London — This past year was defined by uncertainty, with global consumer expenditure hitting its lowest rate of growth since the financial crisis, according to Euromonitor International Ltd.
“Consumers are now more demanding of products, services and brands than ever before, and are using digital tools to articulate and fulfill their needs,” says Daphne Kasriel-Alexander, consumer trends consultant. “They want authenticity in what they buy and expect elements of personalization in mass produced as well as upscale items.”
Euromonitor anticipates the following factors to drive shoppers in the coming year:
Aging: The narrative around aging is changing, bringing on transformations about what it means to be older consumers.
Training Future Shoppers: Parents are expected to give children more decision-making power, preparing the next generation of consumers.
Meeting Population Growth: Retailers and manufacturers will work to expand to meet the needs of a larger consumer base.
Faster Shopping: Business models will be reconsidered to provide rapid convenience to meet consumer demand.
Authenticity: Shoppers will continue to seek out “real,” genuine,” and “natural” options.
Personalization: Consumer attitudes are shifting from “having to being,” according to Euromonitor, opening opportunities for customizable products and experiences.
Post-Purchase: Retailers will move beyond simply fulfilling shopper demands to predicting future needs.
Privacy, Safety: Shoppers are putting more attention in personal safety and demonstrating an affinity for home and mobile cocooning.
Healthy Status Symbols: Looking wellness-ready and the rise of boutique health will drive purchase decisions in the coming year.