More interesting insights are being discovered about the global consumers, their lifestyles, and their preferences.
Recently, global strategic market intelligence company Euromonitor International came up with “Top Ten Global Consumer Trends for 2019”, presenting a fresh look into how consumers think, what they want, and why they make such choices.
First among the trends is the emergence of “Age Agnostics”. Identified as a new kind of mature consumers, Age Agnostics “enjoy the same things as their younger counterparts and want to continue to be themselves for as long as possible”.
Next, consumers are seen to look for authenticity in products and services in order for them to express their individuality. Tagged as the “Back to Basis for Status” consumers, they are “reevaluating their spending habits” and are “moving away from overt materialism”.
Furthermore, consumers have grown conscious, “seeking out ways to make positive decisions about what they buy and look for a solution to the negative impact consumerism is having on the world.” An example the study pointed out is the growing concern for animal welfare being translated to animal-friendly products.
Consumers are also creating and experiencing things “Digitally Together.” With high-speed Internet and mobile Internet becoming more available globally, live interaction and collaboration are possible.
Meanwhile, the “Everyone’s An Expert” trend explains the switch in power between retailer and consumer. “Previously shoppers relied on a certain brand or information source to get what they wanted, now companies must constantly innovate, drive prices down and streamline and aestheticize their offerings to entice shoppers,” the research stated.
Whereas the fast delivery of information brought by the Internet has prompted the “fear of missing out,” people are now actually looking for the “joy of missing out” (JOMO) by re-appropriating self-time. “To protect their mental well-being,” the study discussed, “Finding My JOMO consumers want to be more intentional with their time, to set their own boundaries and be more selective in their activities.”
Also, consumers are beginning to say “I Can Look After Myself” as they set a preventive measure against illness, unhappiness, and discomfort without having to consult a professional. “They make use of apps and personalization services to create a product uniquely for them without the need to constantly engage with social media and brand marketing,” the study explained.
With plastic seen as a waste in the global environment, consumers are wanting a plastic-free world. “Consumers will increasingly use their wallets to protest the irresponsible use of plastic, which could, in turn, create a virtuous circle where industry… stand to gain by improving sustainability,” the study stated.
Spurred by efficiency-driven lifestyles, consumers are also seen to demand more instantly. “I Want it Now!” consumers seek frictionless experiences that mesh with their lifestyles, allowing them to dedicate more time to their professional or social lives,” the research noted.
Lastly, single-person households apparently outpace other household sizes. Explaining this rise in “Loner Living”, the study explained: “While baby boomers may have been well known for the high rate of divorce among their cohort, many of those in the younger generations have rejected marriage and cohabitation altogether.” — Adrian Paul B. Conoza