Mubasher: Affordability remains a critical factor for most consumers in the Middle East and North Africa (MENA), besides the overall brand experience, EY MENA Consumer Industry Leader, Ahmed Reda, said.
“Brands that keep these factors in mind will be well placed for success among consumers in the coming years,” he added.
The EY Future Consumer Index findings showed that nearly 63% of MENA shoppers tend to purchase from companies that ensure their products and services have a positive impact on society, while 48% will buy more from organisations benefiting the society even if what they offer is more expensive.
Ravi Kapoor, EY MENA Consumer Industry Consulting Leader, said: “The COVID-19 pandemic has opened up a window for change; and organisations have reacted by significantly transforming the way they work. The same is true of consumers’ everyday lifestyles, and as people around the world emerge from the pandemic, they plan to fundamentally change how they spend money and live their lives.”
Kapoor added: “Against this backdrop, companies cannot afford to stand still. Those that take bold decisions now - to address their customers evolving concerns as well as new market trends - will be more successful in shaping a profitable future.”
A total of 70% of consumers across MENA said brands have a responsibility to positively impact the world. Given the future beyond the COVID-19 pandemic, 65% of the shoppers believed that post-vaccine life will be better than before the pandemic, and 51% said the pandemic accelerated changes they had always wanted to make.
“Consumers are willing to engage more with brands that direct their capabilities and resources to support an economic recovery in the communities they operate in,” according to the index findings.
About 57% of the consumers would prioritise the environment and climate change in how they live and the products they buy. Meanwhile, 22% of the shoppers said that sustainability will be their most important purchase criteria three years from now.
Nearly 65% of the MENA consumers would make healthier choices in their product purchases in the longer term.
