Euromonitor International has released its “Top 10 Global Consumer Trends 2021” report, which revealed the trends that will define consumer behavior and influence business strategies in 2021.
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In 2021, trends that consumers will continue to focus on include:
1. Purpose-driven initiatives
These initiative support the triple bottom line: people, planet and profits. Nearly 70% of professionals expect consumers to be more concerned about sustainability than before COVID-19.
2. Craving convenience
Consumers are looking for the ease of on-the-go, as well as the impulse and spontaneous taken for granted before daily habits were upended. Businesses are under pressure to rapidly adapt its operations to develop a resilient customer experience while maintaining convenience.
3. Nature focus
Consumers are reconnecting with nature through open-air venues for both leisure and to safely socialize. Companies should pivot its product development strategy to encompass the tranquility of rural living in urban environments to better satisfy those living in cities.
4. Stay connected
Digital tools that allow consumers to stay connected at home and to facilitate safer procedures in brick-and-mortar outlets are important. This trend includes a hybrid of physical and virtual worlds where consumers can seamlessly live, work, shop and play both in-person and online.
5. Flexible schedules
Consumers are now both able and forced to be more creative with their time in order to get everything done. Businesses should provide solutions that address the consumer desire to maximize time, offering increased flexibility, especially with products and services that can be accessed from or near the home.
6. Social issues
Companies can cater to those who distrust media and governments, via a more precise marketing on social media and gaming, where it can give consumers a voice and pressure social giants to take on misinformation.
In 2020, 29% of global consumers were actively involved in political and social issues.
7. Safety obsessed
Demand for contactless services, exceptional sanitation standards and products that enhance hygiene and immunity will continue to rise. Companies should implement enhanced safety measures and innovations that target concerns to reassure consumers.
8. Mental health
Consumers have a new understanding of themselves and their place in the world in pursuit of a more fulfilled, balanced and self-improved life. Depression and mental health had a moderate or severe impact on 73% of global consumers’ everyday lives last year.
9. Thoughtful thrifters
Consumers are cautious and frugal as they are looking for affordable options without sacrificing quality. Premium attributes should be reinforced with a new empathetic story and have a strong tie-in with health and wellness, self-care or mental well-being.
10. Workplaces in new spaces
People are looking to find a new work-life balance as remote collaboration redefines the traditional office environment. More than half of global consumers previously had a strict boundary between work or school and personal life.
Understanding the benefits and challenges of working remotely allows companies to bring the best of the office into the home.
Alison Angus, head of lifestyles at Euromonitor International said, “2021 will be a pivotal year. Tailoring strategies to these emerging consumer trends will empower businesses to endure the unexpected and overcome adversities.”