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1、 2022 Boston Consulting Group1 2022 Boston Consulting Group2The New Zealand Consumer Sentiment series shares insights from a BCG consumer surveyundertaken with our coding and sampling partner,Dynata.The survey aims to uncover how consumerperceptions,attitudes,and purchasing behaviors are impacted by
2、 the evolving COVID-19 and inflationcrisis.This snapshot presents insights from Round 2 of the survey,gathered from 2 November to 8November 2022.We have drawn comparisons with research completed in the previous survey round(April 2022)and our surveys in other countries.This survey collected response
3、s from 1,800+respondents in New Zealand.It represents BCGsongoing effort to support New Zealand businesses,measuring shis in consumer income,saving and spending for the last 6 months and the 6 months ahead.It also explores consumerattitudes towards inflation and global events and attempts to underst
4、and consumersintentions to support climate and sustainability in an inflationary environment.With uncertain economic conditions and the aer-effects of the pandemic,consumer behaviorand sentiment continue to evolve rapidly.We are seeing 7 trends emerge from inflationaryenvironment and receding COVID-
5、19 impact:1.Sustained concerns over inflation among New Zealand consumersTwo years aer the onset of the pandemic,inflation has become a persistent concern forconsumers in New Zealand and around the world.CPI increase annually was measured by theRBNZ at a record-high 7.2%in September 2022 and price r
6、ises continue to surge in the UK andacross Europe,exacerbated by the Russia-Ukraine conflict.Consumers in New Zealandcontinue to express concern over rising prices and personal finances;87%are concerned aboutprice increases and 69%believe there will be an economic recession in New Zealand(up 5ppSust
7、ained concerns over inflation among consumers of New Zealand1.Consumers are earning and saving less,yet spending more,primarily due to inflation2.Confidence in job security and the receding impact of COVID-19 are supportingconsumers during this inflationary environment3.Consumers are adjusting their
8、 spending plans for the next 6 months to tackle the impactof inflationlooking to spend more on essentials and less on discretionary categories4.Digital growth prevails,but consumers also intend to shop at stores;their preferredchannel depends on what they are buying5.Leisure travel is being driven b
9、y pent-up demand and increased travel confidence,butconsumers intend to mostly travel domestically6.Climate and sustainability is one of the top 3 issues on consumers minds,but consumersneed more support from companies to make sustainable purchases7.2022 Boston Consulting Group3from April 2022).As a
10、n impact of the inflationary environment,53%of consumers feelfinancially worse off today(up 24pp from April 2022).Consumers from all developed marketssurveyed in April 2022 and November 2022 show similar levels of concern.See Exhibit 1.2.Consumers are earning and saving less,yet spending more,primar
11、ily due to inflation 2022 Boston Consulting Group4More than 50%of consumers in New Zealand say they are earning and saving less comparedto 6 months ago.Despite this,there has been spike in overall spending;34%of consumers saythey are spending more than they were 6 months ago(up 13ppt from April 2022
12、).See Exhibit 2.We studied the drivers of this increased spending.More than 61%of consumers attributed it tothe increased cost of essentials,32%attributed it to the increased cost of non-essentials and30%stated the Russia-Ukraine conflict as the primary driver.Notably,approximately 20%ofconsumers al
13、so gave higher interest rates and pent-up demand to do things there were notable to do during COVID-19 as drivers of increased spending.3.Confidence in job security and the receding impact of COVID-19 aresupporting consumers in this inflationary environmentDespite inflationary pressures,this economi
14、c environment is unique.There are 2 positive shisthat come to consumers rescue.Firstly,New Zealand is without the high unemployment ratestypical of past recessionary or inflationary periods.The unemployment rate steadied at 3.3%inSeptember 2022 and 93%of consumers are confident about their employmen
15、t.Secondly,consumers are more confidentbenefitting from the receding impact of COVID-19.While 69%of consumers believe that COVID-19 will be present in their community for the rest of their life,57%feel less worried about the COVID-19 impact now.This boost in consumer confidence isdemonstrated by inc
16、reased intention to travel overseas;36%of consumers intend to take along-haul international flight for leisure travel.While this is lower than other markets wesurveyed,it is positively trendingup 5ppt from Round 1 of the survey.See Exhibit 3.2022 Boston Consulting Group54.Consumers are adjusting the
17、ir spending plans for the next 6months to tackle the impact of inflationlooking to spend more onessentials and less on discretionary categoriesOur survey shows a correlation between inflation and consumers intent to spend on differentcategories.Rising interest rates and inflationary pressures have c
18、aused consumers to resettheir spending to prioritise the essentials.Consumers in New Zealand expect to increase theirspending on essentials such as utilities,food and groceries,mortgage and insurance.Despitethis focus on essentials,consumers also expect to spend more on leisure travel over the next
19、6months,suggesting a steady travel-itch.Predictably,consumers plan to reduce net spendingon non-essentials such toys and games,recreational activities and eating out.The categorythat consumers most consistently point to as an area where they are likely to reduce theirspending is luxury brands and pr
20、oducts.See Exhibit 4.Consumers have shown unprecedented resilience during COVID-19 by adapting their spendingto endure the current economic circumstances.More than ever,consumers are looking formore affordable substitutes and better deals.We found that 50%of consumers are checkingprices on the inter
