The world is changing, fast – and businesses around the world are racing to keep up with customers and their changing consumer habits.
“How we live is so centrally dependent on the choices available that the biggest issue we face is how to make sense of it all,” global market research provider Euromonitor International director of lifestyles Gina Westbrook said.
How have global consumers been responding? By paring back and approaching life with a more wholistic, minimalist approach.
“Simplifying your options, having smooth purchasing experiences, being mindful and ultimately opting out altogether are all intrinsic.”
Here are the top 10 consumer trends to watch out for that will be driving the economy this year, according to new research.
1. Age agnosticism
What is ‘old’ and ‘young’ anyway? As the global population ages, older consumers take better care of themselves and want to feel younger.
2. Quality for the sake of quality
Consumers are shifting away from overt materialism and instead are selecting products for simplicity and quality.
3. Consuming ethically
People are living – and shopping – according to their values, meaning consuming sustainably and ethically is no longer sidelined. Major mainstream companies are increasingly offering ethical products and options thanks to greater demand.
4. Intimacy – digitally
As technology becomes more and more integrated into our lives, our work, and our homes, people are learning how to connect to and be with each other – digitally.
5. Consumers are experts
Thanks to social media, product review platforms, and a growing push for corporate transparency, shoppers are becoming more discerning than ever – and companies will need to innovate in order to please their inquisitive customer base.
6. FOMO has given way to JOMO
‘Fear Of Missing Out’ is out the window; instead, people are experiencing the ‘Joy Of Missing Out’ and choosing to unplug from technology and prioritise what they enjoy doing.
7. Google is the new GP
With a wealth of reliable (and a fair share of unreliable) information freely available on the internet, self-sufficient global citizens are taking preventative measures against illness and unhappiness without consulting professionals.
8. Plastic is uncool
Consistent with number 3, businesses are improving their sustainability by finding more environmentally-friendly alternatives to plastic and waste.
9. Gratification must be instant
Businesses large and small are learning the significance of providing customers with instant, frictionless experiences. Global consumers are expecting services to be online and available at a finger’s touch and to integrate seamlessly into their lifestyles.
10. Living alone
Citizens around the world, particularly older citizens, are breaking the stigma of living alone and embracing independent lifestyles.
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