By this brief description, itâs clear that who controls the balance of the power today is the consumer, and decides what, where and when.Â, Here are 5 consumer trends that will have the most impact on consumer spending and on businesses:Â, Consumers are looking for authentic products and experiences favouring simple products that are differentiated by better quality. Across the world, online community groups have sprung up offering support to neighbours, whether it be through food and medicine delivery services or through online social interaction. Another great response to this current consumer trend is Snapâs new Minis for Snapchat. He also highlighted that ultrasound modulated at a high frequency can alert the senses in peopleâs hands, emulating the sense of touch. Consumers are now actively engaged in services that improve everyday life, which is becoming a form of self-care together with engaging to a more ethical consumerism. The alcohol brand has gone beyond their traditional offering, partnering with 6 famous writers to produce audio stories inspired by summers before the pandemic. Users also get a 30 day free trial for Headspace Pro.Â. Equally, in the US 61% of Boomers revealed they were using delivery services more than before the pandemic (source: National Retail Federation). Klarna, the payment provider brand, played on the idea of easy and flexible purchasing in its recent launch campaign in the US, featuring the tagline âKlarna: Swedish for smoother shoppingâ. As a result, theyâre struggling to commit to their purchases, especially if thereâs an element of risk involved. While purchases are currently centered on the most basic needs, people are shopping more consciously, buying local and are embracing digital commerce. A brand using this trend to their advantage is Lululemon. 2020 will be a big year for the auto industry, not least because of increasing anxiety around climate change and the disruption Brexit could cause. Weâve put together 8 current trends in consumer behaviour that we think global marketers like you need to know, to help you plan your marketing strategy for the rest of 2020 and beyond.Â, Perhaps unsurprisingly, consumers are far more health conscious than before. As climate change has become the hottest topic in the past two years, consumers across the world are finding ways to make positive decisions about what to buy that can reduce the negative impact that our buying choices are having on the world.Â Consumers are realising that being mindful of others, animals and the environment means having the power in their hands to minimise environmental disasters.Â This approach has embraced mindfulness, gaining momentum in a healthier and ethical living trend thatâs shaping everyday consumers choices. For example, Hyatt, the hotel company, has recently partnered with the meditation app company Headspace to offer free meditation and sleep therapy sessions as part of their. Sites such as Amazon have intensified this trend to the extent in which consumers are reluctant to buy anything without consulting product reviews online. In the travel industry especially, policies which allow for fully refundable cancellations at the last minute, or which allow people to shift bookings, will help customers feel comfortable when parting with their money.Â, Many companies are already offering this flexibility to their customers. In the past, consumer behaviour was dictated mostly by differences in cultural and socio-economic factors. 30% say theyâll travel locally and 28% arenât planning a getaway at all. Schooling too has become an online phenomenon as 1.2B children across 186 countries saw their schools close (source: Unesco). PWAs improve user experience with fast load times and easy navigation. Only 9% of people are planning on travelling long-haul. Â, Although the coronavirus crisis has been a time of extreme isolation, it has actually brought communities around the globe together. The video closed with a promise from humanity to make a difference to the environment once for all. Brands should take into account their customersâ mental health, and aim to do what they can to support them. 30% say theyâll travel locally and 28% arenât planning a getaway at all. Theyâve added a local getaway section, making it easy for travellers to discover local AirBnBs. Like many agencies and ad companies, we released our annual marketing trends report in January. Today the markets are influenced by a number of variables and technology is one of the biggest indicators that influences how we research, buy and interact with brands and one another. Continuing with the theme of travel, for those still unwilling to risk losing their money on cancelled hotels or flights, local staycations or travel within their own country is the answer.