21、net more before they buy and approximately 41%are choosing moreaccessible and affordable brands and buying based on deals and promotions than they were afew months ago.This deal-hunting behaviour is most prominent in categories such as kitchenappliances,cosmetics,make-up and perfume.We expect more c
22、onsumers to turn to saleevents such as Boxing Day;49%of respondents plan to shop on Black Friday this year and30%plan to shop on Boxing Day.This strong deal-hunting sentiment means there isopportunity for brands to penetrate the New Zealand market through sale events.2022 Boston Consulting Group65.D
23、igital growth prevails,but customers also intend to shop atstores;their preferred channel depends on what they are buyingDigital channels show sustained growth among purchasers.At the same time,consumers areembracing the receding impact of COVID-19 and spending more in physical stores.In greatnews f
24、or in-store retailers,65%of consumers will buy as usual or more from physical stores inthe next 6 months,compared to 59%of consumers who will buy as usual or more from digitalchannels.See Exhibit 5.On average,20%of consumers intend to use digital or online channels(website or app)forpurchasing more
25、than they did before COVID-19.This intent is even higher for categoriesincluding utilities(40%),mortgage or rent(33%)and leisure travel(29%),suggesting a greaterincentive for providers in these spaces to strengthen their digital offerings.6.Leisure travel is being driven by pent-up demand and increa
26、sedtravel confidence,but consumers intend to mostly traveldomesticallyIn August 2022,New Zealand completely re-opened its borders and consumers pent-updemand to travel is strong.We found that 32%of consumers in New Zealand intend to spendmore on leisure travel in the next 6 months as the category em
27、erges among the top 15categories set to gain consumer spend(of 74 categories surveyed).Fewer consumers expressconcern to travelthe number of consumers not concerned about travelling internationallyhas increased 12ppt since April 2022 to 37%.Likewise,the number of consumers notconcerned about travell
28、ing domestically has increased 18ppt since April 2022 to 53%.This isgreat news for New Zealand airlines.2022 Boston Consulting Group7When it comes to types of travel,New Zealand consumers remain more inclined to stay withinthe country.For their upcoming travels,35%of consumers intend to travel by ro
29、ad,18%intendto fly domestically,37%intend to fly internationally and 5%intend to take a cruise.Thispresents good opportunity for the local tourism industry as there is still a strong preference fordomestic travel as we head into the holiday season.7.Climate and sustainability is one of the top 3 iss
30、ues on consumersminds but consumers need more support from companies to makesustainable purchasesNew Zealand is one of few countries with the 2050 net-zero target enshrined in law via the ZeroCarbon Act.While this net-zero pledge is received positively,companies need a strategy thatinspires consumer
31、s to take the action that is needed to help reach our climate ambitions.Finding Competitive Advantage in Adversity-Exhibit 6Despite impacts of inflation,sustainability remains among the top 3 issues for consumers ofNew Zealand.This brings a great news for companies who have bold ambitions and net-ze
32、ropledges!However,while up to 79%of consumers are aware of sustainability in their day-to-dayuse of products,only 6%are willing to pay a premium for sustainable products and services.Company leaders oen interpret this gap between awareness and action as a signal thatconsumers are not ready to transl
33、ate their awareness to action.However,this is an incompletepicture of the consumer sustainability journeywhich we have mapped out in Exhibit 6.2022 Boston Consulting Group8We examined every stage of consumer behavior in our research and identified 2 otherimportant groups of consumers,the adopting co
34、nsumers and the actioning consumers,whoare on the threshold of embracing sustainable products and services.The key question forcompanies is how do we encourage more of those consumers to cross the thresholdand make sustainable choices?There are ways to reach and motivate these consumers by aligning
35、sustainable offerings withtheir core needs.Companies need to understand what deters consumers from fully embracingsustainable choices and what will motivate them to pay a premium.Then,companies need tocreate products and services that resonate with consumers.We also found there is marked variation a
36、cross the product and service categories weexamined.Some categories are more advanced on the consumer maturity curve,offeringsignificant opportunity for companies to step up.See Exhibit 7.Action for companiesThe question remains how long employment and confidence in employment will hold up in thefac
37、e of inflation and shrinking GDPand when changes in those metrics will impact averageand high-income consumers.Given the prevailing uncertainty,companies need to prepare fordeclining consumer spending and closely monitor consumer sentiment and behavior.At thesame time,supporting consumers to act on
38、climate and sustainability provides opportunitiesfor companies to encourage spending around a strong cause.We see 4 key actions for companies:2022 Boston Consulting Group91.Strategically plan in an inflationary environment.Strategic planning is more importantthan ever,but companies need to take an a
39、gile approach.Companies need strategies thatprovide a clear ambition,prioritise resource allocation,can react to material opportunitiesand provide clear and timely guidance to investors.While strategy oen works well in stableenvironments,uncertainty can help companies build a more resilient strategy
40、.To drive fasterand more agile strategic planning,companies can ask:2.Win the customer in new reality.This inflationary environment is like no other.Priceincreases are resulting in spend increases but for the moment,consumers have employmentsecurity,savings and confidence as COVID-19 impacts recede.
