> **来源：[研报客](https://pc.yanbaoke.cn)** # What matters to today's consumer 2026 How AI is transforming value perception # Table of contents 04 Executive summary 07 Who should read this report and why? Value redefined: where fairness and quality intersect Careful spending meets intentional indulgence AI - The consumer's trusted guide Reliable tech builds loyalty – but with boundaries What should CPR organizations do differently? 63 Conclusion 64 Research methodology # Executive summary AI-enabled shopping, heightened expectations of fairness and transparency, and meaningful human interaction at key moments are reshaping consumer decision-making in a new era of empowered consumer decision making. As AI becomes more deeply woven into everyday choices, shoppers are rewriting what they consider acceptable, valuable, and worth paying for. Expectations are sharper, tolerance is lower, and the definition of value has expanded beyond price. This report explores how AI, trust, and emotion are reshaping what consumers perceive as worth their time, money, and attention # Fairness and quality define value Transparent prices, consistent policies, and clear communication sit alongside quality in shaping perceived value. Seventy four percent of consumers say they would switch brands if they found a lower regular price elsewhere, and 71 percent would switch if pack sizes or product quality were reduced without clear communication. Promotions still have pulling power. Sixty two percent say more attractive deals can make them switch, while 61 percent believe bundles that combine products with services or warranties create stronger value. Quality now carries more weight than ever, and 64 percent of consumers view 'shrinkflation' as an unfair practice. Health benefits, 'clean' ingredients, convenience, and durability guide decisions across categories, and many shoppers are willing to pay more for faster delivery when it meaningfully improves their experience. # Careful spending meets intentional indulgence Consumers are becoming more deliberate about how they save and where they treat themselves. Around two in five are choosing lower cost alternatives, opting for private label, or buying smaller quantities to manage budgets. Yet these choices stop short when reliability is at stake. Many have adopted a hybrid mindset: willing to trade down in certain categories, while retaining spending in others (e.g., when prioritizing health-related aspects). Nearly four in five avoid private labels in performance critical categories. Promotional influence is also becoming more # 71% of consumers would switch brands if pack sizes or product quality were reduced without clear communication. structured. Three in four consumers say money off discounts are most motivating, followed by percent off and buy one get one offers. Impulse restraint is also easing $54 \%$ say they are making fewer impulse purchases, down from $71 \%$ last year, signaling a modest rebound of ‘intentional indulgence’ alongside persistent deal- seeking. Trust in channels matters. Two in three consumers believe ecommerce offers fair prices, with thrift and discount formats close behind. Emotional release also plays a role. Seven in ten say small indulgences help manage financial stress, showing that value blends rational savings with emotional satisfaction. # AI - The consumer's trusted guide AI-driven tools are becoming central to how shoppers navigate the marketplace. Chatbots are now widely used for service and personalized follow up, and agentic AI is moving into routine tasks. Almost half of consumers (52%) use virtual assistants that automate re-ordering or meal planning at least once a week, though only one in five is willing to pay a monthly subscription or a one-time payment. Control remains essential. Seventy six percent want the ability to set clear rules for when an assistant acts. Concerns about transparency continue, with 71 percent worried about how generative AI uses their information. Awareness of synthetic influencers is widespread at 66 percent, yet trust remains low at 52 percent. Two thirds of consumers expect brands to disclose AI generated advertising. Social commerce is growing quickly, and 35 percent have already purchased through platforms like Instagram or YouTube. # Technological convenience with a human touch drives loyalty Consumers want efficiency, relevance, and emotional connection to coexist. Sixty three percent want generative AI to provide hyper personalized content, and 65 percent feel technology has reduced stress in their shopping routines. Yet human support remains essential. More than seven in ten consumers value in person assistance when dealing with complex purchases or resolving service issues. Preference for human assistance has risen sharply, with seventy four percent valuing support during in-store customer service and sixty six percent during the purchase stage, up from 54 percent and 40 percent last year. To win consumer loyalty brands must focus on fair value and dependable experiences such as clear pricing, consistent product quality, and a balanced mix of digital convenience and human support. # What should consumer products and retail (CPR) organizations do differently? Accelerate growth with intelligent engagement: Position digital assistant as full engagement channels that influence discovery, evaluation, and purchase behaviors, rather than as background utilities. Adapt interactions to different shopper preferences, from full autonomy to guided choices. Design promotional hierarchies that play to the strengths of each channel and are aligned with shoppers' behavior in mobile, online, and store environments. Pilot anticipatory commerce models with safeguards that protect consumer control, including clear permissions, easy edits, and transparent triggers. Incorporate emotional drivers that deliver reassurance, ease, and confidence. # Optimize operations with seamless AI: Deploy AI that communicates clearly, supports everyday use, and creates intuitive experiences to enhance customer