Value is an elusive concept, that changes from one situation to the next. But the first thing to note is that value is most certainly in the eye of the beholder. In the context of consumer culture, value is the perception of what a product or service is worth to a customer versus the possible alternatives. Worth means whether the customer feels they received benefits and services over what they paid.
Value is inherent throughout our lives,
even when it isn't about money
Doing someone a favour
"I owe you one"
Giving gifts
Relationships, bonding
In kind
Swaps, passing things on through online marketplaces
Memories
From a dinner or holiday
We set out to understand what value means in today's world, by focusing on five core categories which are representative of, and indicative of the broader Australian consumer market.
Giving structure to value across five categories
Groceries
Instore Retail
Booking Travel
Financial Services
Tech & Appliances
How value manifests by category today
Australian's have gone from a pandemic mindset straight into a cost-of-living mindset. But disruptions such as bank crashes and data leaks have birthed greater appetite for security and privacy.
It's clear that no matter the category, value needs to deliver more than just lower prices
The instability of the economic, and geo-political climate has made consumers prioritise traditionally functional values such as reduced cost, quality, accessibility, and safety & reliability today.
Value drivers that will become more important in 2030
The pursuit of sustainability & the end of abundance living
Navigating an increasingly complex world
To unlock the full potential of value is an exercise that isn't necessarily that straight forward … but when you get it right, you will reap the rewards.
The beauty of value comes with its complexity - value changes by mood, category, time of life, and it's extremely contextual, but also changes by point in time.
Value is relentlessly evolving. We shouldn’t be approaching value with a fixed point of view. The world around us isn’t fixed, therefore our approach to value shouldn’t be.
It is a delicate balance that requires rigor and science to optimize to its most full potential.
Often we throw around value as quite a flippant term, but the gravity it holds is game-changing and we want to help you unlock its full potential.
Source: Nine’s Proprietary Research -The Value Equation
For further information on the research, contact your Nine representative or complete the form. A member of the team will be in touch.
