.

A new report from consulting firm Accenture reveals, “The human paradox: from client to alive” published on Wednesday.

In this context of “disruption”, two-thirds of respondents expect companies to understand their changing needs and their “paradoxical behavior”, through relevant offers and recommendations.

So, according to the study, even though 66% of Canadian consumers say that their decisions are driven by their own needs, some 72% of them believe that they can have a personal impact on the world and their community through their behaviors and their purchasing choices.

Relevance Gap

“There is a growing gap between what consumers need, what matters to them, and what companies offer, creating a relevance gap. We believe companies can bridge this gap and herald significant growth by not focusing on promoting consumption, but making meaningful contributions to the lives of customers,” said Baiju Shah, Chief Strategy Officer of Accenture Song in a press release.

Inflation: Businesses struggle to adjust to Canadians’ expectations

< p>Inflation: Businesses struggle to adjust to Canadians' expectations

The report thus notes that companies that take a “life-centered” approach, “connecting the experiential interaction between the ever-changing lives of customers and the external forces that influence them daily,” are best positioned to “thrive in the future” and “create relevant brands, products or services”. 

To conduct this survey, Accenture surveyed 25,908 consumers in 22 countries , between January and February 2022. The study was then updated by a survey of more than 13,000 consumers. mmators in 11 countries in April and 12 countries in June 2022.