journey. Strengthen feedback loops between AI systems and operations so that pricing, inventory accuracy, and customer experience [CX] are mutually reinforced. Build fairness, transparency, and consistency into pricing logic. # Lead with purpose through resilient transformation: Make sustainability central to the value equation. Ensure responsible AI use across the shopper journey to build long-term trust. Reinforce credibility through openness about how you deliver value, from promotion mechanics to AI-supported decisions. Redefine loyalty as a two-way relationship that offers both financial and emotional returns. # Who should read this report and why? This report is designed for leaders across the consumer products and retail ecosystem who are navigating rapidly changing expectations around value, technology, and trust. Chief marketing officers, digital and ecommerce heads, loyalty and consumer insights leads, product executives, and category managers will find practical guidance on how AI, personalization, and emotion are reshaping consumer decision making. Strategy, pricing, and innovation teams will benefit from understanding how fairness, deal hierarchies, and anticipatory commerce influence switching behavior and long-term loyalty. Technology and data leaders can use these insights to prioritize consumer grade AI, strengthen governance, and design systems that create clarity rather than complexity. For organizations operating across physical and digital channels, this report offers a clear view of how empowered consumers evaluate value and how brands can respond with experiences that feel transparent, adaptive, and human. This report is the fifth in our annual research series that examines evolving consumer behaviors. It is based on findings from a comprehensive global survey of 12,000 consumers aged 18 and over across 12 countries: Australia, Canada, France, Germany, India, Italy, Japan, the Netherlands, Spain, Sweden, the UK, and the US, and in-depth interviews with executives from consumer products and retail industries. See the research methodology at the end of the report for more details on the consumers surveyed. # 01 # Value redefined: where fairness and quality intersect In today's marketplace, customers demand more than just competitive pricing—they expect transparency, ethical practices, and uncompromised quality at every stage of their shopping journey. Redefining value means creating experiences where fairness in pricing, policies, and treatment seamlessly aligns with superior product and service standards. This convergence builds trust, strengthens loyalty, and transforms transactions into lasting relationships, ensuring brands deliver not just products, but genuine value. # Inflation fatigue fuels the quest for fair value Consumers are weary of persistent price increases. But this runs deeper, to an underlying frustration with diminishing purchasing power and financial uncertainty. Inflation fatigue is driving a behavioral shift. With inflation beginning to fall, we see some signs that consumers are beginning to relax their drive for value, but percentages still remain high. Consumers continue to spend more time searching online for the best deals (62% in October 2025, comparable to 64% in November 2024) and cutting back on non-essential items (62% in October 2025; see Figure 1). Neha Donald, Senior Director of Global Strategy, Transformation and Innovation at PepsiCo, says, "Inflation and tariffs have shifted consumers # Figure 1. Most consumers continue to look for the best deals and cut back on non-essentials % of respondents who agree with the following statements Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 6,000 consumers; What matters to today's consumer 2025, November 2024, N = 12,000; What matters to today's consumer 2024, November 2023, N = 11,681; What matters to today's consumer 2023, November 2022, N = 11,300 consumers. to value-seeking behavior. They actively compare prices across platforms, look for discounts and loyalty benefits, and trade down to private labels or affordable brands. We also see smaller pack sizes gaining traction and multi-brand baskets becoming common. Loyalty is now conditional, driven by better deals, faster delivery, and personalized rewards." Nikos Bartzoulianos, Group Chief Marketing Officer at Electrolux (2024 - 2025), remarks, "Economic uncertainty and rising costs have changed purchase behavior. Consumers are holding on to appliances longer and delaying replacements unless truly necessary. Value and durability have become nonnegotiable; and this is another area where great brands and products can make a difference to consumer lives." As consumers remain discerning, they are prioritizing transparency, efficiency, and value. Almost half (49%) are buying smaller pack sizes. Jason Coan, Vice President Operations at Reliance Trends, says, "Customers have money to spend, but they are more discerning. They look for deals and better value. Coordinated sets like top and bottom at a sharper price are flying off shelves because they offer perceived value compared to buying separates." Here are a few examples of strategies adopted by prominent retailers: - Amazon has unified its grocery private labels under the new Amazon Grocery brand, introducing over 1,000 essential items priced below \(5. As a result, private-label sales surged \(15\%\) in 2024 over the previous year, underscoring how private label brands have evolved into a structural hedge by consumers against price inflation.\(^3\) - Target froze 2024 pricing on more than 1,000 back-to-school essentials for the 2025 season, including bundles under $20. The move followed a $4.8\%$ decline in store traffic and was intended to rebuild trust among inflation-fatigued shoppers. Complementing this, Target rolled out $20 \%$ storewide discounts for students and teachers, hoping price integrity and deep promotions can reignite engagement with value-driven consumers. $^4$ - In the Netherlands, grocery retailer Jumbo stands out by adopting a flexible, category-specific packaging design rather than a single, uniform private-label identity. This approach allows the Jumbo brand to convey a sense of quality while remaining affordable and delicious.