Change has introduced significant new opportunities
In this article based on our survey, we dig deep into the behaviour and values of the Finnish consumer through the following themes: online shopping, sustainability and plans for the future.
We are currently living in a world that is undergoing great changes at an increasing pace. Transformative powers affect the market as a whole, but they also influence companies’ daily operations. It is self-evident that the greatest factor that has expedited changes is the pandemic that has pestered us for over two years now. The word ‘change’ may have some negative connotations but change also presents opportunities to those who have the courage to take action and review their operations from a new perspective. For instance, there may be new target groups and potential customers available, or even completely new market areas. Seize the opportunities!
Senior consumers have found their way to online shops
The growth in online shopping was already significant before the pandemic but the rate of change has accelerated during the pandemic considerably. Of all respondents, 31% say they have shopped more online in the past year compared to 26% in the previous year. In other Nordic countries, the growth has been even greater, and in Sweden, for example, the corresponding figure was 47% (source: eComm Next/ Online Shopping Survey).
In 2020, over 70% of Finns said they had shopped online in the past four weeks. In younger age groups, active online shopping was even more prominent: up to 84% of those under 50 said they had shopped online in the previous weeks. When more purchases are made online, this also raises customers’ level of expectations in relation to functionality and reliability. In payment methods, in particular, security is highlighted instead of ease and speed that were emphasised before. During the pandemic, senior consumers have also found their way to online shopping. As older age groups have been recommended to stay at home and self-isolate, this isolation has led them more actively towards online shopping. For online shops, this means a new active audience with purchasing power. Their needs and purchase path differ significantly from younger consumers, which means that these senior consumers cannot be encountered in the same way as younger ones. Younger target groups value the opportunity for climate compensations and different payment methods, for instance, whereas Finns over 65 value the reliability of the online shop and a technically easy purchasing situation. Online shops also open up a new, wider market to marketers. Previously, customers may have stopped by a brick-and-mortar shop in a certain location but orders can be placed via an online shop from all around Finland and even further.Foreign online shops are preferred when the price is more affordable, the product is not available in Finland or when delivery from abroad is cheap. Finns most often use Chinese, German and British online shops.
Consumers demand sustainability actions instead of sustainability talk
People’s values usually change very slowly and over time. Now, due to the pandemic, we can see at places a more rapid change in values. What is noteworthy is that values are not age-related. It may well be that your target group in terms of values is much wider than you might have thought. Sustainability has long been a megatrend in both Finland and internationally but now, for the past two years, its significance has increased even further and transformed more from words to actions. In the past year, the significance of sustainability has been even further emphasised, and almost half pay more attention to the matter than before. Especially in the age group of 16–24, the significance of sustainability is remarkable. Sustainability can be seen, in particular, in favouring Finnish products and producers as well as supporting local entrepreneurs and products. During the darkest hour of the pandemic, we saw several movements or projects aimed at supporting small-scale business owners and highlighting local operators.
Finns plan their future with a positive attitude
Uncertain times and having to cancel plans, such as holidays abroad, have resulted in consumers accumulating some savings. According to Sanoma’s survey, 29% have accumulated some savings during the pandemic. The plan is to keep these savings for a rainy day and invest in stocks and funds but also use them for travelling abroad. In all, 60% of the respondents believe that their life will return to normal in 2022. A fifth of the respondents says that Covid-19 no longer affects their daily life. This means that the general outlook towards the future is fairly positive, and travel plans are already being made for the coming summer.
For some, the uncertainty caused by great changes may be paralysing. However, I wish marketers would have to courage to see the change with an open mind and look for opportunities instead of threats. Could there be a new, wider market leading to a path of growth? Or does your brand have elements that strongly support sustainability, which could make you stand apart from your competitors and create value in young, demanding, consumers? A competent and diverse marketing partner who knows the market like the back of their hand can also be a great sparring partner. Now is not the time to stop marketing!
What are the keys to your company winning in the great state of flux? You know your pull factors, we know the Finnish media market and consumers. Let’s make this year a success together!
Sources:
https://www.thinkbox.tv/news-and-opinion/opinion/buying-habits-are-changing-more-than-ever-you-should-invest-in-advertising
https://www.paytrail.com/raportti/verkkokauppa-suomessa-2020
The effects of the coronavirus on the Finnish consumer – Sanoma 10/2021
eComm Next / Online Shopping Survey 2021 / Posti
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