AMERICAN CONSUMERS PRIORITIZE ADVENTURE, ETHICAL BEHAVIOR
American consumers prioritize risk-taking, adventure and ethical behavior when it comes to making purchases, according to, “Future of Consumer Demand,” a global research report released by HSBC Commercial Banking. The report takes insights from in-depth interviews with business thought leaders and surveys of 90,000 consumers, including over 6,000 in the United States.
Among the findings were that half of U.S. consumers surveyed said adventure, risk-taking and living an exciting life were among their top considerations when making a purchase; that approximately 70 percent of U.S. respondents place a high importance on buying goods and services ethically; and that 68 percent of Americans bought something online in the past month.
“American consumer behavior is changing rapidly. This means businesses – particularly those providing high-value services like fashion and retail – need to be alert to these changes so they can respond positively to drive business growth,” said Cate Luzio, EVP & global co-head of International Subsidiary Banking for HSBC. “To beat the competition, it’s not enough to merely understand what your customer needs and wants – you also have to consider their behaviors and more importantly create the right experience.”
Added Luzio: “With greater choice and access to information, the digital revolution is allowing consumers to live out their value system online. Indeed, U.S. consumers’ preference for digital consumption is prompting companies to redesign their online strategy. Nowhere is this trend more apparent than in fashion and retail, where our clients are redefining the shopping experience.”
