Consumer Culture [5W PR 2020 Report]

There are many theories and models for predicting consumer behavior.

One thing they all have in common is the need for some level of understanding around consumer motivations – those underlying thoughts, impulses and needs that drive decision-making. We know that motivations change with societal trends and in our rapidly-evolving world of media, it is imperative to understand what consumers care about right now, and how they are influenced by the current cultural landscape

The research shows a special focus on Millennials, who are estimated to spend 1.4 trillion in 2020. This age group emerged as the most impulsive and the most highly influenced generation, with 82% of Millennials purchasing an item the first time they see it if they like it enough.

When it comes to corporate image, the report dives into the pros and cons of brand activism and cause marketing, showing an overwhelming positive response to companies with a higher brand purpose. The research shows that 83% of Millennials find it important for the companies they buy from to align with their values.

“We’re going to see huge growth in cause marketing in 2020,” predicts 5WPR Founder and CEO, Ronn Torossian. “71% of Millennials will pay more for a product if they know some of the proceeds go to charity, meaning brands have the opportunity to create a positive corporate identity and increase sales if done correctly.”

On the digital side, the report looks at social media and the impact that influencers and advertising have on users. Although Facebook reigned supreme as the number one social media platform across all age groups, Instagram emerged the most effective, as 94% of people influenced by Instagram have clicked, shared or purchased a product seen on their feed. Interestingly enough, while social media is no doubt still driving sales, 68% OF MILLENNIALS (58% of consumers) still prefer finding new products in store to finding them online, proving that retail is far from dead.

Data from 5WPR’s Consumer Culture Report was collected from an online survey that ran from November 13 to 18, 2019 by MARU/Matchbox on behalf of 5WPR. The survey was conducted among a nationally represented gen pop sample of 1001.

Download your free copy: