Canadians lead in price-conscious shopping amid economic anxiety

Accenture's survey finds Canadians are most price-conscious globally, facing financial pressures and information overload

Canadians lead in price-conscious shopping amid economic anxiety

Accenture’s Consumer Pulse Survey 2024 has revealed that Canadians are the most price-conscious consumers globally.

Eighty-five percent of Canadian respondents identify price as the deciding factor in making a purchase, compared to the global average of 78 percent. Forty percent report their disposable income worsened during 2023, against a global average of 30 percent.

Canadian consumers are also grappling with “information overload.” Retailers and consumer goods companies have inadvertently created a cacophony of noise that could result in lost revenue.

On average, Canadian consumers feel more bombarded, overwhelmed, and stressed than their global peers.

The survey highlights:

  • 80 percent of Canadians feel bombarded by advertising (global average 75 percent)
  • 75 percent feel overwhelmed by too many different options (global average 73 percent)
  • 68 percent feel frustrated by the effort needed to decide what’s best for them (global average 63 percent)
  • 65 percent feel stressed about making the right decision (global average 60 percent)

Consumers face an endless number of choices, messages, ads, and claims, coupled with recommendations from friends, family, influencers, algorithms, and apps, adding to the noise.

These findings underscore the urgent need for retailers and consumer goods companies to reduce the “noise” around decision-making to boost sales and increase customer loyalty.

Gen AI can make a significant difference in this situation. It offers a way for consumer-facing companies to lighten the "decision-making workload" and earn loyalty in the process.

Consumers are ready for this change, with 51 percent globally open to using conversational AI solutions and 55 percent open to using gen AI agents for making purchases.