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Date Posted: Wednesday 24th July 2019
Euromonitor International has released its report on the Top 10 Global Consumer Trends of 2019. Many of 2019 trends are about taking back control and asserting ourselves. In the face of turmoil and uncertainty consumers are feeling more powerful and a pull to go back to basics. Consumers want access to services seamlessly but also thoughtfully.
The Top 10 Trends are:
Age Agnostic: Thinking and purchasing among older consumers is a dynamic and evolving trend. Societies are getting older and people are living longer. The key to winning and retaining loyalty and trust of an ageing demographic is to develop products and services that are universally accessible. The inclusive mindset needs to be better understood.
Back to Basics for Status: Consumer desire for a back to basics status will be further amplified in 2019. Globalisation offers infinite opportunities for a growing population and will facilitate future growth and prosperity. The desire for transparency is inspiring new models for delivering quality cosmetics. As everyday life becomes hectic consumers' desire for simplicity is expected to grow.
Conscious Consumer: With consumers increasingly concerned about where products come from, the meaning of responsible business is shifting, demanding companies to improve minimal animal welfare standards even for regular products. Rising consumer affluence and awareness will boost the demand for higher welfare, premium products. Investing in animal welfare is a key tool for adding value in today's highly competitive business environment.
Digitally Together: Our growing comfort with sharing our friends, location, and activities online will only lead to the development of new ways to engage with one another. Industries are also transforming quickly to adapt to demand for virtual options. From government to hospitals, new technologies are pushing boundaries of which types of professional interactions can be done online.
Everyone's An Expert: As internet retailing continues to increase globally all industries will have to adapt to consumers' new demands to stay relevant. 'Passion' industries such as travel, beauty, fashion, and food service are particularly involved. These industries must address the desires of their target audience and satisfy them with multi-platform marketing strategies that constantly reminds the consumer of its importance. One size does not fit all anymore.
Finding My JOMO: Joy Of Missing Out. Millennials increasingly want to dedicate time to themselves and look for travel solutions enabling them to spend time at their own pace. Looking to limit forced interaction, apps that enable consumers to enjoy the moment are expected to grow. As consumers learn to limit online activity and the use of smartphones, they are also taking more control over personal data management.
I Can Look After Myself: As consumers become increasingly aware of the pitfalls of social media, the next five years will see people look for more real products and marketing. The consumer will tune out the hype and focus on products and services that they can personalise and which cater to their own needs and not that of a blogger or influencer.
I Want A Plastic Free World: Plastic has never been such a talking point of consumer concern. Already we are seeing increased momentum behind the circular economy with plastic packaging waste being collected and repurposed continuously, and this is likely to continue in 2019.
Loner Living: 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 are changing that calculus. For many of the baby boom generation who are enjoying a singleton lifestyle, the conditions to do so are improving. Especially in hyper-urban areas in capital cities like London, Tokyo, and New York. Companies should begin to think about devices and experiences that can replicate companionship and also consider the share of earnings going into households as single dwellings are more budget-conscious.
To read a more detailed explanation of the report, you can request to download it at euromonitor.com.
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