Growth can be attained in hard times too (Part 1)

James Russo, Nielsen’s senior vice president responsible for global consumer insights states in his recent study that it isn’t easy to be a consumer these days.

Although global consumer confidence was three points higher in Q4 2013 than a year before, the economy, employment prospects and loans were still big problems for consumers. Nielsen forecasts a 1.8-percent rise (calculated in USD) in retail sales on a global level. Mr Russo finds it noteworthy that health and grocery price trend developments are among consumers’ five biggest concerns. At the same time it is good news that they are willing to pay for things important to them. They are more and more keen to satisfy their demands as quickly as possible and their quality expectations are also growing. When it comes to buying groceries they want their food to be fresh and quick to prepare. James Russo’s view on online grocery retail is that it drastically changed consumer behaviour and he thinks that retailers need to develop their online strategies. Health and well being is a priority for the consumers of today: all over the world consumers’ biggest concern is the economy, but right after that comes health. Nielsen’s vice president stressed that on the supply side the concept of health needs to be interpreted more widely than if it were just one of the many demand factors. His study explains that companies that come out as winners in the competition make sure that they satisfy the demand for health and well being, either by innovating or by acquiring organisations with a strong position in the health or wellness sector.