<sup>5</sup> When inflation or economic uncertainty amplifies consumer affordability and corresponding price sensitivity, brand loyalty weakens. Consumers will increasingly prioritize value over familiarity, readily switching brands if they see a fairer alternative. Most consumers will switch brands if competitors offer lower regular prices (74%) or their current brand reduces pack size/product quality without clear communication rationalizing this (71%) (see Figure 2). # 74% of consumers will switch brands if competitors offer lower regular prices. # Figure 2. Lower prices and reduced pack size/quality without clear notice emerge as top drivers for switching brands Most compelling reasons for consumers to switch brands or retail stores Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers. # Consumers still pay for what they believe in The consumer purchase decision-making process remains multi-dimensional considering multiple factors across brand reputation, price sensitivity, product shelf life, purchase frequency, and level of personal involvement. For low involvement or frequently purchased products such as groceries, household necessities, and stationery products, price point and convenience dominate (see Figure 3). When it comes to aspirational, high-involvement, or long-lifecycle products such as luxury goods, home improvements, or consumer electronics, emotional alignment with brand values often outweighs cost considerations. For instance, luxury brands distinguish themselves through exceptional quality, masterful craftsmanship, and rich heritage, not merely by price. Luxury houses such as Louis Vuitton, Chanel, Hermès, and Gucci are often cited as category benchmarks; however, perceived value is anchored in assurances of longevity and service rather than just brand storytelling. This, interestingly, also holds true for baby care products, where parents show a refusal to compromise on their child's wellbeing. Consumers are increasingly assessing more than just product quality and price. They scrutinize the reliability, transparency, and ethical standards of the retail channel itself. Aspects such as secure payment systems, data privacy, product authenticity probability, fulfilment speeds and fair return policies strongly influence trust. Priyanka Bhargav, Head of Insights and Brand Strategy at Flipkart, concludes, "Quick commerce is no longer a metro phenomenon, it's democratizing speed across India. Today, $25\%$ of quick commerce spending comes from mid to low-affluent consumers in Tier 2 and Tier 3 towns. These customers are willing to pay a little extra for faster delivery, signaling that convenience and immediacy are becoming universal expectations." # Figure 3. Price takes precedence for low-involvement or frequently purchased products <table><tr><td>Categories where price takes precedence</td><td>Categories where brand takes precedence</td><td>Categories where price and brand are equally important</td><td>Categories where either brand or price takes precedence depending on the context</td></tr><tr><td>Fresh produce</td><td>Luxury products</td><td>Subscription model ready-to-eat meal kits</td><td>Apparel and accessories</td></tr><tr><td>Dry groceries and food supplies</td><td>Home improvements and DIY supplies</td><td></td><td>Furniture and home décor</td></tr><tr><td>Household necessities (e.g., cleaning products)</td><td>Consumer electronics</td><td></td><td>Personal care products</td></tr><tr><td>Stationery, school and office supplies</td><td>Baby care products (including baby formula and diapers)</td><td></td><td>Health and beauty products</td></tr></table> Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers. # Fair pricing builds brand credibility Consumers are developing a very clear view on pricing practices that target consumer value vs. those that prioritize company profit. While most consumers find volume-based discounts (80%) and personalized coupons based on purchase history (70%) very fair, they find policies like different prices by sales channel and shrinkflation as highly unfair (see Figure 4). # Shrinkflation has repercussions for both consumers and brands: - Frequent shrinkage across multiple product lines increases overall spending. Consumers feel they're paying the same for less, which can erode trust. Most consumers (59%) notice when product sizes decrease without price changes and 66% say they would actually prefer a small price increase vs. non-signaled size reductions. - While shrinkflation may boost margins in the short term, lack of transparency can quickly erode brand credibility and loyalty. Consumers frequently call out such practices on social media, amplifying reputational and commercial risks. Such practices may also have regulatory ramifications. Conversely, consumers have shown they will reward brands who pass on savings when costs fall. Scandinavian furniture seller IKEA (Inter IKEA + Ingka Group) promoted they were cutting prices due to reduced input costs (such as raw materials and transportation) and to be aligned to its business idea and mission of "affordability", a strategy that helps attract cost-conscious customers. The result: IKEA grew operating profit and saw visitor rates rise (+4.5% in-store, +21% online), highlighting affordable, transparent pricing as a fairness cue that supports demand and trust.<sup>7</sup> # 66% of consumers say they would actually prefer a small price increase vs. non-signaled size reductions. # Figure 4. 