EPAM Continuum Reveals Early Results from 'Consumers Unmasked' Study
EPAM Continuum released its 2021 Consumers Unmasked Study, analyzing the spending habits of 71 Millennial and Gen-Z shoppers. The study, part of a four-part series, highlights key consumer trends including the importance of value for money, the pursuit of the best deal as a social achievement, and growing expectations for rewarding online experiences. Notably, brand ethics are becoming increasingly significant for consumers. The full quantitative survey will return in September 2021 to support the qualitative findings.
- Identified key consumer trends that could inform business strategies.
- Increased focus on brand ethics may strengthen brand loyalty.
- Insights from the study can help retailers adapt to changing consumer behaviors.
- Consumer uncertainty related to COVID-19 remains a concern.
NEWTOWN, Pa., Aug. 3, 2021 /PRNewswire/ -- 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.
Read the Research and Register to Follow the Study Here.
"Both established retailers and consumer product companies are facing a heightened sense of disruption from marketplaces and direct-to-consumer acceleration, but also massive societal shifts and cultural change," said Alex van Gestel, VP, Consumer Products, EPAM. "How technology and marketing leaders respond to this and pivot will be critical. In order to re-calibrate plans and find new ways forward, businesses need fresh data points and insights. This research should help shine a light on new possibilities."
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 seamless, 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.
"We are emerging from one of the most sustained periods of social instability in modern times. It is a period that has changed us all," said Natalie Gross, VP, Head of Brand Strategy, EPAM. "We felt it would be valuable to truly understand which new buying habits are sticking and why and explore how current emotions and behaviors will translate into sustained behaviors over a period of time."
The study will return in September 2021 with a quantitative survey to back up the qualitative data analysed 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.
To learn more about EPAM, visit www.epam.com.
About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its software engineering expertise to become a leading global product development, digital platform engineering, and top digital and product design agency. Through its 'Engineering DNA' and innovative strategy, consulting, and design capabilities, EPAM works in collaboration with its customers to deliver next-gen solutions that turn complex business challenges into real business outcomes. EPAM's global teams serve customers in more than 35 countries across North America, Europe, Asia and Australia. As a recognized market leader in multiple categories among top global independent research agencies, EPAM was one of only four technology companies to appear on Forbes 25 Fastest Growing Public Tech Companies list every year of publication since 2013 and ranked as the top IT services company on Fortune's 100 Fastest-Growing Companies list in 2019 and 2020. Learn more at www.epam.com and follow us on Twitter @EPAMSYSTEMS and LinkedIn.
About EPAM Continuum
EPAM Continuum's diverse, integrated consulting teams apply a Systems Thinking mindset to get to the heart of our clients' increasingly complex business challenges. Our business, experience, technology and data consultants work together to create holistic solutions that achieve meaningful, sustained impact for businesses, their employees and customers. Learn more at www.epam.com/epam-continuum and follow us on LinkedIn.
Forward-Looking Statements
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
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SOURCE EPAM Systems, Inc.
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