10 changes In Consumer Behaviour You Should Not Ignore
If the marketing goal is- reaching consumers at moments which influence their buying decisions the most then the key to success in your business is- to understand consumer behavior.
Euromonitor International is the leading global company on market research providing strategic analysis of the market and business intelligence. The annual report of Euromonitor published on January 15, 2019, revealed the emergency trends giving insight to the changing values of the consumers and the way their behavior disrupts global business.
According to Gina Westbrook, Euromonitor Director of Lifestyles, in 2019 a common thread to link all trends is intelligence. There are so many choices in this world that are prompting consumers to change their need and want fast. The way people live is so much centrally dependent upon the available choices that making sense of all of it is the main issue which people face.
Older generations have the inclination of “loner living”. This is because the number of senior people who live alone is much more than that of younger people. This new study shows that the number of households with a single person would increase by around 120 million in 2030.
Though people these days lead a more independent life still they want to stay connected with others. The report has identified a trend of “digitally together”. The root cause of this is- the advancement in technology thus providing life-like authentic interactions online.
Euromonitor’s newly unveiled white paper highlights the top 10 behavior trends of global consumers to watch this year. The list is as follows.
The old age boundaries are shifting because people care for their well being, health and appearance better than before. Age agnostics do not take aging passively anymore. This is true especially for developed wealthier countries with decent social conditions and healthcare systems.
A conscious consumer is a mindful consumer. He seeks out ways for making positive decisions regarding what he buys. He tries to solve the problem of negative consumerism which is affecting the word.
Back to the basis for status
The generic and mass produced are now rejected by consumers. Hence 2019 would favor basic, simple and better quality products with implied status level.
The past decade has seen the growth of technology starting from developing communication to facilitating multidimensional interactions as well as collective experiences. This progress would continue shaping the way we collaborate and connect to our relatives, colleagues, friends and- strangers increasingly, experiencing and creating something “digitally together” while staying apart.
Finding my Joy of Missing Out (JOMO)
Consumers in need to find their JOMO cut down their social engagement or reduce the time being online, in order to gain real-life experiences. No longer do they feel forced to share such experiences on a social network.
Everyone is an expert
In this era, with pressing a button anything can be available. Therefore the usual baseline for consumers’ shopping and research is hyper-availability.
I can take good care of myself
This trend driven by consumers is focused on consumable, preventive measures against discomfort, sickness, and unhappiness. People are able to take these measures without professional consultation.
I want that immediately!
Consumers are always very busy nowadays. They have begun expecting more from the companies. In fact, they wish services and products to be delivered in the simplest and quickest possible ways.
I desire for a world free of plastic
The push to save planet Earth from plastic pollution gained momentum in the last one year. So consumers would desire more for a plastic-free environment in 2019.
The older generation has redefined the living alone trend. This group of 50+ people living alone is typically wealthier. Some of them are unmarried while many others are widowed or divorced and might have adult children.
Therefore 2019 would see change with the trend of loner living becoming increasingly important. The old consumers worldwide especially have broken the associated with living alone and embraced independent lifestyles of them. Alison Angus- Euromonitor Head of Lifestyles concludes that- services and products helping such consumers celebrate their independent lifestyles proudly, would successfully capture this emergent market segment.