64% of the consumers consider shrinkflation an unfair practice % of consumers who found following practices fair or unfair Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers. "Inflation and tariffs have shifted consumers to value-seeking behavior. They actively compare prices across platforms, look for discounts and loyalty benefits, and trade down to private labels or affordable brands. We also see smaller pack sizes gaining traction and multi-brand baskets becoming common. Loyalty is now conditional, driven by better deals, faster delivery, and personalized rewards." # Neha Donald Senior Director of Global Strategy, Transformation and Innovation, PepsiCo # What makes a product 'worth it?' Consumers consistently rank product quality and durability as the most important factor in determining whether a purchase is worthwhile (see Figure 5). In fresh produce, $74\%$ of consumers cite quality as a top driver, followed by $73\%$ in dry groceries and $72\%$ in household necessities. Functional performance is also highly significant, especially in categories such as personal care $(71\%)$ . This focus on tangible product value shows that consumers aren't just bargain-hunting, they seek reliable, high-performing essentials. L'Oréal, a global leader in beauty and personal care, drives innovation through extensive research, delivering high-quality, long-lasting products across skincare, haircare, and cosmetics. Consumers are paying attention to the origin and qualities of ingredients and components. In fresh produce, $69 \%$ of consumers say health benefits are a top factor, and $68 \%$ prioritize clean or natural ingredients. This pattern holds across dry groceries (67% health, 66% clean ingredients) and personal care (70% health, 66% clean ingredients). Launched in 2019, The Whole Truth Foods has rapidly earned its place as one of India’s most trusted clean- label food companies, building a loyal community of health- conscious consumers through three core principles of ingredient transparency, with every component listed upfront with no fine print; clean formulation free from refined sugar, preservatives, palm oil, and artificial flavors; and prioritizing real nutrition knowledge over aggressive sales tactics. $^{8}$ Neha Donald from Pepsiico adds, "There is a large consumer shift in FMCG, especially food and beverage. Consumers now want healthier products and functional portfolios. Gen Z is highly inclined towards sustainability and transparency, so it's no longer just about selling a product it's about selling a story that resonates with values like clean labels and responsible sourcing." While quality and health considerations remain dominant, convenience emerges as a critical secondary driver. In fresh produce, $65\%$ of consumers cite factors like delivery speed or store proximity as significant. This indicates that ease of access and time-saving options (e.g., pre-cut, ready-to-eat formats, fast delivery) can enhance perceived value, especially when combined with quality. # Figure 5. Product quality and health benefits consistently rank as top purchase drivers across categories How important are the following features when deciding if a product is worth the price? Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers. Consumers are increasingly willing to pay a premium for the convenience of faster delivery. However, the extra amount they are willing to pay has declined compared to last year (see Figure 6). Likewise, consumers are prepared to pay a premium for features they perceive as valuable. They are willing to pay around $8 \%$ extra on the order value for extended warranty of electronics and appliances, and $3 \%$ extra on the order value for sustainable packaging and carbon offsetting for shipping emissions. # 12% Percentage of the average order value that consumers are willing to pay as premium for 10-minute delivery. # Figure 6. Consumers are willing to pay extra for speed and convenience, but less than last year Average % of the order value consumers would be willing to pay for the following delivery speeds and services: Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers; What matters to today's consumer 2025, November 2024, N = 12,000; What matters to today's consumer 2024, November 2023, N = 11,681 consumers. # 02 # Careful spending meets intentional indulgence "Customers have money to spend, but they are more discerning. They look for deals and better value. Coordinated sets like top and bottom at a sharper price are flying off shelves because they offer perceived value compared to buying separates." Impulse restraint is easing, with $54\%$ of consumers reporting fewer impulse purchases versus $71\%$ last year, signaling a modest rebound of 'intentional indulgence' alongside persistent deal-seeking and cutbacks on non-essentials. Despite rising cost-of-living concerns, consumers do indicate they are making selective trade-offs to give emotional boosts alongside a sense of control. Many have adopted a hybrid mindset: willing to trade down in certain categories, while retaining spending in others (e.g., when prioritizing health-related aspects). We have previously seen that health benefits consistently rank as a top priority for consumers when choosing food products. Studies indicate that consumers are willing to pay, on average, a $30\%$ premium for healthier options.[9] Within the health and wellness space, high-protein diets have seen a notable surge in popularity. Consumers are eating more protein than ever before, with $61\%$ of Americans reporting increased protein intake in 2024, up from $48\%$ in 2019.