In addition, this consumer type prefers to support companies that have received impact investments – the financial practice that aims to generate social and environmental benefits alongside financial returns. This consumer type is one starved of time, and favours convenience and ease of purchase over anything else. Self-oriented perfectionists derive their self-worth from achievement – especially relative to others. Some consumer electronic companies sell the TVs for a fraction of the costs. Clean UI/UX design Kindness as a KPI In China 17% of the population is aged over 60, forecasted to rise to more than 30% by 2050. Top UK Consumer Trends for 2021 This report contains fresh data from 1,000 UK consumers exploring how COVID-19 has changed what Brits want to hear from brands. For example, shoppers can say “add milk to my cart” and Alexa will confirm and ask “anything else?” Additionally, based on the customer’s order history, Alexa will ask if they’ve forgotten to order an item. Businesses and HR departments still mulling over what the future of work looks like should consider extending remote work even further, not pulling back. The last two points are crucial. The social media backlash was instant and brutal, so the company responded with a self-deprecating full-page ad in London’s Metro and The Sun newspapers with its signature chicken bucket and a re-worked logo: “FCK.”. A 2018 study by Accenture found that 48% of US consumers who are disappointed by a brand’s words or actions on a social issue complain about it. Patamar Capital and Kinara Indonesia are investing in companies that aim to tackle a range of workers’ rights and environmental challenges. WFH can mean freedom from a strict 9-to-5 schedule, as well as from a physical office. As the online holiday spend shows, consumers expect contactless experiences in 2021 as they will continue to take measures to limit exposure to the coronavirus, experts agreed. The Impact Accelerator Program, an Australian government initiative, backed Hey Startic, a corporate-wear upcycler; the eco-focused baby clothing platform Minikinizz; and Kostoom, an on-demand tailoring service. While emerging countries focus on creating new markets, other regions are focused on under-served ones, such as minorities and people with disabilities (PWD). Generation M (Muslim Millennials) are slowly gaining ground as more modern fashion hits the high street. Looking towards 2021, we see the emergence of four distinct types of consumer: the Compressionalists, the Kindness Keepers, the Market Makers, and the Cyber Cynics. Explore our report on the top consumer trends in 2021. Looking towards 2021, we see the emergence of four distinct types of consumer: the Compressionalists, the Kindness Keepers, the Market Makers, and the Cyber Cynics. For the other five (as well as more insight into these first ones), get the full report. It’s nearly a year to the day that COVID-19 infected the person we know of as “patient zero”. Each of these consumer profiles are characterised by a unique set of attributes and demands, and businesses must evolve to deploy bespoke strategies tailored to suit each consumer type. This consumer type is cynical of technology and suspicious of big data and tech companies – and for good reason. Uncover the 2021 consumer trends, behaviours, scenarios and growth opportunities impacting your business next year and beyond. The global elderly and disabled assistive devices market is expected to surpass $26 billion by 2024, with care robots, wearables and adaptive fabrics leading the way. According to a Harvard Business Review (HBR) and Gallup survey, 80% of adult respondents felt that they did not have time to do all they wanted in a day. Consumers surveyed say that they use digital technology to research, browse and purchase, sometimes all on the same website. Businesses will need to retain the human connection – even in the face of rising digital disruption – in order to prosper in the evolving consumer landscape. As more Chinese youth see Made in China as a badge of honour, the international market share will see declines. Less is often more – B2C businesses should focus on fewer SKUs (stock keeping units) and prioritise quality over quantity. Brands and retailers aiming for hyper-transparent transactions should create reward systems for trading data or partner with established programmes. If they can’t find an opportunity, they’ll create it. 2. Driven by the digital revolution, the retail industry is going through a transformation – one that has completely altered the shopping experience for the modern consumer. A key driver for 2021, age disparity is reshaping the population pyramid. ... Consumer Trend 2021. McKinsey & Company released its “China consumer report 2021. This growing distrust between some of the world’s economic powerhouses is a worrying sign for a global economy gripped by disruption and rising protectionism. By 2050, Africa’s youth population will increase by 50%, making it the most youth-populated continent. Are you ready? When Gen Xers reached ages 30-34, they saw a 30% income increase compared with the generation before, but Millennials’ income level at the same age fell by 4% in comparison with Gen X. Additionally, Millennials’ net worth is only half that of which Baby Boomers enjoyed at the same age. And few would be able to predict what next year has in store. This consumer type values equitable local innovation and representation. Trust has been eroded, and businesses must be able to reassure this group of consumers that they can be trusted. Livestreaming + Shopping = Shopstreaming. With the rise of influencer marketing, direct-to-consumer (D2C) marketing, peer-to-peer (P2P) marketplaces, re-commerce and more, consumer brands must rethink strategies and reinvent themselves in order to attract and retain the latest generation of consumers. Case studies By 2030, middle income households – those earning $10,000 or more per annum – are forecast to increase by 51m in Indonesia, 18m in Vietnam, 11m in the Philippines and 8m in Thailand, according to the Economist’s Intelligence Unit. New consumer behaviors provide opportunities for growth through the holidays and into 2021. menu. Adobe Stock. This eight-part series looks at what consumer, market and industry insights will have the biggest impact. Indeed, research shows that the daily pressures for Millennials are considerably higher than for previous generations. Deep kindness relies on consistent action and challenging our own assumptions. As such, how will companies prepare for a high-pressure, lowtime group that craves ease of purchase rather than price discounts? 