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Consumer Trends

The Evolving Consumer: An Overview of the Changing Consumer Trends in Canada

Global consumer trends are evolving faster than ever before. In Canada, the population is becoming increasingly heterogeneous with millennials representing a significant part of the population. These consumer cohorts are considered to be extremely dynamic in terms of their shopping habits, making it highly challenging for retailers to effectively capture their brand loyalty.

Furthermore, a typical Canadian consumer prefers convenience, choice, and control when they shop. As such, today retailers have to deal with a more diverse set of consumers with a much broader set of needs.

Let us explore some key consumer trends that Canadian retailers must keep abreast of while planning their strategies to entice customers in this market.

Planning to invest in the Canadian market? Request a free proposal for more insights on the Canadian market, the right consumer groups to target, and the strategies to follow to successfully establish your business in Canada.

Top consumer trends in Canada

consumer trends

Serving the millennial consumers

Millennials are often referred to as the ‘connected generation’. Some of the common millennial consumer trends include the use of smartphones and mobile devices to browse through products and shop. The purchase decisions of millennial consumers are largely influenced by social media or what they read about a product online.

These consumer trends mean that retailer must continuously and quickly reinvent their offerings in order to grab the attention of these consumers and provide the consumer experience that they are looking for so that their brand loyalty can be retained. Moreover, a strong multi-channel and PR communication strategy is a must-have for retailers.

Age of responsible consumerism

This is one of the most popular global consumer trends that will soon go mainstream in Canada. As the ease of buying goods of their choice increases, modern consumers will now favor brands that help them make more responsible and better choices.

Some top brands have already set the lead for such trends wherein they encourage consumers to support global issues such as environmental concerns and do their part in making a positive impact.

The modern consumer is a constructive result of growing economic pressure and increasing competitive options available. Get in touch with our experts to know how our market intelligence solutions can help your business adapt to the changing business landscape and formulate robust strategies to survive.

Personalized experience and on-demand shopping

Personalization is one of the key consumer experience trends that plays a major role in making the shopping experience relevant to modern customers. Businesses are increasingly using customer data and past shopping behavior data to personalize shopping experience for their customers. Furthermore, taking advantage of the growth of digital shopping, several brands are providing services such as same-day delivery that is becoming one of the most popular consumer trends, especially among the young shoppers.

Increased focus on health and wellness

Modern Canadian consumers are gradually showing greater interest towards health and wellness. As a result, brand and products that promote this ideology are garnering greater favor in the Canadian market. Furthermore, food products with dietary restrictions are also becoming one of the key growing consumer trends in Canada.

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Assessing the Millennial Customer Segments and their Buying Behavior for a Fashion Retailer – Customer Research Study by Infiniti Research

Business Challenge 

Even though the fashion retail industry has fared well in some years, market growth has been volatile at times. Growing consumerism, inventory management, sustainability, millennial buying behavior, and entry of new players have increased challenges for fashion retailers. This has pressurized companies in the fashion retail industry to leverage a consumer research study to learn more about customers’ needs, intents, and preferences.

A well-known fashion retailer was struggling to improve sales and better sell their products to target customers. Their inability to target millennial customer segments and analyze the purchase trends and channels preferred by millennials, resulted in a decline in their sales rate. This radical decline in the sales rate compelled the client to leverage Infiniti’s consumer research study to better analyze the millennial customer segment. By leveraging Infiniti’s consumer research analysis solution, the client wanted to assess customers’ purchase behaviors. Also, with the help of a consumer research analysis, they wanted to gain in-depth insights into the impact of demographics on millennials’ attitudes, various barriers to purchase, and potential solutions to overcome barriers.

Our consumer research solutions have helped businesses to boost their profitability by augmenting sales and targeting right audiences. Request for a Brochure.

Top Challenges Faced by the Fashion Retailer 

Problem Statement 1: Growing consumerism

Today, as customers turn to the internet for information and shopping, to smartphone applications for price comparisons, and to social media for opinions, the industry’s response has become more price sensitive. Additionally, consumers demand variety and novelty. This has increased complications in the supply chain, product development, planning, and production processes.

Problem Statement 2: Inventory planning

Customer preferences change fast, which speeds up inventory turnover requirements. This compels suppliers to improve turnaround time and exhibit excellence in stock visibility. By leveraging Infiniti’s expertise in offering consumer research solutions, the client wanted to exhibit excellence in stock visibility, operations planning, and inventory intelligence.

Problem Statement 3: Discounting and competition

Fashion retailers are increasingly relying on discounts to drive sales. It is challenging for players in the fashion industry to maintain a healthy margin, when competitors are offering heavy discounts.

Our consumer research solutions can help businesses to thrive in today’s competitive market by learning more about customers’ needs, intents, and preferences. Request a FREE proposal.

Solutions Offered and Value Delivered 

To help the client tackle challenges in the industry, the experts at Infiniti Research recommended a consumer research study.

Phase 1: Customer survey

With the help of in-depth qualitative interviews with customers belonging to different segments, our market research experts helped the client assess their customers’ purchase behavior. Additionally, by tracking trends, analyzing, and interpreting consumer behavior, the client was able to understand target consumers more effectively.

Phase 2: Inventory forecasting

Our expertise in offering inventory forecasting solution helped the client avoid excess inventory. We also helped them identify stock levels that are required to meet the rising demands for apparels.

Phase 3: Competitive analysis

By analyzing top competitors in the industry, our experts helped the client understand discounting strategies used by their competitors. The consumer research study further helped the client to offer better discounts for their customers, while maintaining healthy profits.

In a span of nine weeks, the client saw clear advantages from this consumer research engagement. The client gained a clear understanding of the customer’s purchase behavior, especially the millennial generation. The consumer research engagement further helped the client assist sales and support product teams. With Infiniti’s consumer research analysis, the client realized a savings of 11% in a year.

Get in touch to know more about our consumer research analysis solutions.

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