[10] # Strategic saving, selective splurging We are entering an era of 'smart downshifting', where shoppers mix high and low choices across categories. # Strategic saving As prices rise, many consumers are recalibrating their purchasing behavior, reducing quantity, substituting with lower-cost alternatives, or switching to private labels. For instance, around half (49%) are buying smaller quantities, suggesting a shift toward consumption control, rather than complete avoidance. A similar proportion (48%) are embracing cheaper alternatives, such as canned fruit instead of fresh, highlighting a willingness to compromise on experience to manage budgets. Ronald Sargent, Interim CEO and Chairman at Kroger, highlights: "When you look at the income cohorts, low- and middle-income households are really looking for deals. They're using coupons more. They're making smaller but more frequent trips. They're also eating out less."11 The preference for private labels dropped 21pp from $65\%$ in November 2024 to $44\%$ this year. During periods of heightened financial pressure and inflation, shoppers were more inclined to trade down. As prices stabilized, the emphasis shifted back to quality assurance, and concerns over product performance resurfaced. Trust dynamics likely amplified this trend. Scrutiny around shrinkflation made low-cost alternatives seem less dependable, driving a sharp decline in preference for private labels. Jason Coan Vice President Operations, Reliance Trends # Figure 7. Around two in five consumers are opting for cheaper options over name brands How have your shopping behaviors changed in response to price increases over the past year? Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 6,000 consumers, What matters to today's consumer 2025, November 2024, N = 12,000; What matters to today's consumer 2024, November 2023, N = 11,681; What matters to today's consumer 2023, November 2022, N = 11,300. # Selective splurging Trust, reliability, and performance are critical drivers of purchase decisions, particularly for products that influence safety, health, or long-term use. Consumers seek confidence that these products will function as intended and pose no risks. This is especially true in high-stakes categories such as electronics, baby care, and health products, where $77\%$ of consumers across income brackets say they avoid private labels and $70\%$ worry that cheaper substitutes may underperform (see figure 8). Electronics represent a significant investment where technical reliability is essential, while safety and health considerations are paramount in baby care and healthcare items. In these sensitive segments, shoppers gravitate toward established brands with proven track records. Conversely, private labels often lack strong brand equity, creating a perception of risk that makes customers hesitant to choose them. Figure 8. Nearly four in five consumers avoid private labels for performance-critical products % of consumers agreeing that they exhibit the below behaviors, by annual household incomes Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers. # The deal hierarchy is well defined In the eyes of today's value-conscious consumer, not all promotions are created equal. Three out of four shoppers find 'money-off' deals to be the most effective, followed closely by percentage discounts and buy-one-get-one-free (BOGOF) offers. This ranking reveals a clear deal hierarchy that prioritizes immediacy, clarity, and tangible value. In a period of ongoing economic strain, consumers are gravitating toward promotions that offer direct and simple savings at the checkout. Importantly, consumers are not only seeking the deepest discount, but also the least cognitive friction. Retailers that prioritize transparent, no-strings-attached offers are more likely to see higher engagement and conversion rates. Personalized coupons and multi-buy offers rank lower, not necessarily due to lack of value, but due to the mental effort or delay they often involve. Alex Owens, former VP, Global Head of PDC's, Analytics, Shopping Insight & Executive Sponsor of Unilever's LGBTQI+ Network, highlights, "Pricing remains one of the biggest challenges for FMCG. Beyond rising commodity and supply-chain costs, brands must also navigate retailer margin pressure, increased price transparency, and highly price-sensitive consumers. While some cost increases have to be passed on, this only works where shoppers continue to perceive strong brand value and clear product efficacy." Figure 9. Three in four consumers find money-off the most effective promotion type How effective are the following types of promotions in driving your purchase decisions? Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers. Beauty retailer Sephora, for instance, offered 30% off all Sephora Collection products during its annual sale in November 2025.12 After a slight dip in U.S. sales in Q1 2025, partly due to aggressive price cuts by e-commerce platforms, Sephora partnered with Lyft to offer customers $20 off rides to select stores in New York City, Seattle, Los Angeles, San Francisco, and Chicago. The initiative aimed to drive more foot traffic into physical stores and reduce reliance on online shopping. The organization also ran a limited-time promotion offering $10 off any order over $50 at checkout, and a free personalized 'skin scan.'13 # 75% of consumers say money-off deals are the most effective promotions, ahead of percent off and BOGO (Buy One, Get One) offers. # Figure 10. Two in three consumers trust ecommerce players to give them a fair price Do you trust that you are getting a fair price from the following retail channels? Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers. # Benchmarking fair value As value perceptions evolve, fair pricing is not only about finding the lowest number, but also about feeling well informed. Our research shows that two in three consumers now trust ecommerce players to offer fair prices, reflecting how comparison tools have normalized transparency in online marketplaces. Amazon's 'Compare with similar items' tool auto-populates a comparison chart with three other similar items, saving customers time. Besides showing additional information for the main product, the platform also shows technical details, warranty information and even the ranking of sellers.