CEOs of major companies have repeatedly used the adjective ‘choiceful’ in their public appearances and investor updates, reflecting a shift in consumer behavior amid inflation and economic changes.
The Rise of ‘Choiceful’
The word ‘choiceful’ has swiftly gained popularity among CEOs, featuring in various public appearances and investor calls for major corporations, including Walmart, McDonald’s, and Starbucks. The term has been used 15 times in S&P 500 earnings calls so far in 2023, showing a significant increase from the previous year.
Unconventional Linguistic Trend
Despite not being recognized by mainstream dictionaries, the term ‘choiceful’ has resurfaced from the late 1500s and is experiencing a resurgence in contemporary corporate discourse. It is described as an infrequently used adjective, employed by CEOs to convey the evolving behavior of consumers in response to economic changes, particularly inflation.
Adapting to Shifting Consumer Behavior
The term is being used by CEOs to characterize the evolving spending patterns of consumers in an economy impacted by inflation. Consumers are becoming discerning with their purchases, favoring timeless and high-value items, which has influenced companies’ strategies and financial performances.
Notable examples include Ralph Lauren, whose CEO highlighted consumers’ desire for timeless apparel and Molson Coors’ targeted approach to nonalcoholic beverages. Additionally, McDonald’s emphasized being ‘choiceful’ in executing price increases in response to inflation.
Economic Uncertainty and Future Outlook
With economic uncertainty and concerns about a potential recession looming, the implications of consumer ‘choicefulness’ and its impact on businesses remain unclear. The usage of ‘choiceful’ reflects CEOs’ endeavors to address the challenges posed by evolving consumer behavior and economic conditions.
Financial Landscape and Consumer Trends
Amidst rising credit card debt and ongoing inflation, the evolving consumer behavior and its implications for businesses have become a focal point. The potential for further economic challenges and the need for adaptable business strategies are prompting discussions about the future business landscape.