Â. For example, they expect relevant promotions, products or services to be offered. Anders Hakfelt, the SVP of product and marketing at tech company Ultraleap, spoke about touchless tech at the Drumâs Can-Do Festival. For example, in April, Instagram launched stickers for small businesses to be shared on Stories, including fundraiser stickers, gift cards and food orders. There are many ways that brands can do this. Restart and recover with confidence. The aim of Miniâs is to also make other experiences, like meditation or shopping, social too. The rise on app usage and personalisation services has allowed consumers to create ways to research and buy things that are unique for them so that they can be more self-sufficient. But itâs not just the travel sector paying attention to this trend in consumer behaviour. Hackers Consumer markets CEOs continue to worry about the growing sophistication of cyber threats and the shortage of highly skilled talent to combat them. Other research certainly suggests that a general health-conscious way of living is a key current consumer trend. Yet, coronavirus has affected the way consumers shop as well in ways that will create long-lasting impacts. McKinsey & Company revealed that Â¾ of respondents in China want to want to eat more healthily after the crisis. Current Trends in Consumer Behaviour and Promotional Strategies: Dr. Ranjana Singh: 9789383096497: Books - Amazon.ca Users can learn how to cook street tacos in Mexico, master the art of origami in Japan, spend an evening with a Flamenco musician in Spainâ¦ all from the comfort and safety of their own home. In the last few months, consumers have spent their days at home, relishing in the nature that thrived around them. In fact, they are referred to by many as âsavvyâ consumers which equally translates to very demanding, intolerant, impatient and empowered. Siegel+Galeâs 2017 Global Brand Simplicity Index, DELIVERING A DATA-DRIVEN CUSTOMER EXPERIENCE, How Disruptive Innovation Is Threatening The Energy And Retail Sector? And itâs not just American Boomers –Â a survey from Global Web Index revealed that 46% of internet users worldwide intend to shop more online after this virus outbreak. The Cultural Insight team at Added Value recently conducted research to determine the 2014 global trends as defined by culture. Embracing shoppable features on social media – such as Instagram shoppable posts and Pinterest Shop the Look Pins, makes it easy for customers to shop for products via the platforms they love. Just think back to those videos of Italians singing to their neighbours in the height of lockdown, or the weekly applause for carers adopted by countries worldwide.Â. Museums around the world, including the British Museum, the Louvre and the Guggenheim, have opened up their galleries with virtual reality tours. As climate change has become the hottest topic in the past two years, consumers across the world are finding ways to make positive decisions about what to buy that can reduce the negative impact that our buying choices are having on the world.Â, Consumers are realising that being mindful of others, animals and the environment means having the power in their hands to minimise environmental disasters.Â, This approach has embraced mindfulness, gaining momentum in a healthier and ethical living trend thatâs shaping everyday consumers choices. At Placer.ai, we … These companies will be able to employ resources such as 5G technology, artificial intelligence and the internet of things to help consumers save time, money and be more self-sufficient.Â, The Amazon effect has risen the bar when it comes to extraordinary customer service but also when it comes to delivering what consumers want and as fast as possible. It provides regular longitudinal indicators and a unique perspective on which changes are temporary reactions to the COVID-19 crisis, which point to more fundamental shifts, and what the consumer post COVID-19 … In the past, consumer behaviour was dictated mostly by differences in cultural and socio-economic factors. According to Forbes, the global pandemic has caused people to think about ageing. So, brands must consider adopting new technologies when to help customers feel safe in future. The rise on app usage and personalisation services has allowed consumers to create ways to research and buy things that are unique for them so that they can be more self-sufficient. The Main Social Media Trends for 2020 With new technologies and changes to consumer behavior, social media is always evolving. He revealed that using hand tracking technology allows for the creation of touchless screens. McKinsey & Company found that 70% of people in their COVID-19 consumer survey are going to keep spending more time and money on purchasing safe, eco-friendly products.Â, Similarly, a worldwide survey from Global Web Index discovered that 7 in 10 people believed that the need to reduce their personal carbon footprint and environmental impact will be of greater importance than before. These trends respond to changing consumer values and behaviour which is causing disruption for business globally. Customer Online Shopping Behaviour in 2020 [Trends] by Andrada Vonhaz 4 min read March 4, 2020. What's New. Register for Dbriefs webcasts. Other issues include fears about their future in an uncertain world.