The first edition of the Malta Consumer Trends event – a rousing success
In a dynamic and evolving market landscape, understanding consumer trends is imperative for local businesses aiming to thrive and adapt. The recent Malta Consumer Trends event provided a platform for enlightening discussions on the shifts shaping Malta's market dynamics.
After an introduction by moderator Trudy Kerr , I kicked off the event by addressing esteemed panellists and attendees.
Despite businesses' efforts to analyse clientele, brand perceptions, and shopping experiences, there remains a lack of realistic data on consumer behaviour in Malta. This gap often leads to speculation, with reliance on foreign data to understand Maltese consumer preferences, thoughts, and behaviours.
In response to this uncertainty, a collaborative effort was initiated with B2B Malta Ltd, led by CEO Gordon Theobald . Together, we embarked on a journey to unlock the untapped potential of the Maltese market, leading to the conception of the inaugural Malta Consumer Trends event.
The event aimed to delve into decoding Malta's consumer journey, emphasising the evolution of consumerism and the importance of understanding the multi-channel path consumers take from awareness to conversion.
Insights shared during the event highlighted key trends shaping the local consumer journey in 2024. These include:
On the other hand, technology, human connection, service quality, sustainability, and evolving consumer values are the main causes shaping the 2024 trends. The event aimed not only to discuss insights from distinguished experts, but also to share groundbreaking survey results pertaining to the preferences and habits of the Maltese consumer base, particularly in the context of digital interaction and purchasing patterns.
Drawing from a survey which Mr Theobald presented during the event, key insights emerged, illuminating the preferences and habits of the Maltese consumer base, particularly in the context of digital interaction and purchasing patterns.
The survey highlighted key observations about the familiarity and adoption of automated tools, consumer loyalty, information channels, online purchasing habits, habit changes, and the impact of influencers and advertisements on consumer behaviour.
The event was divided into three panels, each with the participation of a number of industry leaders.
The first panel, ‘Rationalising International Trends’ was made up of Dr Gege GATT , CEO EBO.ai, Franco Curmi , Head of Marketing Department, University of Malta, Suzanne Spiteri , Chief Commercial Officer, EPIC, Dr Jackie Mallia , Senior Associate, GVZH Advocates, and Dr Christian Colombo , Department of Computer Science, University of Malta.
Dr Gatt spoke about how business can further personalise digital support systems such as Chatbots and help business to enhance consumer satisfaction and experience. He explained that digital is not about technology, but about culture, about people, about understanding how tech facilitates the journeys that people want to have when people purchase products or services.
Prof. Curmi spoke about how brands can stand out amongst their competitors. He said that it is not humans as such that are changing; rather it is technology which is changing us. Local businesses need to stop ‘improvising’ and have more of a concrete plan when it comes to harnessing the power of technology.
Ms Spiteri spoke about the key factors in maintaining subscriber interest and loyalty. She said that in her field of telecoms, convenience and efficiency are essential, as is the human element when it comes to sales and complaints, which is why they invested so much in their retail footprint. Also critical are customer service an investing in their core product.
Dr Mallia spoke about whether business using third party platforms need to take action or is the responsibility on the third platform provider, saying this depends on the circumstances. Regulation tends to be a bit ‘resented’ especially in marketing, as it feels restrictive. However, one needs to see this as an opportunity, not a restriction as it give the consumer more trust in the business, if they know that the entity conforms to regulations.
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Dr Colombo spoke about how brands can build trust and address privacy concerns in an increasingly digital and data driven marketplace. He said that one really has to think and plan ahead what data you are planning to collect, and whether you need it from your customers or if you can get it from other sources.
The second panel ‘The public sector’s role” was made up of Brian Camilleri , Chief Officer for Economic Intelligence, Policy, and EU Affairs, Malta Enterprise, Dr Joseph Gerada , Regulator of the Family Business Office, and Roseanne Camilleri , CEO, Primary HealthCare.
Mr Camilleri spoke about the challenges that local companies going through the digitalistion process are facing. He said that the fact that a high percentage of consumers are reluctant to shop online (which is something which came out of the survey) is very interesting. He explained that Malta Enterprise helps companies develop support measures that will help companies digitise their product.
Dr Gerada spoke about the challenges family business in particular had when it comes to digitalisation. He said that one of the main challenges was getting the founders to start planning for succession with the new generation, which is more likely to turn towards AI and digitalisation at the workplace.
Ms Camilleri spoke about how, with more people using apps to monitor their health, primary health care has become entirely digitalised. She said that Covid was providential in this respect as it led to the introduction of the electronic Patient Record and the 24/7 Telemedicine internet support centre.
The third panel dealt with brand loyalty and was made up of Karl Laspina , Head of Operations, Bolt Malta, Claire Abela , Managing Director, Lucy Makeup Store, Lorinda Mamo , Lifestyle Blogger, and David Grech , CEO & Founding Member, Daves Food Store.
Mr Laspina spoke about how immersive and emotionally resonant brand experience be crafted to retain customers in an era of declining brand loyalty. He said that market saturation is a big factor in declining brand loyalty, coupled with access to information to easily access prices and cross compare from the comfort of their home. There has also been a shift in consumer values, with younger generations aligning themselves with brands which share their own personal values.
Ms Abela spoke about how changing demographics are influencing consume expectations towards brands, especially regarding service, quality and ethical practices. She said that things change so fast that it is hard to keep upm especially seeing that Gen Zs tend to have a short attention span. It is essential to always be on the ball, and transparency is super important, as is the ‘experience’ and service, especially where physical locations are concerned.
Ms Mamo spoke about the impact of social media platforms on consumer purchasing decisions and how brands can leverage this influence. She said the most important thing that people look for and respond to is storytelling. Successful businesses know this and use it to their advantage, without the public even realise it at times.
Mr Grech spoke about how local businesses can understand and cater to the behaviour of consumers nowadays. He said that in his experience, many local businesses tend to be afraid to do something new in their line. Analysing a huge amount of data using traditional methods is very cumbersome, so it is important to keep an open mind, for instance, where AI is concerned.
The event ended with a Q&A where the attendees were able to ask questions to the experts on the panel, as well as the organisers.
In conclusion, The Malta Consumer Trends event prompted valid questions about the relevance of international consumer trends to the Maltese context and the integration of these trends into local marketing strategies. Moving forward, the event served as a catalyst for learning, thinking ahead, and ensuring businesses thrive in Malta's dynamic market landscape.
A copy of the survey report can be obtained by sending an email to [email protected]
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11 个月Well done Gordon! ??