A new study from the Business Development Bank of Canada that identifies five trends shaping consumer behaviour. They are as below:
- The buy-local movement: Consumers are shopping close to home, looking for locally made goods and aware that buying Canadian-made may be a better ethical and environmental choice.
- Rising health awareness: The aging population is becoming more aware of healthy choices in food, cosmetics and ergonomically designed products. Half of Canadians consider the health impact of a product when making purchasing decisions and one-third are willing to pay a premium for healthy products.
- Frugality: Canadian incomes are stagnant and debt is high, meaning consumers are cautious about spending. As the baby boomers retire, an increasing portion of the population will be living on fixed incomes.
- Desire for customized goods: Consumers are looking to get exactly what they want and new technology makes it possible for them to buy it.
- Impact of the internet: An increasing amount of research about products is done online, even when consumers don’t buy online. At the same time, online shopping is growing and online reviews are critical.