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.
To learn more about EPAM Continuum’s integrated business, experience, technology and data consulting practice, visit https://www.epam.com/services/consult-and-design.