ViacomCBS Gives Insight On How Moms, Kids Influence Purchase Decisions
A new study has revealed that the path to purchase involves a collaborative process within the family, stating that kids and parents especially moms play critical role.
The research compiled by the research & Insight team (ViacomCBS Insights Lab) at ViacomCBS International Africa is titled, “Path to Purchase: Power of Moms” and was unveiled on Friday, 10th July, 2020 on Facebook Live where Solafunmi Oyeneye, Senior Channels Manager and Giuliana Dias, Senior Director, Research & Insights, both at ViacomCBS analysed the findings.
It is noteworthy that over the last decade, household purchase decisions shifted from parents-only to a collaborative –family process. ViacomCBS research shows this is especially true for brand purchase decisions.
The research revealed that kids and moms play key roles in influencing the purchase decision in the household, pointing that moms act and perform the role such as: purchase manger, processors of opinion, searcher of highest common ground and voice of reason while Kids are arbiter of cultural cool, shopping assistant/hunter of information, brand advocate and also have a growing veto power which influences purchase decision.
Meanwhile, the research emphasise that the path to purchase is in four stages; Identity the need, evaluate the options, make a decision and purchase the product.
In essence, the first stage is parent driven, parent identifies what they need to buy then discuss it with the family.
The second and third stage is collaborative. The family come together to evaluate the options and parents’ top sources for brand information include: TV Ads, Website and from their kids while kids’ top source of information is from friends, TV Ads and family.
As regard decision making, parents are influenced by rational and emotional drivers.
The rational driver include: Will my kids like it, costs and category specific while emotional drivers are: Spending time as a family, being best of friends with my kids and providing everyday care.
Similarly, the rational for kids are will everyone like it and they want to buy products that specifically appeal to them while their emotional drivers include spending time as a family, being trusted and respected, escaping pressure and just being a kid.
On a different note, the research revealed that when kids are involved in the path of purchase, parents spend 60 percent more.
Furthermore, revealing what is influencing the collaboration within the family as regard purchase decisions, it attributes it to four key drivers and they are: millennial upbringing, unprecedented tech access, financial awareness and family closeness.
It stated that kids play significant roles in family purchase decisions compared to the past. It added that kids have unprecedented access to information with over 11.7 average devices per household in Nigeria.
In line with this, 71 percent of kids in Nigeria agree being connected to the internet is as important as eating and sleeping while 51% of parents agree their children are the smartest tech people in the house.
On financial awareness, 47 percent of kids say they are very or extremely smart about money and 60% of kids are aware of the household budget and 45 percent are aware of how much things cost.
In another vein, families are closer than ever. The research stated that 78 percent of kids look up to moms and dads role model while 56 percent of parents claim their kids are their best friends and 95 percent of parents share every and most things with their kids.
Remarkably, the research revealed that the collaborative path to purchase process between kids and parents impacts is across a variety of categories, adding that in the collaborative process is where the power of moms lays.
Therefore the researchers urged brands to create messaging that reflect these new collaborative households, appealing to the emotional and rational side of parents (mom) and kids.
Also, it pointed that once brands have created these messages, it is imperative that they reach both parents (moms) and kids preferably simultaneously to truly leverage the collaborative path to purchase and that is the power of moms.