Article provided by Bizcommunity
Global market research company Euromonitor International has released its ‘Top 10 Global Consumer Trends 2020’ report. The annual report reveals the trends that the company believes will define consumer behaviour and influence business strategies in the year ahead.
The COVID-19 pandemic created, influenced or accelerated each of these trends.
1. Build back better
In 2021, consumers expect purpose-driven initiatives that support the triple bottom line – people, planet and profits. Nearly 70% of professionals expect consumers to be more concerned about sustainability than before COVID-19.
2. Craving convenience
There’s a growing desire for the ease of on-the-go, impulse and spontaneous occasions and simplicities of pre-pandemic life.
3. Outdoor oasis
Consumers will reconnect with nature and turn to open-air venues for leisure and to safely socialise.
4. Phygital reality
People will use digital tools to stay connected at home and to facilitate safer procedures in brick-and-mortar outlets.
5. Playing with time
Consumers are gaining newfound flexibility, scheduling activities in a non-conventional order to suit individual time demands.
6. Restless and rebellious
With a distrust in media and governments, people are defying misinformation and putting their needs first. In 2020, 29% of global consumers were actively involved in political and social issues.
7. Safety obsessed
There’s a rising demand for contactless services, exceptional sanitation standards and products that enhance hygiene and immunity.
8. Shaken and stirred
Consumers will reassess priorities and identities in pursuit of a more fulfilled life and improved mental resilience. Depression and mental health had a moderate or severe impact on 73% of global consumers’ everyday lives last year.
9. Thoughtful thrifters
Consumers are budgeting more cautiously and purchasing value-added and affordable products and services.
10. Workplaces in new spaces
People are finding a new work-life balance, as remote collaboration redefines the traditional office environment. More than half of global consumers previously had a strict boundary between work or school and personal life.
“2021 will be a pivotal year,” says Alison Angus, head of lifestyles at Euromonitor International. “Tailoring strategies to these emerging consumer trends will empower businesses to endure the unexpected and overcome adversities.”