Staying ahead of industry trends and consumer behaviour is imperative to the success of any business. However, in today’s digital age where everything is touch and go, it’s not always the easiest feat – especially when consumer values are constantly evolving.
Global market research company Euromonitor has released the “Top 10 Global Consumer Trends 2020” report to help marketers and businesses understand the modern consumer. The report reveals the most influential trends that are shaping their behaviour, shopping habits and purchasing decisions. Read on for the full list.
1. Beyond human
In the report, Euromonitor predicts a rise in artificial intelligence as customers begin to embrace the technology for automation and convenience. In the recently concluded annual tech conference, CES 2020, we saw several companies tap into this technology including cosmetics giant L’Oreal with the launch of its AI-powered Perso.
2. Catch me in seconds
Today’s digital age has allowed consumers to be exposed to a surplus of information without barriers. While they have the same capacity to process this information as before, sorting through the noise and identifying the relevant bits is more important than ever. As a result, brands are delivering catchy and speedy content for instant gratification.
3. Frictionless mobility
The demand for multiple mobility options will see an increase in 2020. Choosing transportation methods based on individual preferences for a seamless travel journey will be a priority for consumers.
4. Inclusive for all
In 2020, consumers expect brands to cater to a wider group of individuals and put a stronger focus on diversity and accessibility for all. UK-based beauty start-up, Kohl Kreatives is a prime example of a brand going above and beyond to promote inclusivity. Their Flex Collection, a range of makeup tools including various-shaped brushes, is specifically tailored towards individuals with impaired motor skills.
5. Minding myself
As more and more consumers prioritize mental health, products that address specific well-being needs and prevent the physiological effects of stress, worry and sleeplessness will see a rise in popularity.
6. Multifunctional homes
With all the uncertainty happening in the world, consumers are more likely to retreat to the comforts of their own homes. For businesses to adapt, this means creating services that can be performed in the consumer’s humble abode. Take it from French salon and spa treatment, Wecasa, who offers in-home beauty services including hairdressing, manicures and massages.
7. Private personalisation
Following Facebook’s Cambridge Analytica data scandal, there has been a surge in privacy concerns among consumers, particularly about data collection. While collecting data is an essential element in meeting the demand for individualised experiences, the lack of transparency in how the data is being used creates a sense of distrust in consumers. To counter this, Euromonitor advises companies to clarify the details of how the collected data is being used to maintain a trusting relationship with their customers.
8. Proudly local, going global
According to Euromonitor, the new decade will see a retreat from globalisation. More consumers are now drawn to products that are tailored to local tastes and preferences. In New Zealand, we already see this happening as a swell in numbers of both influencers and the general public are now using the hashtag #NZMade to show their support for local businesses.
9. Reuse revolutionaries
Today’s consumers are on the lookout for alternatives to single-use products in efforts to reduce their environmental footprint and waste. The industry response to this trend can already be seen with more and more brands creating refillable products and eco-friendly packaging.
10. We want clean air everywhere
As global warming awareness continues to rise, so does the number of consumers advocating for clean cities and a carbon-free world. This activism is also reflected in the products they use and the brands they support. In response, companies have been innovating and adapting products that appeal to the environmentally-conscious. In the beauty sphere, brands are starting to put a stronger emphasis on sustainable packaging. L’Occitane, for example, has been testing refillable shower gels across its physical stores in Europe since 2019 and just recently Colgate-Palmolive launched its first vegan-certified toothpaste line packed in 100% recyclable tubes.
