The top 10 consumer trends are…
Everyone is an expert. And everyone, regardless of their age, wants to be treated as younger.
Those are two of the top 10 global consumer trends according to a report from Euromonitor International. The market research firm noted that, amid political upheaval in developed markets and fast, totally unprecedented change in developing economies, many of the trends are about “taking back control and asserting ourselves.”
“In the face of turmoil and uncertainty, we feel more powerful when we can go back to basics and eat an egg laid by our own hen, or actively choose to find solace away from digital demands without junking them completely, the report stated. “We want to get that thing or service seamlessly and easily. We want to make a difference to the world by buying more thoughtfully.”
Here is a brief review of Euromonitor’s top 10 global consumer trends in 2019:
1. Age Agnostic: Boundaries of old age are shifting. As people live longer and take better care of themselves, older consumers feel and want to be treated as younger.
“Baby Boomers (born between 1946 and 1964) are the generation with the most disregard for age,” the report stated. “They do not think of themselves as old, and they most definitely do not want to be referred to in those terms. … These are a new kind of mature consumers — a diverse group who enjoy the same things as their younger counterparts and want to continue to be themselves for as long as possible. This means they want products and services that help them stay as youthful as possible in mind and body, not trying to change things — just look and be the best they can.”
2. Back to Basics for Status: Shoppers are searching for authentic products and experiences, moving away from overt materialism to simplicity as well as from generic to higher quality products. Trends in food and drink perfectly reflect the shift of Back to Basics for Status. Buying hyperlocal food is growing in popularity for a range of reasons including that it supports local businesses, food is fresher and tastes better, it reduces the environmental impact by eliminating ‘food miles’ and may offer better value for money as it encourages the consumption of in-season fruit and vegetables.
3. Conscious Consumer: What used to be the domain of ethically-positioned, niche producers is now being embraced by conventional companies through higher welfare products. Conscious Consumers are influential, and the trend will spread to others. Animal welfare concerns will evolve further and extend to other industries beyond food, beauty and fashion, to home care, home furnishings, pet food and so on.
4. Digitally Together: As our digital capabilities and comfort using new technologies grows, so will the potential of what can be created or experienced together, but remotely.
5. Everyone’s an Expert: Whereas previously shoppers relied on a certain brand or information source, now companies must constantly innovate to entice more inquisitive shoppers. The breadth of information available to savvy consumers means that stores can no longer get away with arbitrarily high prices or lack of transparency—the Everyone’s an Expert consumer will always outsmart them.
6. Finding My JOMO: The Fear Of Missing Out has now given place to the Joy Of Missing Out. Consumers want to protect their mental wellbeing, disconnecting from technology and prioritizing what they truly want and enjoy doing.
7. I Can Look After Myself: As people become more self-sufficient, they take preventative measures against illness, unhappiness and discomfort without consulting a professional.
8. I Want a Plastic-Free World: The push for a plastic-waste-free society has gained momentum, creating a virtuous circle where businesses gain by improving sustainability. Plastics, such as single-use packaging for food and beverages and micro-plastics found in beauty, personal and home care, as well as plastics produced by the fast fashion industry, are coming under increased scrutiny a as the ‘Blue Planet Effect’ shines a light on the plastic-based waste products that end up polluting the natural world.
9. I Want it Now!: Consumers seek instant gratification and frictionless experiences that mesh with their lifestyles, allowing them to dedicate more time to their professional or social lives.
10. Loner Living: More people – especially older consumers – across the world break the stigma of living alone and embrace their independent lifestyles. Companies may continue to ignore single households because they believe that they are diverse individuals within larger groups, but the emergence of solo Loner Living consumers is changing that calculus. They often seek experiences that replicate companionship, whether that includes adopting a pet or travelling in groups. Increasingly, people are giving up the idea of finding lifelong companionship. Brands have a long way to go to partner with them as they develop their independent lifestyle.
To download the report, click here.