Decoding shifts in customer preferences

Adgild Hop, Market Lead, Partner Retail for Deloitte took to stage at the Saudi Retail Forum 2023 to discuss how customer dynamics across the globe is changing. How customers’ pocket size and spending habits are evolving basis their growing needs.

Hop noted 12 significant shifting trends and highlighted some of them to bring to light the changes and what to expect from the customer base in the Kingdom of Saudi Arabia (KSA).

“When it comes to comparing the spending and purchase intent for the UAE and KSA, it is easy to note that the spending capacities of both regions are growing and are not too different from each other when it comes to spending habits. However, spending on housing and education is slightly lower in KSA as compared to the UAE. On the other hand, both regions have scored considerably well for three main sectors of retail including food & beverage, clothing & accessories and personal care. These sectors are looking promising and are some of the segments that local consumers are eyeing to seek value for their money,” Hop shared.

Keeping this thought as the backdrop, Hop went on to ask the vital question ‘how will retailers continue to hook their customer to retain them?’

He then explained that the idea of customer retention and generating the right buzz around a brand does not follow the usual marketing norm anymore. With the world turning digital at every juncture, conventional marketing methods do not stand out when it comes to driving the right point home. The buzz must be sustained across channels which have diversified as well.

Understanding and activating the touchpoints as per the need of the hour should be a brand’s intent and that requires using the right tools and employing platform specific marketing methods. Finally, he hinted at the growing need of social commerce and how it is ruling the KSA market and helps in connecting the dots between brands and their customer base.