10 key consumer trends to help marketers plan for 2021. Surveillance capitalism works by providing free services that people willingly use, enabling the service providers to track and monitor the behavioural attributes of the users. But looking to the long-term, the WFH revolution won’t be fully complete until workers are able to work more flexibly as well. In other words, 2020 was a transformative year for the American consumer, and those trends should continue in 2021 as the aftershocks of the … In these fast-growth markets, there is a considerable economic imperative to move to urban areas, looking for work and better opportunities. Dec 13, 2020 7:52AM EST. At the same time, brands must re-evaluate their use of influencers and KOLs in marketing, as it becomes increasingly difficult to stand out from the competition on hyper-saturated social media platforms such as Instagram. Five powerful consumer trends. Instead of being built to serve commutes from outlying neighborhoods into the centre, they will be built around clusters of local neighborhoods where schools, retail, leisure, and work is all within easy reach – what urban planner Carlos Moreno has dubbed the “15 minute city”, an idea getting traction with city mayors even before COVID-19. If journey times around cities are reduced, how can businesses and ad channels built to serve the commute respond? In 2021, the average consumer will belong to one (or more) of four disparate cohorts, each with a unique set of traits and demands, moulded by evolving social forces and pressures. The economic and social pressures that millennials find themselves under often lead them to seek unrealistic and unsustainable targets. Finally, to combat cynicism and distrust in the influencer economy, brands need to re-assess and alter strategies for valuable, authentic partnerships, as consumers grow weary of marketing tactics that over-utilise influencers and key opinion leaders (KOLs). Harvard professor Ashley Whillans says, “Time poverty exists across all economic strata, and its effects are profound. We can see this in the changing interests of urban dwellers during the pandemic. The Information Age isn’t always accurate and, as Albert Einstein said, information isn’t knowledge. Download F-trend's consumer trends 2020/21pdf report a consumer insight to gain the early market opportunities in fashion, branding and product development. We are using cookies to give you the best experience on our website. Heading into 2021, consumers are still adjusting to pandemic life. That isn’t going to happen. Ultimately, meaningful data – and thus, actionable intelligence – is more valuable than comprehensive data. Here are 9 emerging trends in consumer behaviour for 2020–2021. For frontier markets, this means serving people for whom either no products or services existed or the access was limited due to price. Companies are taking a stand: Unilever’s chief marketing officer, Keith Weed, called for “urgent action” to clean up the influencer marketing ecosystem, and Kellog’s announced they are no longer paying influencers based on reach due to fraudulent and dishonest activities. Grounded in robust, unique data across 27 markets, with case studies and actions. One is that some decision-makers are effectively waiting for a green light on the back to normal, where employees can be summoned back to the office en masse. This hasn’t escaped consumers’ attention. What will change about cities is their shape. By crunching the numbers from our three data sets, custom studies, and our dedicated coronavirus research, we’ve identified eight trends we believe will shape 2021. Brands should show humility This year, the restaurants aren’t open, and many people haven’t traveled further than their front door, thanks to the restrictions that the Coronavirus pandemic have placed on our lives. The report also touches upon key trends … Despite the rise of the middle class in markets such as China, India, and ASEAN, we enter the latter half of 2019 on the back of declining GDP growth rates and amid real fears of another global recession, fuelled by the raging Sino-American trade dispute. In a survey of 19,000 Millennials across 25 countries, 73% of Millennials reported working more than 40 hours a week. For Compressionalists, this fuels superhuman syndrome and drives last minute cancellations due to burnout. How do companies prepare for a high-pressure, low-time group that craves ease of purchase rather than price discounts? As Amazon CEO Jeff Bezos put it, “the smartest people are constantly revising their understanding, reconsidering a problem they thought they’d already solved. Despite being stereotyped as lazy and narcissistic, Millennials are working longer hours than older generations, and for less pay. All rights reserved. They are more likely to get divorced.”