Euro RSCG’s New Consumer study uncovered a movement toward “intelligent simplification”:
• 70 percent of the global respondent base respect/admire people who live simply (minimal purchases, debt free, etc.), while only 19% respect/admire people who live a high-luxury lifestyle.
• 67 percent believe most people would be better off if they lived more simply.
• 68 percent say they no longer want a lot of bells and whistles on the products they buy; they would rather just have the functions they really need.
A survey by branding consultancy Siegel + Gale backs up these findings, showing, among other things, that U.S. consumers are willing to pay a 4-6% premium for brands they believe offer a greater degree of simplicity. Extrapolated across all industries and sectors, that could translate into an additional $27 billion in earnings.
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