EPAM Continuum, the integrated business, experience, technology, and data consulting practice of EPAM Systems, Inc. (NYSE: EPAM), today announced the release of their 2021 Consumers Unmasked Study. The first in a four-part study, the project follows a consumer council made up of 71 Millennial and Gen-Z shoppers—exploring their spending habits across the food, fitness, fashion, travel, and home industries through discussion forums, Q&As, diaries, and vlogs.
Key themes discovered from the study include:
- Whatever Else Matters, Value for Money Matters More. Value for money (a combination of quality, availability, choice, and price) is a key trigger.
- Finding the Best Deal is a ‘Badge of Honor.’ Searching for the best price became a challenge and finding it was seen as an achievement.
- Rewarding Experiences are Expected. Consumers grew to expect more from their online experiences—they anticipate seamlessly, but also expect fun.
- Ethics Climb the Leaderboard. Many consumers voiced respect for brands that do (or are trying to do) good but said altruism needs to be genuine and transparent.
- COVID-19 Concerns Remain. The uncertainty of the pandemic manifested itself in numerous ways.
The study will return in September 2021 with a quantitative survey to back up the qualitative data analyzed to date.
Read the Consumers Unmasked Research.