. Globally, 14% of the world’s nations have a population in decline and by 2050 that figure will rise to a third. Consumers haven’t forgotten about one crisis in the midst of another. Jacaré Moda is a modelling agency that empowers new voices by casting directly from low-income neighbourhoods. It caught on so quickly it soon became a meme accompanying the return of dried pasta to grocery store shelves. With the advent of e-commerce and other retail-friendly technologies, consumer demands have shifted towards expedience and convenience. Looking ahead to 2021, Retail Week considers some of the trends that may emerge. Intellectual humility Many businesses can afford to sell consumer products at low prices, only because the real value lies beyond the purchase, in a phenomenon known as post-purchase monetisation. Consumers will continue to seek to improve their health: and in 2021 this will include paying closer attention to macronutrients, maintaining a healthy weight, and choosing products suggested to … This trend will impact virtually all businesses, and marketers will have many questions to consider. Yet the same report found that only 36% of companies judged their influencer marketing efforts as effective, and 19% admitted they thought that the money spent was ineffective. The pandemic has brought his vision to life, almost by default. A 2019 global survey from IBM found that 75% of consumers will not buy a product from a company (no matter how great the product is) if they don’t trust the company to protect their data. “Millennials will see $30 trillion in wealth under management being transitioned to them in the coming years, and they are twice as likely as previous generations to invest in social impact. Encompassing both the economic and social spheres, this pressure is omnipresent and affects people across the demographic spectrum, and has perhaps become the latest “great equaliser”. The other is that remote working is really only half the story. No matter the term, social media is largely responsible for the growth of cancellation culture. Much writing about the future of cities has concentrated on places like New York, where some high-profile people opted to spend lockdown in a second home in leafy suburbs. “People-pleasers often fall into this category – they don’t want to say no to an invitation out of fear of disappointing anyone, but end up over-stretching themselves and cancelling last-minute which leads to an even greater disappointment for the bailed upon,” notes etiquette expert, William Hanson. If you disable this cookie, we will not be able to save your preferences. A major theme emerging in these trends is the need for brands to “keep it real”. 5 Trends for 2020 (and 21 for 2021!) Market-creating innovations do exactly what the term implies: they create new markets. Right now, Chinese consumers think China is good and ‘made in China’ is not bad at all,” says Charlie Chen, director of consumer research, Credit Suisse. By Q3 though, this had decreased 12%. A 2017 Microsoft ad claimed that the average person makes 35,000 decisions a day and a Columbia University study found that the average American makes 70 conscious decisions daily. As 2020 comes to an end, online retailers are eyeing up 2021 and the new ecommerce trends it will bring. Surveillance capitalism Get a taste of what’s ahead with these trends, taken straight from the report. The pandemic is global, but the outcomes are numerous, and look different in different countries. There’s a lot happening in retail for the new year, not just in technology, but also with shopping habits, the economy, and social concerns. Audiences must request access to the brand’s (“private”) Instagram. Without further action on the environment, there may be a sense of “paradise lost”, that the rosy future for the environment briefly glimpsed during lockdown hasn’t been followed through. Wibson is a start-up that purchases user data in exchange for points that are redeemable for Spotify Premium accounts, Visa gift cards and Uber credits. Copyright © GWI 2020. This is not just a Western sentiment – 82% of Southeast Asian Gen Z claim they prefer products from sustainable or ethical brands, and 58% of Chinese Millennials are willing to pay more for ethical brands. They look to their smartphones for local peer influencers and ‘home-grown’ entertainment. People with intellectual humility are better learners, listeners and leaders, and this is becoming a desirable job skill. Ghosting. According to COO Stuart Haselden, since the redesign the number of customers communicating with the brand online has doubled and in Q2 of 2018 there was 80% growth in the company’s email file. Post-truth to post-trust Conde Nast Traveler’s Women Who Travel is a closed Facebook group for female travellers that boasts 126k engaged members. Even more money is on the table if users scan the back of their driver’s license with a smartphone or give more personal details. There are corporate kindness classes, Random Acts of Kindness weeks, and shirts with kindness slogans abound on the street. But I don’t want your hope. Trend tracking, analysis and interpretation of changes in culture markets, brands and consumer behavior. The data includes the types of shows a viewer watches, approximate location and viewing times, and ads that are watched or skipped. Act now or pay later Despite this, the Association of National Advertisers’ 2018 annual report found that “75% of marketers currently work with influencers and of that 43% plan to increase spending in the next year”. Case studies Contributor. San Francisco-based online grocer Farmstead uses AI to determine demand to avoid overstocks, which reduces local food waste and saves time and fuel on delivery routes. Impact investing In 2018, a chicken shortage meant KFC had to temporarily close 900 stores in the UK and Ireland. We live in a time characterised by growing distrust across the board – distrust between the electorate and the elected, between corporations and the public, and – most of all – between governments. The real value is the constant data stream collected from the TV that is sold to third parties. Related tags: Trends. Canada Goose launched a programme to “showcase Inuit craftsmanship on a global scale”, and is donating 100% of the proceeds to Inuit communities in Canada. Other-oriented perfectionists feel a sense of self-worth when others respect and admire them. Uber is testing AI to ensure that multi-transport commuters have a seamless journey. Even before COVID, our research had identified just how beneficial remote working could be. We’re confident we’ll see more images of beaches and beauty spots littered with single-use masks next year. In Japan, more than 28% of the population is aged 65-plus. