In fact, Canadian consumers are looking for bargains. Affordability takes precedence over other criteria. They also want to consume consciously. Many would rather repair their goods than replace them (69%), buy second-hand products (25%) or reduce food waste (85%).
In short, they’re thinking about saving first, rather than spending, like they did in the first waves of the pandemic.
A CHALLENGE FOR DEALERS
Almost three quarters of respondents (72%) say they no longer follow seasonal fashion trends. They also give up more than half of giving up beauty products and cosmetics to give themselves more confidence. This is a slight increase from October 2021, when 48% of respondents reduced their spending in this area.
“This trend of cutting back on unnecessary spending and looking for more sustainable alternatives is a real challenge for fast fashion retailers,” said Daniel Baer, retail leader at EY Canada.
NEW SHOPPING EXPERIENCES
In addition, almost every tenth consumer is interested in new technologies, whether digital currencies, the metaverse or virtual products. If it is not yet widespread, the practice is growing nonetheless.
For companies, this can present new business niches to explore. According to Daniel Baer, however, they must focus on sustainable innovation and data protection in order to attract more consumers.
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