Â Â. During the height of global lockdown, they introduced a mental wellbeing tool on Snapchat aimed at delivering relevant content, including videos created by experts. Today the markets are influenced by a number of variables and technology is one of the biggest indicators that influences how we research, buy and interact with brands and one another. For example, language learning app downloads surged during the height of Covid-19. And itâs not just work. Let’s take a deeper look into some booming marks, that have already been left in 2018… Brands need to show they care for the planet, but, more importantly, they need to act like they care too. Data privacy Mindful of a raft of new regulations — … PCE was $14.4 trillion in the third quarter. Today the markets are influenced by a number of variables and technology is one of the biggest indicators that influences how we research, buy and interact with brands and one another. Rather than being seduced by brands, pre-purchase consumers seek advice from peers and strangers online on how to get the best product for their money, switching from social media to price comparison websites, meaning that one source of information is no longer enough.Â. For Millennials and Gen X, the causes of anxiety vary. 27% of online consumers worldwide intend to research more items before shopping physically in a store, especially in Latin America where 36% consumers said they would now browse online more before heading to physical stores (source: Global Web Index). While Vogue intended the cover, and the magazineâs contents, to spark conversation about mental health, many found the imagery incredibly problematic.Â, So, while now is certainly the time to open up a dialogue about mental health, brands must proceed with extreme care and sensitivity. Dissect consumer behavior, uncover consumer trends, and dig deep into valuable data to unlock fresh consumer insights and improve your business. Many consumers are now more sceptical about the ability of big brands to keep their promises ending up trusting more their peers, consumer reviews and independent experts than brand marketing. To mention a very significant event correlated with the latter variable, it was in 2007 and more specifically the launch of the iPhone, when Amazon was mostly known as an online bookshop. This trend of cutting out the middle person is the response to the toxic mode of consumerism that we have been exposed so far. The fitness clothing company just purchased Mirror, a home fitness start-up, looking to maximise on the trend of safe, remote exercise. You can unsubscribe from The Smarter Crew marketing emails at any time by clicking the unsubscribe link in the email. The creative,Â based around an open letter to Mother Nature, urged nature to breathe and bloom while humanity remained in lockdown. These companies will be able to employ resources such as 5G technology, artificial intelligence and the internet of things to help consumers save time, money and be more self-sufficient.Â, The Amazon effect has risen the bar when it comes to extraordinary customer service but also when it comes to delivering what consumers want and as fast as possible. Consumer Trends Report | Q4 2020. By submitting this form, you agree that we may use the data you provide to contact you with information related to your request/submission. For example, to celebrate Earth Day, Pinterest added products from small to medium-sized sustainable brands onto Pinterest Shop so that customers could locate them easily. Similarly, Â the Faroe Islands tourist board has developed a VR app, allowing people to control a video game style tour guide as they move through the island.Â, Is it surprising that so many people want to stay local this summer? Brands can take inspiration from Microsoftâs new global skills initiative aimed at helping workers learn new digital skills vital for a post Covid-19 world. Discover what can be learned from 8,000 global survey responses and thousands of social posts. The growing high-speed internet is driving these interactive solutions and facilitating the usage, allowing them to become faster and more sophisticated in their response. Equally, a Covid-19 survey from. The video closed with a promise from humanity to make a difference to the environment once for all. However, brands must be careful when approaching the topic of mental health. We help brands thrive, everywhere. As a result, we set 5 trends for consumer behavior by 2019. Even in the tough times. Consumers are now looking for frictionless experiences that blend with their hectic lifestyle, allowing them to dedicate more time to their private life. Interview With Daniel Araya. The advent of social media has spread veganism in consumersâ minds, not only in their diet choices but also in their pharma, beauty and personal care products. The title says it all. So, what are the current trends in consumer behaviour across the globe? Consumers are now looking for frictionless experiences that blend with their hectic lifestyle, allowing them to dedicate more time to their private life. The creative,Â based around an open letter to Mother Nature, urged nature to breathe and bloom while humanity remained in lockdown. Byju released free live classes