Mediapost reports on the five consumer trends J.D. Power and Associates and its new digital trend spotting division have pinpointed.
- Brands must provide timely and accurate info on social networks because of the growing use of smartphones and mobile devices.
- Consumers are focused on simpler lifestyles over excess, so brands must highlight the value of their products and services.
- Because of the economic meltdown, consumers are looking for low price as well as high quality.
- Smartphones and mobile devices are giving consumers greater control over their shopping experiences.
- Traditional life stages are evolving, with people getting married later and changing the meaning of retirement.
Specifically for the auto industry, this spells opportunity for “mainstream brands moving up to luxury,” says Dave Howlett, senior director of consumer insight and strategy at J.D. Power. He uses Hyundai as an example; the company’s 2010 Equus model, a luxury sedan, is pictured above.
“One of the things we found from Hyundai is these programs where companies are offering things like free oil changes for 36 months, or free maintenance is resonating with consumers; it lets them justify purchase,” he told Mediapost.