Euromonitor International recently released their Top 10 Global Consumer Trends 2019, highlighting trends that are expected “to gain traction in the year ahead” and impact relationships between businesses and consumers.
TRENDS:
AGE AGNOSTIC
“Older people want to feel, behave and be treated as younger.”
Consumers in the Baby Boomer generation are young at heart and want to purchase products that will reflect the mindset of being forever young. The generation is “just as obsessed with technology” and share similar values and attitudes as Millennials and Generation Z. Baby boomers, or now "forever young" generation, want to enjoy their lives and not worry about the future.
BACK TO BASICS FOR STATUS
“Less is more.”
Conscious Consumers are seeking better-quality and fewer mass-produced products in their local geographical markets. Consumers are “re-evaluating their spending habits, moving away from overt materialism to simplicity, authenticity and individuality.” People who are embracing the Back to Basics trend are utilizing creative products that stretch their dollar sustainable ways.
CONSCIOUS CONSUMER
“Being mindful in your buying.”
Conscious Consumers’ concern for the environment and animal welfare are
This decrease in animal-derived ingredients has increased the demand for plant-based ingredients.
Animal welfare labels on products have become an influential factor in the decision-making stage for Conscious Consumers and are impacting the food service, fashion, and beauty industries.
DIGITALLY TOGETHER
“Proximity is no longer a boundary.”
Connectivity, shareability, and accessibility are living at consumers’ fingertips. It is easier than ever to collaborate and share with virtual reality becoming reality.
Virtual communities such as health and wellness, personal and professional relations, and emergency services are made more accessible by technological advancements in artificial intelligence, predictive analytics, and regular updates to social networking platforms.
EVERYONE’S AN EXPERT
“Knowledge is power.”
Consumers can order anything from anywhere in the world and expect two-day shipping; now, companies must be innovative and entice shoppers where consumers frequent most often.
In a “value-minded society,” it pays to be an Influencer. Consumers are turning to their peers to make purchasing decisions.
The "product review culture" has become remarkably influential, while consumers search for reliability and trustworthiness from brands. Companies are already adapting to this trend and utilizing mobile apps that allow consumers to promote a brand's authenticity and to ward off scams.
FINDING MY JOMO
“The joy of missing out.”
Consumers are utilizing JOMO (Joy of Missing Out) to “de-clutter” and limit their exposure to social networking so that they can “focus on real-life experiences.”
These consumers prefer in-store and face-to-face shopping, “especially for things they are passionate about.”
Consumers are multi-tasking less, do not feel the need to be connected 24/7, and are looking for ways to simplify their life.
I CAN LOOK AFTER MYSELF
“Consumers cut out the middle-person and turn to alternative self-care methods.”
Consumers are taking back control of their health and wellness with simplicity and a desire to be self-sufficient.
More and more consumers are turning away from “hype” products and marketing by brands and will not hesitate to spend more money on fewer, high-quality products that are personalized for their individual needs and reduce the impact on the environment.
I WANT A PLASTIC-FREE WORLD
“Consumers taking direct action to eliminate plastic waste.”
While plastic remains the preferred material for versatility and durability, consumers have been made aware of the damaging effects plastic can have on the environment and are finding ways to reduce the damage.
However, in a “throw-away society” consumer awareness for what exactly is considered recyclable is sparse, and this lack of knowledge is contributing to the problem.
| Lush opened "naked" package-free stores in Milan & Berlin in 2019. Photo credit: elle.com |
Even so, “consumers are becoming increasingly sensitive to issues of plastic waste” and are “willing to pay more” for packaging that is more environmentally or eco-friendly in food and beverage products.
With the fact that construction, medical, and transportation industries use plastic materials, the goal is not necessarily a "plastic-free" world but instead a "plastic waste-free" world.
I WANT IT NOW
“Efficiency-drive lifestyles and frictionless experiences.”
Consumers are “willing to spend money to save time” by investing in products (mobile apps) that promote efficiency, such as “super apps”.
Younger consumers are more likely to download mobile apps that promote efficiency than older consumers. Similarly, when surveyed, women may benefit more from these apps than men.
In the last decade, consumer value for efficiency has risen with a “preference for a path to purchase” by making it easier to order a range of items online, saving time with the comfort of convenience.
LONER LIVING
“Loving the single life.”
The older generation is opting out of "tying the knot" and are living the "solo lifestyle" beyond their 50s. This decision comes after the individual is divorced, after their children become adults, or deciding against marriage all together as a lifelong choice.
| Photo credit: Marieclaire.co.uk |
Reference: Euromonitor International Top 10 Global Consumer Trends 2019