Consumer Behaviour Insights in 2016

In the latest McKinsey Global Consumer Sentiment Survey 2016, it indicated a shift of worldwide consumer behaviour towards a very similar set of behaviour.

The survey summarizes the findings into 5 truths of today's consumers:

1. They proactively search for savings.

2. They are brand-loyal . . . but only if the price is right.

3. Once they ‘trade down,’ they might not go back.

4. They are selective splurgers.

5. They shop across channels.

Source: Max Magni, Anne Martinez, and Rukhshana Motiwala (2016).  Saving, scrimping, and splurging? New in sights into consumer behaviour. McKinsey Insights. URL: http://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/saving-scrimping-and-splurging-new-insights-into-consumer-behavior?cid=other-eml-alt-mip-mck-oth-1603 (Accessed: 29/3/2016)

The current economy or the uncertainty of the governments in many countries might have contributed to the changes of consumer behaviour. As mentioned in this article, the spending pattern was largely influence by the perception on financial status of household. When consumer are worry about their source of income or afraid of losing their job, their purchasing pattern will change in order to accommodate their prudent lifestyles, and vice versa to those who have more confidence with their job and income status.

Do retailers need more sales promotion to attract their customer attention?

As such, this will have a significant implication to retailers or producers in various industries. Some will benefit from the change of consumer behaviour and some will suffer from losing their customers. Those who can response to this changes of consumer behaviour would give them the opportunity to retain their existing customers, increase the sales, win over competitors' customers or even create new market opportunity.

What do you think?

Top Students Learning Habits

Do you need to have high IQ to do well in your studies?

Do you need to work very hard to become a top student?

The answers to the above questions: No! It is all about "Self-Discipline" and set priorities to do what you like to do (not necessarily studies).

Watch this Tedx Talk by Douglas Barton on top students learning habits:

Learning Styles Don't Actually Exist

Finding meaning from what you are learning is more important than having good memory or excellent sensory mode. The fun of learning sets in when you are able to understand the reason for doing so, value the information, make sense of what you are seeing/reading and try to apply it in your own settings.

I find that this TEDx Talks on "Learning styles & the importance of critical self-reflection" by Dr. Tesia Marshik very insightful to us as an educators and all the learners. I now learned that there is no such thing called 'learning styles' and in order for us to learn effectively, we need to find the reasons for you to learn something. Hence, critical self-reflection is important for us to benefits from the learning experience instead of relying on a variety of materials given.

Watch Dr. Marshik TEDx Talks here:

Screenshot from YouTube

Please share your view on this findings :)