The top 10 consumer trends for the new year will include authenticity, wellness, and privacy, according to a report by data firm Euromonitor International.
Age, lifestyle, identity, and sense of security in the current world are some of the key themes in this year's top 10 trends.
"Consumers are now more demanding of products, services and brands than ever before and are using digital tools to articulate and fulfil their needs. They want authenticity in what they buy and expect elements of personalisation in mass produced as well as upscale items", stated the report's author, Euromonitor International’s consumer trends editor, Daphne Kasriel-Alexander.
As 2016 was marked by instability, customers have tightened their spending, with growth in global spend slowing to 2.4% in real terms - the lowest since the financial crash in 2008.
Products and services that promote safety and stability in view of the volatile global environment will thrive, such as air filters or products that support the home 'cocoon', such as takeaway apps that prevent consumers from having to leave their refuge.
Authenticity of experience, incorporating home-based apps, 'natural' food, and unplugged holidays, was highlighted, as well as a need for guaranteed privacy in a world where personal data is shared so easily and frequently.
The personalisation of a customer's experience, based on personal preferences and demographics, will also be a key driver of consumption, Euromonitor said.
Changing the narrative around ageing is key in the health and beauty sectors, as a quarter of the population will be over 50 in 2017. The number of older consumers experiencing 'midorexia', referring to individuals who act younger than their age, will require a rethink of the traditional ageing audience.
Focussing on children as consumers is also important, as online exposure to buying opportunities will only increase in this age group.
Retailers and brands which highlight speed and convenience will also benefit, attracting impatient and time-strapped shoppers. Considering 'post-purchase' details will also be important, by predicting shoppers' desires after they've pressed the 'checkout' button.
Another trend in 2017 was termed as 'identity in flux', describing consumers who are 'looking for their identity in a post-gender world', who will force brands to reimagine their audiences.
Finally, healthy lifestyles were on the list, but signified more than just how one eats or exercises; 'wellness' is now considered a status symbol, and points to a shift away from buying products as a way to illustrate wealth.
Conversely, Euromonitor said there will also need to be an emphasis on accommodating larger-sized customers in terms of fashion, wearables and travel.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. To subscribe to ESM: The European Supermarket Magazine, click here.