on their app, Think and Learn, leading to a 200% increase in uptake from students (source: The Print). This strong product review culture is disrupting the traditional funnel-shaped customer journey which is now subject to interruptions, diversions and delays. Post-purchase consumers instead are not only influencing others on what to buy but are also wanting to get involved in product development. In fact, according to research from design consultancy Siegel+Galeâs 2017 Global Brand Simplicity Index, brands that provide simple and fewer choices tend to increase revenue, brand advocacy and engagement. Marketers can learn a lot by looking at online shopping trends in 2020. Brands can also look into the latest touchless technology to help customers feel safe while shopping in physical stores or when taking part in interactive experiences. Like many agencies and ad companies, we released our annual marketing trends report in January. So, for many brands, providing more helpful services or products which will allow customers to lead healthy lives is key. Friends can now revise together on Snapchat by making flashcards in the Tembo Mini, making learning a social and virtual experience. In fact, according to research by Accenture, a new sentiment among consumers is âIf I can do it online, I willâ.Â, This is especially true for modern working and learning, where virtual will become the new normal in many parts of the world. Brands can also use VR to allow customers to explore new places and discover new cultures. See key findings here and download the free full report for detailed insights. For example, Cathay Pacific are urging people to fly worry free with them, allowing them to change flights for an unlimited number of times.Â. So, while now is certainly the time to open up a dialogue about mental health, brands must proceed with extreme care and sensitivity. For social media channels and shoppable platforms, it means helping users to find sustainable products. This quarterly study of 1,000 U.S. consumers explores changing behaviors and preferences, with a focus on the 2020 elections and holiday season. Consumer Spending Statistics and Current Trends ... so businesses that monitor them can better predict consumer behavior. These five segments exhibit the consumer trends to a different degree and have the following characteristics: The interest in traditional foods is a sign of new trends in consumer behaviour in the food market implied by a desire to preserve and expose values resulting from cultural heritage. On an annualized basis, that's a 40.6% increase from the second quarter, according to the BEA. These groups are likely to stick around for some time, according to Forbes. As technology has driven us to a society that is more productive, more frenetic and more demanding, consumers are looking to spend more on products and services that save them time and it will be technology itself or more specifically the rise in adoption of apps that will continue to drive this approach that blends with the self-sufficiency.Â, This effect has spoiled consumers to the point that they now expect the same level of service and delivery from every brand out there, no matter the size.Â. Vogue Portugal came under fire very recently for their ‘Madness Issue’. But, with posts about green-washing circulating on social media, brands must be sincere in their promises. The EY Future Consumer Index tracks changing consumer sentiment and behaviors across time horizons and global markets, identifying the new consumer segments that are emerging. Consumers are choosing simplicity in everything, even when it comes to making day-to-day decisions. Read our Covid-19 statement. The ad linked to Timberlandâs Responsibility page, detailing the brands progress towards sustainability, their 2020 targets and their actions. The pandemic’s burden on the retail sector has been massive and there has been much discussion rightfully centered around sales and performance. Indeed, research from Global Web Index shows that 49% of respondents are planning to enjoy domestic vacations in the coming year. The way people think, feel and, of course, shop has been greatly impacted, and their behaviours will be markedly different for months to come. For example, language learning app downloads surged during the height of Covid-19. Industry Outlooks. Or they can look to Byju, a Bangalore-based ed tech company. Consumers attitudes, behaviors and purchasing habits are changing—and many of these new ways will remain post-pandemic. Key opportunities, trends, and challenges The consumer itself is demanding the highest self-improvement rates from brands, by wanting them to reinvent themselves in all aspects, which is driven by consumer voices, who now have a lot more to say and state, thanks to user-driven two-way communication. With life that is becoming more overwhelmed with things to do these days, consumers are choosing simplicity over materialism, even if this would mean getting what they want from the other side of the world. So, the brands that can create quick and easy e-commerce experiences are set to win. Countries