This consumer perception keynote by Josh Hunt explores five patterns that summarize how the global consumer perceives the market as well as the three types of consumers in the world today. Hunt works as a client director at Brand Potential Ltd. in Ireland. Of the five patterns he introduces, which include divergent economic prospects, the search for value, sustainable consumption, coping with on-the-go lives and managing health and wellness, the difference in economic prospects is of most importance.
As Hunt explains, consumers today are currently facing a moment of transition. Up until two or three years ago, consumers were feeling there was a global boom and everything was certain; people felt their spending power was increasing and the consumer was in control. Now, however, the consumer has less choice. Consumers can be placed into three broad buckets. The first is the consumer who is stressed over and can't cope with the current economic conditions. The group in the middle is characterized by the consumer who is cautious about the future, and the third is the consumer who is hopeful and optimistic.
This consumer perception keynote stresses the importance in brands recognizing the need to cater to these three different consumers and essentially, lifestyles.