In its most recent report, Euromonitor International researchers revealed their “Top 10 Global Consumer Trends for 2018,” which offers insights into the behavior of shoppers that impacts retail.
The report shows consumer cohorts who are frugal and community-minded while demanding experiences that can leverage technology such as augmented reality.
Report author Alison Angus, head of lifestyles at Euromonitor International, said although the consumer market still faces various hurdles, “such as country-specific regulations, things are improving on the regulatory front and with the market continuing to evolve, it is likely that further innovative start-ups will invest in new technologies.” The report noted that with AR’s potential across many industrial sectors, “the potential in the mainstream consumer space is vast, bringing the benefits of in-store shopping into the home.”
Meanwhile, online shopping will continue to see robust growth. “Online captures consumers’ interest with the convenience of the hassle-free, anytime, anywhere shopping they crave,” Angus said. “The ability to see and touch products before buying is a bonus. This is in part why the in-store shopping experience remains appealing, and in 2017, 88 percent of global sales in value terms were still made in-store. In 2018 consumer expenditure is expected to grow at its strongest rate since 2011. Overall 2018 will see consumers continuing to question their values, priorities and purchasing decisions; deepening their engagement in the brands and issues that matter to them.”
The top 10 trends includes: “clean lifers,” who are twenty-something shoppers that adopt “clean-living” and a more minimalist lifestyles where less is more and is influenced by living through the “deep recession, terrorism and troubled politics;” the “borrowers” who are a “new generation of community-minded sharers, renters and subscribers” that is “reshaping the economy” via preferring experiences over buying stuff; the “call out culture,” which is anchored by “hashtag activism;” consumers are who concerned over their heritage and genetic makeup; “adaptive entrepreneurs” who seek “flexibility in their lifestyles,” and “view in my roomers” who connect “perception and reality.”
Other consumer behavior trends include shoppers who are political and weary of mass-produced products and consumers who are embracing the sharing economy and, like the borrowers previously mentioned, shun buying things. And finally, there are: consumers who are embracing co-living where people share living space as well as interests and values; and “the survivors” who have been traumatized by the Great Recession and remain “entrenched” in a frugal mind-set.