[14] AI-generated review summaries on platforms such as Amazon and Best Buy are helping shoppers interpret thousands of opinions instantly, filtering for individual priorities such as quality, durability, and eco-friendliness. At the discount end of the market, $59\%$ express confidence in discount chains, long associated with everyday low prices. Second hand marketplaces are also growing in significance, with $63\%$ of consumers trusting thrift or secondhand stores, where 'discovered value' adds to the sense of fairness. Interestingly, around half $(53\%)$ expect fair pricing from physical stores, on par with brand websites and apps. Consumers seem to suspect that the individual time investment needed to conduct price comparison is allowing brands and retailers to charge them more. Equally, not all digital experiences are earning trust. Only $17 \%$ of consumers say they trust social commerce platforms such as TikTok Shop or Instagram, with rapid product turnover and opaque pricing undermining credibility. Given TikTok Shop is the fastest growing retailer in the world, it will be interesting to see if this trust changes over time as they scale. # Indulgence is the new emotional buffer Consumers are now redefining indulgence as a coping mechanism, rather than a luxury. Seven in ten shoppers in our survey say small treats help them deal with financial stress, while an equal share feel they deserve an emotional/ sensory reward for making savings elsewhere. This 'emotional offset' reflects a wider behavioral shift wherein people are balancing prudence with small moments of pleasure that restore a sense of normality and self-gratification. The pattern is strongest among Millennials and Gen Z, who are accustomed to the language of emotional wellness and mindful consumption. Retailers and brands are responding to this desire for 'guilt-free joy.' Mondelez reported continued growth in its -snacking moments' segment in 2024, noting that consumers are buying smaller pack sizes but with greater frequency, practicing what the organization calls 'indulgent stacking' (building up a pile or supply of small treats).<sup>15</sup> Similarly, Starbucks introduced cold foam drinks served in layers with vibrant flavor add-ons for customers seeking a little personalized indulgence without straining budgets.<sup>16</sup> Indulgence is no longer at odds with frugality. It has become an essential emotional release within financially disciplined lifestyles. Brands that can position small pleasures, whether a premium snack or an affordable aesthetic upgrade, as attainable acts of self-care are most likely to thrive in this new value equation. To what extent do you believe these statements describe you? # Figure 11. Seven in ten consumers opt for treats and small indulgences to cope with financial stress Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers. "Brands must move beyond being optimized for search to being optimized for selection. Success increasingly depends on being chosen by algorithms, not just found by consumers. This requires brands to be context aware, relevant, and ready to surface naturally at the right moment. The future of discovery lies in being present where decisions are made, often before the consumer even realizes a choice is underway." Dreen Yang EVP, Global Consumer Products and Retail Lead, Capgemini "Affordability cannot come at the expense of efficacy. Consumers expect both, they actively compare products, scrutinize ingredient lists, and demand transparency before making decisions. In short, today's definition of value means delivering quality and trust at every price point." # Edwin Taborda Global Chief Consumer & Market Intelligence Officer, L'Oreal Consumer Products Division # 03 # AI - The consumer's trusted guide With an abundance of information readily accessible online and sophisticated tools to sift through and analyze it, consumers are no longer passive targets of marketing. Consumers are increasingly conducting thorough pre-purchase research, evaluating options across multiple platforms, and drawing on reviews, expert insights, and peer recommendations. In fact, one-quarter (25%) have already used Gen AI shopping tools in 2025, while a further 31% plan to use them in future (see Figure 12). In today's reimagined shopping journey, Al has transitioned from a behind-the-scenes enabler to a trusted, front-line advisor. It's no longer just about automating tasks but about enhancing human decision making. From interpreting user preferences and behaviors to delivering real-time, conversational support through chatbots and virtual assistants, Al now plays a central role in guiding consumers. # Frictionless tools drive adoption Consumers are most likely to embrace technological solutions that address a genuine need as intuitively as possible. At least six out of ten consumers consider chatbots for query resolution and personalized post-purchase follow-ups among # Figure 12. One in four consumers has used Gen AI shopping tools in 2025 % of consumers who agree with the following statements Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers; What matters to today's consumer 2025, November 2024, N = 12,000; What matters to today's consumer 2024, November 2023, N = 11,681 consumers. the most valuable features in their digital interactions (see Figure 13). Chatbots are becoming pivotal in elevating CX by delivering instant, real-time assistance. Adoption of these tools is high with almost three-quarters (73%) of consumers having used chatbots for queries at least once. These chatbots provide ways for brands and retailers to provide instant support 24/7 across consumer query categories such as product information, availability, promotions and post purchase assistance with the aim to improve customer experience. However, execution does not appear to be keeping up with adoption, with only $57\%$ satisfied with the experience (see Figure 13). While chatbots offer instant responses, convenience, and speed, their limited problem-solving ability, lack of personalization and empathy, poor contextual understanding, and difficulty in escalating to human support often lead to disappointment. Despite being marketed as "smart," the actual experience may frequently feel basic. Brands/retailers need to ensure chatbots are not deployed simply to divert consumers away from human channels and reduce costs. Chatbots should be developed to provide a frictionless experience which should include a human off-ramp' that diverts the query back to an employee should the consumer wish to prevent dis-engagement. # Figure 