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. And as and when they take the plunge, there will be opportunities for software companies that can help smooth the process. How do companies prepare for a cohort that will choose data ethics over brand loyalty and price? Consumer concerns closely mirror industry developments. ... 4 Key Trends for Retail Entrepreneurs in 2021 Consumers, especially in today’s high-pressure environment, favour clean visuals and a streamlined, seamless shopping experience. According to the company, participating brands include McDonald’s, GM, Danone and Staples. For Cyber Cynics, the term “vanity metrics” is likely met with eye-rolIs. RESTAURANTS BLOGS AND SOCIAL The Food Philosopher Allergen-free WHAT’S DRIVING THE TREND? Companies will do well to embrace a values-based approach to their marketing strategies, as today’s young, socially progressive consumers have shown little hesitation in boycotting brands that they perceive to be ethically questionable. Rapper Meek Mill and Puma have created the Clyde Court #Reform. Malcom Harris, author of Kids These Days: Human Capital and the Making of Millennials, argues that Millennials are bearing the brunt of the economic damage wrought by late 20th-century capitalism, leaving them in a state of perpetual panic. Fearful of economic instability, companies are opting for efficiency innovations – doing more with less resources. Recent estimates suggest less than 60% of web traffic is human, a phenomenon exemplified by the emergence of “fake news”. TD Ameritrade mixes real investment agents with a bot named Alvi, who is incredibly human-like. In addition, online echo chambers on both sides of the political spectrum are keeping people insulated from differing viewpoints and beliefs. The growing elderly population adds to this group daily. A recent survey by Emarys found more than four in five (82%) are now aware of the use of AI in their shopping experience. Time Affluence New data from consumer research platform Attest reveals a number of key trends that marketers will need to know as they plan campaigns for 2021. Five opportunities. Rising youth populations in these developing regions are responsible for this regional dichotomy, as Western populations continue to age. 1. This “cancellation culture” may sound trivial, but in fact has long-term, tangible effects – even on the economy. How have their priorities changed? • Media coverage of severe allergic reactions • Growing list of registered allergens • Changes in laws around allergen labelling and what is classed as an allergen The firms recently backed four women-led ethical fashion companies in Indonesia through a peer-selected investment model. People seemed OK with this when the B2C data exchange was an email address or referring a friend for a discount code. Pressure, time affluence and an overabundance of choice (googling “black dress” yields 7.2 trillion results) are creating a culture of decision exhaustion. Identified in the 2020 macro-trend Empower Up, hands-on creativity is rising as underserved communities mobilise to design their futures. With efficiency innovations, companies can become more profitable and free up cash flow, but they often sell to overcrowded markets. The colossal story of 2020 is a global pandemic that has left the world in a fragile and uncertain state. AI assistance The 5 Biggest Retail Trends In 2021. Re-commerce is the business of this new approach, and it turns consumerism on its head while creating new markets and driving sustainable consumption. For example, a customer is shopping for gifts and the next time they visit the retailer’s site they only see similar products to the search. Data disbelievers With free Wi-Fi and tablets, BRCK brings rural regions online, empowering African youth to use digital tools for creative outputs. The next industry poised for growth is Halal travel. Are you ready? He's the main man who leads our global team of analysts, delivering world-renowned research. Time affluence is at record lows globally. Smart TVs are a prime example of post-purchase monetisation. We require that you verify your email address prior to updating your account. With eco-anxiety (chronic concern over environmental issues) slowly rising, companies need to put sustainability at the forefront or risk losing future consumers. Workers with a good work-life balance are more productive, more satisfied with their job, feel more empowered to pursue new business opportunities, and feel their company is better equipped to respond to industry changes. Based on youth population alone, it is likely the next generation of leaders, creatives and shoppers will come from these regions. Free White Paper: "2021 Consumer Trends" What should brands prepare for in the coming months? In short, declutter the digital experience, use AI/ML to streamline the shopper journey and take a less-is-more approach to product offering. Just believe the notion that foreign brands are rising globally both sides of population! Which has an enormous impact on other aspects of their work rise, and! Listeners and leaders, creatives and shoppers will come from Africa increase by 50,... For 2020 ( and 21 for 2021! a modelling agency that empowers new voices by casting directly low-income! 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