This year again, Euromonitor International. They try to strike a balance between the two and that not always easy as sometimes these are complimentary desires, but they may also conflict with each other. For instance, to achieve greater convenience, consumers may be required to relinquish personal control. The amount of data and privacy consumers will exchange for these desirable benefits will vary by culture, territory and individual. According to Euromonitor, brands must find the right balance between building trust, providing security and delivering products and services that add value to outweigh consumer concerns in the year ahead.] takes stock of the changing expectations and behaviours of consumers. According to the market research provider, the top ten consumer trends of 2020 are:
- Beyond Human: Artificial intelligence is becoming mainstream. Consumers are embracing AI for convenience, and businesses are integrating this technology to autotomize operations and deliver personalized solutions.
- Catch Me in Seconds: With the amount of information readily available, capturing consumer attention requires concise, relevant and multisensory content that can be processed in an instant.
- Frictionless Mobility: Consumers want modular and personalized transportation options that account for time, budget, weather and occasion for a seamless travel journey.
- Inclusive for All: Authenticity and inclusivity are in the spotlight. Brands are reframing their products and services to be accessible to everyone. Diversity will become a key measure of brand relevance.
- Minding Myself: Mental wellbeing is at the forefront of consumer concerns and will shape the future of socializing. There is a rising demand for products with active ingredients and functional attributes positioned to address specific need states.
- Multifunctional Homes: The ability to do everything—work, shop, exercise and other activities—from the comfort of home is shifting consumer habits to revolve around in-home consumption.
- Private Personalization: Consumers want tailored experiences but are concerned about the collection and sharing of personal data. Consumers will likely opt out of digitally manufactured experiences that do not add value.
- Proudly Local, Going Global: Consumers are returning to their roots. Niche brands start their global route to success by accentuating their local credentials. Multinationals are becoming more sophisticated in shaping their products to local culture.
- Reuse Revolutionaries: Ethical consumers are looking for alternatives to single-use products to reduce environmental footprint and waste. New circular business models aim to offer more with less through sharing, reusing, refilling and renting.
- We Want Clean Air Everywhere: The impact of air pollution on health is becoming widely known with climate activism only escalating. Businesses are facing pressures to provide solutions that safeguard the environment and consumers from the effects of poor air quality. The future points toward cleaner and more sustainable cities.
“Convenience and personal control are the core themes connecting these trends in 2020,” says Gina Westbrook, director of consumer trends at Euromonitor International. “Consumers are putting themselves first as they look for ways to simplify their lives.”
Euromonitor’s full free report can be downloaded here.