41、Winners need to understandmarket dynamics,their competitive landscape and the shape of demand to succeed in thesedifficult times.Lets take the example of leisure travel.Customers are looking for new experiences,deals anddiscounts to make up for lost time during COVID-19.While there is still some unc
42、ertaintyregarding COVID-19 impacts,they are ready to take the leap if they get assurance on refundand health protocols.Winners are those who remove the frictions,provide good deals andminimise perceived risks.3.Take green to the mainstream with consumers.Theres a big gap between consumerconcern abou
43、t sustainability and action for sustainability.With consumer-centric data,companies can:What world might we be operating in?What could winning look like?Which investments are most attractive and resilient?How aggressively can we move without limiting flexibility?Understand core consumer needs.Compan
44、ies need a keen understanding of whatconsumers want and how sustainability fits into those desires.Which consumer needsdrive sustainable choices?What do consumers believe about sustainability?What are thetradeoffs they feel they have to make?In the beverages category,for example,only 7%ofconsumers c
45、ite sustainability in their top 3 considerations when making a purchase,but alarger share of consumersas much as 43%have rank considerations that are highly-related to sustainability in their top 3.These consumers seek beverages that are healthy,high quality,guilt-free,and socially responsibleand al
46、l these associations are positivelycorrelated with sustainable products.By emphasising these attributes in product designand marketing initiatives,companies can attract consumers to sustainable products evenwhen consumers are not deliberately seeking them.2022 Boston Consulting Group104.Create a cha
47、nnel ecosystem that aligns with consumers expectations.COVID-19accelerated consumer digital journeys and many of those behaviours have stuck.To realise thebenefit of this,companies must continue to digitise their customer journeys,front to back.Only 30%of companies navigate a digital transformation
48、successfully.And navigating it inuncertainty is especially difficult as new behaviors and expectations evolve.By taking a bionicapproachblending digital and human capabilitiescompanies can kick their digitaltransformation into gear and keep the momentum going.Innovate to build a sustainable offering
49、.Companies should start by generating adiverse set of ideas about the products and services their organisation might offer toremove real(rather than perceived)barriers to uptake.For example,for many consumerswho are concerned about climate and sustainability but are reluctant to act,cost is aprimary
50、 issue or key tradeoff.Its also a great example of a negative perception that maynot be justified.Our research shows that consumers who do not buy sustainable productstend to think there is a much higher green premium than there actually is.Consumerswho are on the fence about making sustainable purc
51、hases for this reason need clearerprice communication to combat this misperception.Drive sustainable choices.Companies need to get tactical to remove perceived barriersand change consumer choices;they need to engage with consumers,measure progress,and adjust the course depending on results.Making th
52、e attribute of sustainability anand not an or will be a win for the environment and the companys bottom line.2022 Boston Consulting Group11AuthorsMonica WegnerMANAGING DIRECTOR&PARTNERSydneyPhillip BenedettiMANAGING DIRECTOR&PARTNERAucklandIndira ZaveriPROJECT LEADERSydneyLiz ZhuPROJECT LEADERAuckla
53、nd 2022 Boston Consulting Group12Matthew McQueenCONSULTANTAucklandABOUT BOSTON CONSULTING GROUPBoston Consulting Group partners with leaders in business and society to tackle their mostimportant challenges and capture their greatest opportunities.BCG was the pioneer in businessstrategy when it was f
54、ounded in 1963.Today,we work closely with clients to embrace atransformational approach aimed at benefiting all stakeholdersempowering organizations togrow,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep industry and functional expertise
55、 and a range of perspectivesthat question the status quo and spark change.BCG delivers solutions through leading-edgemanagement consulting,technology and design,and corporate and digital ventures.We work in auniquely collaborative model across the firm and throughout all levels of the client organiz
56、ation,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.Boston Consulting Group 2022.All rights reserved.For information or permission to reprint,please contact BCG at .To find thelatest BCG content and register to receive e-alerts on this topic or others,please visit .FollowBoston Consulting Group on Facebook and Twitter.