13. Most consumers find chatbots useful % of consumers who mentioned the following Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N (consumers who have used this tool at least once) = 3,949 consumers for chatbots for customer queries, 4,024 consumers for personalized post-purchase follow ups. Proactive post-purchase consumer engagement can transform a simple transaction into a lasting relationship. More than three in five (61%) of consumers have encountered post-purchase personalized follow-ups, and more than half (54%) are satisfied with these hyper-personalized emails that feature usage tips, care instructions to extend product life, and tailored recommendations for complementary products or accessories, giving the consumer a real sense of post-purchase support and significantly boosting brand engagement. This can build trust and loyalty as well as inspire repeat purchases, creating a deeper emotional connection with consumers. # Everyday agents: Shoppers already let AI act on their behalf Consumers are increasingly relying on AI to handle more complex purchases such as planning meals. Balancing variety, dietary restrictions, nutritional goals, personal taste preferences, budgetary constraints, and minimizing food waste, all around busy schedules, make meal planning a demanding endeavor. Almost half of consumers (52%) use virtual assistants that automate re-ordering or meal planning at least once a week. Among these, less than half (46%) are satisfied with the experience, but the maturity curve of these technologies suggests this will quickly rise. Automated meal planning offers the added advantage of significantly reducing food waste by providing consumers with data-driven insights, optimizing grocery purchases, and ensuring existing ingredients are used before they spoil. This approach addresses key drivers of household food waste, such as overbuying and improper storage. Jason Coan from Reliance Trends adds, "We are embedding AI agents into apps and even changing rooms. A style advisor can ask, 'What matches with a polka dot dress?' and get instant suggestions. Consumers will soon be able to say, 'Show me an outfit for a wedding,' and receive curated looks linked to real-time stock." - Walmart Voice Order, integrated with Google Assistant, enables hands-free grocery shopping by harnessing AI to recognize natural language and re-order frequently purchased items. It learns from past purchases to select the individual consumer's preferred brands and sizes, and even suggests alternatives based on local availability and pricing. Over time, the system becomes smarter, offering more personalized and efficient shopping experiences.[17] - The Samsung Family Hub Refrigerator integrates SmartThings and Samsung Food to create a connected kitchen experience. It helps with meal planning and grocery management by using internal cameras to monitor inventory, suggesting recipes based on what's available, and offering the option to place grocery orders through the fridge or a smartphone. The system can adapt to user preferences, automate ingredient reordering, and works with voice assistants like Bixby or Alexa for hands-free control.[18] - Google has added an AI Mode to its Search tab, enabling users to describe what they need in a conversational format and receive clear, structured results. This feature organizes responses with visuals, pricing, reviews, and inventory details, and can present side-by-side comparison tables that incorporate insights from customer feedback.[19] Its agentic Figure 14. Only one in five consumers is willing to pay % of consumers willing to pay for chatbots or virtual shopping assistants that can automatically order items on their behalf Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 3,125 (consumers who use chatbots at least once a week). checkout allows users to set product preferences, define a target price, and activate a "Track price" option. When the price reaches the specified target, Google's AI sends a notification and completes the purchase securely through Google Pay.[20] The AI-powered "Let Google Call" feature helps users check product availability nearby. When someone searches "near me," Google's AI contacts local stores to confirm stock, pricing, and offers, then provides a summary via text or email.[21] While consumers generally welcome chatbots and virtual shopping assistants, willingness to pay for such automation is far lower than adoption rates. Just $11\%$ are open to a one-time payment and $8\%$ prefer a subscription model, although $22\%$ would consider paying if bundled with discounts or rewards (see Figure 14). # Trust grows when AI explains itself In today's AI-powered commerce, earning consumer trust has become essential. Transparency and user control are fundamental to building and sustaining that trust. Most consumers (76%) want to set boundaries for these digital assistants (see Figure 15). The ability to adjust preferences, accept or reject suggestions, and manage data sharing empowers users and fosters confidence. This control ensures that AI enhances, rather than dictates, the experience, allowing shoppers to tailor interactions to dietary restrictions, budgets, or brand loyalties. When users can also provide feedback, AI systems learn and improve, creating a cycle of trust, relevance, and engagement. Explainability and transparency are also key to earning consumer trust. More than six in ten consumers trust a digital assistant when it explains its recommendations and actions (see Figure 15). Users feel more informed and in control, at the same time more disposed to share more data for personalization, and explore advanced features with confidence. # Figure 15. Three in four consumers like to set strict boundaries for a digital assistant % of consumers who agree with the following statements Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers. While consumers increasingly expect AI-based tools to deliver personalized experiences and act on their behalf, most (71%) are also worried about lack of clarity on consent and transparency around collection and usage of personal data (see Figure 16). A significant $66\%$ of consumers are aware of the use of synthetic or virtual influencers in advertising, with over half $(52\%)$ not trusting them. Two-thirds $(67\%)$ expect brands to clearly flag when they show AI-generated ads. Regulatory bodies recognize the need for explicit transparency around AI-generated content. China's 2025 law requires clear visual tags and hidden watermarks on AI-generated media, including chatbots and synthetic videos, while the EU's AI Act mandates transparency by notifying users when they interact with AI content.