There is a huge amount of data on beauty trends, category outlooks and what’s hot for 2022 making the rounds at the moment. But what about consumers, and how they have evolved over the past two years? Euromonitor is reporting that radical lifestyle shifts have motivated consumers to make intentional, mindful, and ambitious decisions.
Below are the Top 10 Global Consumer Trends Euromonitor has identified that will impact brands in the coming year, along with defining characteristics, consumer behaviour and motivation, business environment and impact outlook, and strategic recommendations. Click here to download the report.
Supply chain shortages are forcing businesses to pivot and provide new solutions for customers to access products and services. Backup Planners are looking for ways to purchase similar items or find creative solutions to obtain alternatives.
Consumers expect brands to step up and take action through the products they purchase as concerns over the climate emergency escalate. To win them over, companies should offer products that are carbon footprint certified and that offer transparent labelling so consumers can make informed choices.
Older consumers were forced online as the world shut down. Now, familiar and comfortable with technology, Digital Seniors are empowered to make purchases and use services online, and businesses have the opportunity to tailor their digital experience to target and meet the needs of this expanded online audience.
Financial Aficionados take control of their money and use services to track their transactions. Companies should provide tools and easy-to-use solutions to make any consumer feel financially empowered.
The Great Life Refresh
The pandemic triggered consumers to make The Great Life Refresh, resulting in drastic personal changes and a collective reboot of values, lifestyles, and goals. Businesses should innovate goods, services and experiences that respond to this once-in-a-generation moment, coupled with marketing that acknowledges and embraces the upheaval.
The Metaverse Movement
The digital world is evolving beyond virtual hangouts to immersive 3D realities. Consumers are embracing these digital spaces to socialise with communities. These immersive environments can drive e-commerce and virtual product sales as access expands, while brands at the centre of The Metaverse Movement can build equity.
Pursuit of Preloved
Consumers are moving from an ownership to an experiencing mindset. Sustainability and individuality are removing the stigma associated with secondhand shopping and driving peer-to-peer commerce. Businesses need to do more with less. Investing in circular economy initiatives, such as recycling, rental, or resale programs, will drive value whilst positively impacting the environment.
Suburban and rural communities offer more spacious housing and greener scenery, luring consumers out of the metropolitan area. City dwellers also want these benefits brought into their neighbourhoods. Businesses that strengthen e-commerce distribution, expand sustainable product lines, and cater to Rural Urbanites will emerge as winners.
Acceptance, self-care, and inclusion are at the forefront of consumer lifestyles. Self-Love Seekers prioritise their happiness, feeling comfortable in their own skin and indulging in goods and services that elevate their sense of self. Businesses need to create deep connections with customers. Products that evoke physical, emotional, or spiritual wellbeing will resonate and enhance the lives of Self-Love Seekers.
The Socialisation Paradox
Consumers are approaching a return to pre-pandemic life in different ways based on their comfort levels. Certain consumers are eager, whilst others are hesitant, to resume their normal activities, creating The Socialisation Paradox. Companies should provide seamless solutions and multiple options across channels without sacrificing the experience.