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The Future of the Consumer
Henley Centre Chairman Martin Hayward predicts a distinct change in consumer attitudes during 2003, towards taking a long term view and away from the 'sod the consequences' thinking of the past few years.
The Henley Centre in the UK provides clients in retail and financial services sectors, government departments and other with strategic insights into consumer behaviour.
According to Martin Hayward, 'In the past few years, consumers have lived for today and thought 'sod the consequences' but with high levels of debt and job insecurity they will have to consider the future.'
However, he says this will lead to greater irrationality. 'It is very contradictory behaviour but we may well see them spending lots of money on something completely meaningless like a designer handbag and then scrimping on everything else'.
A few years ago The Henley Centre identified cash-rich but time-poor consumers. Now it has gone a step further and says consumers will look for products and services that save energy, provide information and don't take up too much space in cluttered homes and lives. 'Companies that can provide these will meet a real consumer need,' says Hayward.
But do clients actually take much notice of the predictions? According to Martin they do: 'Clients increasingly realise that markets are driven by consumers and that you really have to understand their behaviour and motivation.'
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