[22] # Figure 16. 71% of consumers are worried about Gen AI data use % of consumers who agree with the following statements Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, $N = 12,000$ for "Lack of clarity around consent and transparency in how Gen AI collects and uses my personal data, such as browsing history or shopping habits," $N = 2,003$ for "Brands should clearly inform when they show AI-generated ads." # Social commerce remains a force to be reckoned with Social commerce, a unique blend of social media and ecommerce, remains relevant for consumers (see Figure 17). Social commerce makes shopping more interactive, personalized, and emotionally engaging for today's digitally native consumers. Increasingly, people discover products through influencers, peers, and user-generated content on social media platforms, where recommendations feel more authentic and trustworthy than those through traditional advertising. Social platforms integrate shopping seamlessly into the user experience by offering one-click purchases and integrated payment options, making it frictionless. As a result, these platforms remain popular even though they score lower on trust when it comes to fair pricing. # Figure 17. 35% of consumers purchased a product via a social media platform in 2025 % of consumers who said 'yes' to the question: Have you bought a product via a social media platform? Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000, What matters to today's consumer 2025, November 2024, N = 12,000, What matters to today's consumer 2024, November 2023, N = 12,000. "Quick commerce is no longer a metro phenomenon, it's democratizing speed across India. Today, $25\%$ of quick commerce spending comes from mid to low-affluent consumers in Tier 2 and Tier 3 towns. These customers are willing to pay a little extra for faster delivery, signaling that convenience and immediacy are becoming universal expectations." # Priyanka Bhargav Head of Insights and Brand Strategy, Flipkart Figure 18. Indian consumers are leading the social commerce trend Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers. Percentage of consumers who said 'Yes' to the question: Have you bought a product via a social media platform? (By country) Social commerce growth is being driven largely by Indian consumers (see Figure 18). Social commerce taps into emotional drivers such as 'belonging,' 'aspiration,' and 'self-expression,' allowing consumers to connect with brands that reflect their values. Through interactive features such as comments, direct messages (DMs), and live sessions, brands build trust and loyalty while gathering real-time feedback to refine offerings. Combined with AI-driven recommendations and social proof such as likes, shares, and reviews, social commerce becomes more relevant and persuasive, boosting consumer confidence and purchase intent. Instagram and YouTube retain their position as the most popular social commerce platforms, followed by Facebook and TikTok (see Figure 19). Social commerce empowers small businesses and independent creators to connect with audiences directly, bypassing the need for large marketing budgets or complex infrastructure. This levels the playing field, allowing them to compete and grow through authentic engagement and community-driven content. The trend to watch in 2026 is what effect the new wave of Agentic commerce is going to have on this trend. With Agentic commerce, brands go from being 'discovered by consumers' to being 'chosen by AI'. This is a fundamental shift and requires all brands/retailers to prepare for this SEO to GEO shift. # Figure 19. Instagram and YouTube remain the most popular social commerce channels Social media platforms most preferred by consumers (Rank 1) Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 4,248 consumers who have bought on social media platform; What matters to today's consumer 2025, November 2024, N = 3,805 consumers who have bought on social media platform; What matters to today's consumer 2024, November 2023, N = 2,774 consumers who have bought on social media platform. # 04 # Reliable tech builds loyalty –but with boundaries Organizations need a nuanced understanding of how digital tools can enhance CX, while recognizing the importance of respecting consumer trust and privacy. # Data-driven experiences deliver value across the journey The shopping journey offers numerous opportunities to create value, with personalization the most obvious and prominent today. Smart use of AI and data can enable enhanced personalized recommendations, offers, and content, making shopping more efficient and increasing repeat visits. Consumers want this. A notable $63 \%$ of consumers want Gen AI to share hyper- personalized content and over half $(56 \%$ ) are comfortable sharing their shopping history and preferences. # Figure 20. 63% of consumers want Gen AI to provide hyper-personalized content % of consumers who agree with the following statements Source: Capgemini Research Institute, What matters to today's consumer 2026, October 2025, N = 12,000 consumers; What matters to today's consumer 2025, October 2024, N = 12,000 consumers. Our survey also shows other areas where retailers can enhance the shopping journey: - Features such as mobile apps, voice assistants, and seamless checkout enhance satisfaction from the convenience they offer. - Omnicannel options (e.g., buying online ver