Me, my life, my wallet

For the past four years, KPMG has tracked the changing nature of consumer buying behavior, through our proprietary research and thought leadership, entitled “Me, my life, my wallet.” this research program has enabled companies to get to grips with what really matters to consumers, what motivates them, what gets their attention, the connections and networks that have an increasing influence on the choices they make, and the trade-off consumers make between time and money.

Equipped with this insight companies can develop targeted messaging, communications and experiences that maximize the number of consumers that successfully pass through the purchasing funnel.

This year we have undertaken an in-depth study of the rapidly rising importance of sustainability concerns supported by the last four years of work and augmented by additional research in 2022. We were keen to examine the link between implicit consumer values and explicit buying behavior. Over 30,000 consumers in 11 countries were invited to share their perspectives on how their behavior is shaped by environmental and social factors.

The report quantifies the change in consumer attitudes and behaviors, it identifies the aspects of corporate behavior that matter most to consumers and how this influences their purchasing habits.

86%

agree we all have a duty to reduce, reuse, and recycle as much as possible

69%

will pay more for products where they agree with the company’s principles

76%

agree protecting the environment is more important than a growing economy

64%

agree when I buy something I want to understand its environmental impact

A central finding is that the traditional gap between consumer values and their subsequent behavior has narrowed substantially. Historically consumers have “talked green but bought brown”. This is no longer the case. Consumers are voting with their wallets when it comes to selecting organizations whose practices are inconsistent with their values. Most consumers are, at some level, engaged in sustainable behaviors, whether recycling, upcycling, or changing their purchasing habits and, surprisingly, over 59% of consumers are taking personal action to help mitigate environmental and social problems.

Operationalizing ESG needs to be seen in the context of the organization’s overall approach to customer centricity and both need to be hardwired into organizational operating models, processes, and practices. Simply addressing ESG on its own will lead to sub optimal outcomes for the customer and the organization. The report lays out a five-stage process to enable companies to successfully operationalize ESG and respond to the demand for sustainability.

Please download the report below to help you navigate your sustainability journey. Knowing the evolving sustainability focused customer better can instill confidence in charting a path forward in such a dynamic environment. Our global network of KPMG consultants is here to help you navigate the challenges ahead.