Convenience and personal control are the main themes which are evident in this year’s top consumer trends, according to the world’s leading independent provider of strategic market research.
The Euromonitor Digest, a monthly online publication of the Department of Trade and Industry’s Export Marketing Bureau, listed 10 global consumer trends that are expected to gain traction in 2020, including that they never need to leave home.
The report said consumers are drawn to the comforts of home during times of economic, political, or personal uncertainty.
“While this tendency is nothing new, for the first time, consumers don’t want to leave their homes, but also don’t have to. Thanks to high-speed internet access and innovative goods and services, global consumers are able to exercise, shop, work and play, all from the comfort of their Multifunctional Homes. The impact on government, distribution, and industries is profound and far-reaching,” it added.
In 2020, consumers are starting to embrace robots or other artificial intelligence (AI) which can perform certain tasks traditionally done by humans.
“Though complete trust of, and universal access to, this technology will take more time, we are embracing the concept of AI-driven robots for our own welfare, convenience and comfort,” it said.
They also want flexible and personalized transportation to move around increasingly congested cities as they please.
“Frictionless Mobility is now the expectation as consumers use navigation apps to plan their journey and want real-time updates on the best way to get from A to B, whether it is by train, taxi, electric bike, scooter, helicopter or a combination of them all,” it
Consumers also demand more content in less time, as they constantly seek Personalized, authentic and appealing channels.
“With improved technology, accessibility and usage, consumers can find immense amounts of information with fewer barriers,” it said. “Catch Me in Seconds consumers want brands to make their information, product or service as accessible as possible in a short timeframe to compete with other demands.”
The report said Private Personalization consumers expect brands to tailor products and services to them yet, they must surrender their personal information to optimize their experience.
“Companies are investing in algorithms and data collection methods to achieve more precise marketing. In return, consumers spend less time researching product options. Yet, consumers are growing concerned about who has access to their data and how it is used,” it said.
Moreover, brands are catering to individuals with physical or mental disabilities, unlocking the potential for an Inclusive for All business model.
“Companies are reframing their products and services to be more accessible to everyone, representing individuals beyond the mainstream and helping to reduce prejudice around diversity and differences,” it said. “Businesses are making steps towards authenticity and inclusion, putting accessibility at the core of new product developments.”
The report further said tuning into the Proudly Local, Going Global trend is a compelling business strategy to win and retain consumer loyalty in 2020.
“It captures global consumer desire to adopt and appeal to a sense of individuality and growing national identity from local inspiration. There is also a growing expectation of multinationals to respond appropriately and creatively to local culture, social norms, and consumer habits,” it said.
Moreover, increased environmental awareness is driving the Reuse Revolutionaries trend, especially for younger generations who are prioritizing experiences over ownership.
“This is creating sustainable business opportunities. New business models that avoid waste generation are appealing to more ethical consumers who are embracing sustainability through longer-lasting products,” it added.
The report also underscored the growing concern for personal wellbeing and the environment which is putting air quality in the limelight.
“The We Want Clean Air Everywhere trend highlights how awareness of air pollution is impacting consumer choice and how brands are positioning themselves to target environmentally conscious consumers,” it said.
The report said “Minding Myself” is bringing mental wellbeing to the forefront of consumer concerns in 2020.
Consumers are seeking outcome-based goods to address specific mental wellbeing needs and prevent the physiological effects of stress, worry, and sleeplessness, it added.