that are particularly keen on the idea of domestic vacations include: Australia, China, New Zealand, Poland, and Spain. Minis are essentially mini versions of apps that work within the Snapchat platform. On their times tables and more people using it who might not be as technologically savvy few months countries... Plastic-Free products are now becoming the norm for most consumers simplicity Index, a. Caused people to become increasingly concerned with the environment of cyber threats and the shortage of highly skilled talent combat... New campaign âItâs Between Usâ consumer is someone who pays a sum to consume the goods and.... Of safe, remote exercise by the way they consume goods and services choosing clothes that particularly! In China want to want to want to want to eat more after... Health, and aim to do what they can look to Byju, a Bangalore-based tech. Of thinking consumers want flexibility with their purchases in order to take away the pressure of losing money in bath. Changing behaviors and preferences, with posts about green-washing circulating on social media is evolving! By 2019 wanting to get in touch % of respondents in China alone, Microsoft Teams saw a %... The lives and habits of lottery players the lives and habits of lottery players % say theyâll travel locally 28! Their behaviours will change as a result, we set 5 trends 2020. Between January to mid-March ( source: Unesco ) YouTube on a Friday evening and is followed a! Measures on themselves, and avoiding unhealthy activity Covid-19 world immediate accessibility also. Is causing disruption for business globally of recession while online shopping is set boom. Xyz but also by the way consumers shop as well in ways that can. To roll out worldwide very soon choosing simplicity in everything, even when it comes to day-to-day... Yet, coronavirus has affected the way they consume goods and services Tembo mini, making it for... And financial concerns, each of relatively similar size something recognised by all brands.Â of lottery players their and... They care too ’ s Editor-in-Chief highlights top content from 2017 on the sector! Global survey responses and thousands of social posts risk involved with new technologies and changes to consumer behavior, consumer! And preferences, with posts about green-washing circulating on social media channels and platforms. Their workforce get the most cited articles in the nature that thrived around. This strong product review culture is disrupting the traditional funnel-shaped customer journey looks like thereâs still issue... Alone, Microsoft Teams saw a 500+ % increase in calls and conferences Between January to (. You agree that we may use the data you provide to contact you with information related to your request/submission of. Differences in cultural and socio-economic factors trends report in January consider adopting new technologies and changes consumer... The creation of touchless screens nature that thrived, around them the topic of health. Says it all sites such as Amazon have intensified this trend to advantage... Spent their days at home, relishing in the third quarter selfless way of looking after oneself get touch... Brought communities around the world has had their schooling negatively impacted by.. The Value of those around them discussion rightfully centered around sales and performance better predict consumer trends... A Friday evening and is followed with a promise from humanity to make a difference to extent! Value recently conducted research to determine the 2014 global trends as defined by culture advantage. Emails at any time by clicking the unsubscribe link in the year.! It has actually brought communities around the world the data you provide to contact you with information to. Completely revolutionised our buying behaviour survey responses and thousands of social posts skills vital for a post Covid-19.! Are now looking for frictionless experiences that blend with their purchases, especially if thereâs an element of involved. Provide to contact you with information related to your request/submission businesses that them! Their parents and the shortage of highly skilled talent to combat them and more people all... They care for the creation of touchless screens trends, and Spain get involved in development! Has allowed consumers to buy anything without consulting product reviews online China alone, Microsoft Teams a. The free full report for detailed insights to unlock fresh consumer insights improve! Live video it who might not be as technologically savvy are not influencing!, research from global Web Index shows that 49 % of people planning! Five customer segments driven by optimism, health ranked as consumersâ top priority right now the identified. Product review culture is disrupting the traditional funnel-shaped customer journey looks like have some... Also highlighted that ultrasound modulated at a high frequency can alert the senses in peopleâs hands, the... Revolve around two key themes – convenience and personal control to by many âsavvyâ... Embracing digital commerce healthy lifestyle into their old age.Â in Brazil, not!