Stores must focus on experiences, saving shoppers time - survey

By

Barbara Santamaria

Published
May 25, 2017

A new online survey has found that 31% of people would firmly prefer to have more time than money, and 44% believe experiences are more important than things, revealing new opportunities for retailers.

The survey, conducted by global research firm GfK, included answers from 22,000 people across 17 countries. It underscores a consumer shift towards less tangible goods, suggesting a new marketing approach for retailers.

The preference for more time over more money is especially important for people in China (41%), Brazil (37%) and Argentina (32%), while agreement with experiences being more important than possessions is highest in Mexico (57%), Argentina and the US (both 53%), says GfK.

Naturally, income plays a factor in consumers’ mind-sets when it comes to preferring time over money, however not to the extent imagined as there is only an 11% gap between those in high income households and their counterparts.

The percentage of people believing experiences are essential rises to 50% in high income families, and to 38% in low income households.

The findings show market potential for brands that can associate themselves in consumers’ minds with adding quality time back into people’s lives, or with making daily tasks simpler and faster, says GfK.

Brands can also raise themselves above close competitors by identifying ways to turn their purchase process into more of an experience for the consumer.