HELLO JI!

I SO NEED EVERYTHING I WANT!

Need versus Want is especially relevant in these times of mindless consumption. Image credit: JAISHREE HOTCHANDANI on Unsplaash.

A friend was booking tickets to an exotic destination for a family reunion. “I saw that there were just two tickets available, a ‘scarcity mindset’ kicked in, and I purchased them on the spot. A few minutes later I saw plenty more on a flight a day later – at a substantially lower cost. If I had just waited...”

New consumer research from Food Processing Skills Canada reveals significant shift in Canadian shopping habits due to US trade threats. Seniors prioritize buying Canadian, while immigrants and those under 35 place less emphasis on it.

The top motivations for buying more Canadian products are the belief that it’s good for the economy (86%), “anger/frustration” with the US (75%), and Canadian pride (71%). 52% of consumers who increased their purchases of Canadian products report an increase in their grocery bills.

A study conducted by advertising agency ONE23WEST in partnership with Innovative Research reveals a complex and divided landscape of Canadian consumer behaviour – Canadians are far from a monolith. The consumer landscape is diverse, with six distinct segments emerging, each influenced by factors such as political leanings, purchasing power and purchasing priorities.

So, business as usual, then?

While many Canadians express a desire to support local businesses and buy Canadian-made products, the research shows that price often beats patriotic feelings, creating an uncomfortable internal conflict and feelings of guilt, as financial considerations outweigh their desire to “buy Canadian”.

Older Canadians tend to prioritize Canadian-made products more than their younger counterparts. This generational divide may be largely influenced by the ability to afford higher prices for domestic goods, with older consumers having the financial privilege to do so.

All this talk about life after tariffs reminds me of the classic needs vs wants lectures that I used to subject our sons to when they were younger – much like many other parents, I presume.

“You want to go to the concert, you don’t need to.” Or, “You want that fancy new phone, you don’t need one.”

During the pandemic, many of us curtailed our spending – necessity dictating fewer trips to the grocery. Work-from-home resulted in a reduced need for office attire. We avoided restaurants, theatres and other public spaces, and travel ground to a halt. Thus we shopped less for clothes, shoes, bags and the other paraphernalia associated with leisure activities.

It was seen as the great reset. We didn’t love being stuck at home but we were able to recalibrate our needs. Faced with the patriotism versus price conundrum, we will do so again and hopefully arrive at a comfortable middle.

I think of my friend and the tickets she overpaid for. If we just wait and take a few deep breaths, we may be able to curb this impulse to grab and go.

Shagorika Easwar