In its latest research report, Euromonitor International has revealed trends “that will define consumer behavior and influence business strategies this year” — which include a focus on the “triple bottom line” (people, planet and profits), convenience and reconnecting to nature.
Authors of the “Top 10 Global Consumer Trends 2021” report noted that the COVID-19 pandemic “created, influenced or accelerated each trend.” Topping the list was “build back better,” where the triple-bottom-line takes precedence and purpose-driven initiatives are a priority.
“Nearly 70 percent of [executives polled] expect consumers to be more concerned about sustainability than before COVID-19,” Euromonitor noted.
In regard to convenience, the company said there’s a desire among consumers for “ease of on-the-go, impulse and spontaneous occasions and [the] simplicities of pre-pandemic life.” Consumers will also turn to nature and open-air venues for their leisure activities — of course in a socially-distant and safe way.
Other top trends include “phygital reality,” where consumers use digital technology “to stay connected at home and to facilitate safer procedures in brick-and-mortar outlets,” and “playing with time,” a trend where shoppers gain “newfound flexibility, scheduling activities in a non-order to suit individual time demands.”
The report also noted the prevalence of distrust in media and governments where consumers also defy misinformation and put their needs first. “In 2020, 29 percent of global consumers were actively involved in political and social issues,” Euromonitor said.
There’s also a focus on safety, setting personal priorities, and the emergence of “thoughtful thrifters,” which spotlights cautious budgeting and purchasing “value-added and affordable products and services.”
Alison Angus, head of lifestyles at Euromonitor International, said this year will be a pivotal one. “Tailoring strategies to these emerging consumer trends will empower businesses to endure the unexpected and overcome adversities,” she said.