SME study: ‘Consumers are eager to focus on emotional well-being’
The findings offer a strategic advantage to anticipate changes in consumers and align offerings with their evolving needs and values.
Puerto Rican consumers are “eager to focus on emotional well-being,” though many find the path challenging. Over the next 12 months, prioritizing family time, maintaining healthy relationships and finding ways to relax will be central.
These are key findings from the “2024 Consumer Foresight Study,” commissioned by the Puerto Rico Sales and Marketing Executives Association (SME) and revealed during its Marketing Summit.
The study provides an “innovative look into the evolving values, behaviors and expectations of Puerto Rican consumers.”
The research was conducted through a two-phase methodology, including a digital quantitative study of more than 1,500 respondents representative of the Puerto Rican population (2.7% margin of error), and a “Digital Journey” involving 25 participants who shared in-depth reflections via video.
The findings highlight consumer priorities regarding their emotional well-being, health, financial confidence, digital engagement and sustainability.
On emotional well-being, 61% of respondents emphasized the importance of family and self-care, though only 34% plan to invest in mental health.
“We’re seeing a strong consumer intent to focus on emotional well-being, but many face obstacles. The pressure of daily life and financial constraints are common barriers,” said Beatriz Castro, founding partner of Nube Research, who along with Esteban Colón, president of Brain Consulting, led the research.
The “health awakening” pillar indicates rising interest in physical health, but full adoption is still evolving. Around 40% plan to prioritize physical well-being in the next year. Investment in health varies, with those already committed more likely to increase their efforts.
In terms of financial confidence, despite uncertainty, 44% plan to increase their spending on food, education and home improvements, while cutting back on dining out (53%) and luxury items (33%).
Regarding global awareness, participants said although familiarity with global events is limited, those who are informed expect local impacts, particularly on product costs. Despite economic and social challenges, 86% of respondents prefer to remain in Puerto Rico.
As for technology, it continues to be a driving force in consumer decisions. Content quality (80%) and relevance (52%) influence engagement with brands, and 71% are more likely to purchase based on positive digital reviews.
“Technology has gone from being an add-on to becoming the core of Puerto Rican consumers’ purchasing decisions. Brands must focus on building trust through authentic and relevant content,” said Castro.
However, concerns over privacy and digital security are growing, with 85% expressing “great concern” about online privacy, which will affect their digital interaction in the coming year.
Meanwhile, education is seen as essential for personal and financial growth, with 44% of respondents planning to increase their investment in personal development, considering continuous learning as key to emotional fulfillment and financial security.
“Continuing education is seen as a path to personal growth and financial security … which underscores the value they place on learning to adapt to a constantly changing world,” Castro added.
Finally, 85% of consumers intend to adopt more sustainable lifestyles, such as purchasing energy-efficient products, reflecting a shift toward socially responsible and environmentally conscious brands.
“This Consumer Foresight Study, conducted for the first time in Puerto Rico … offers invaluable insights for marketers, advertisers and brand managers looking to stay relevant and competitive,” said SME Chairwoman Ana Yolanda Agrelot.
“Understanding the pulse of Puerto Rican consumers is essential to adapt to an ever-changing landscape. This study not only identifies key trends, but also reinforces our association’s commitment to offering relevant data and resources for our industry’s success,” she added.
