Resilience and adaptability will be the driving forces in 2021, according to global market research company, Euromonitor International’s top 10 consumer trends.
“2021 will be a pivotal year,” said Head of Lifestyles at Euromonitor International, Alison Angus. “Tailoring strategies to these emerging consumer trends will empower businesses to endure the unexpected and overcome adversities.”
Angus compiled the report with Director of Consumer Trends, Gina Westbrook, based on statistics gathered from Euromonitor International’s market research database.
While many of the highlighted trends are generic, travel and tourism companies could easily incorporate these into their internal and external strategies.
The top 10 trends are:
Build back better
According to the report, 69% of professionals expect consumers to be more concerned about sustainability than they were before COVID-19. “The health crisis profoundly impacted people’s needs and shopping habits,” it said, noting that brands with a strong sense of social responsibility were most likely to be in demand.
Consumers are longing for the ease of pre-pandemic daily habits. The report suggested solution-based products and services that catered for new consumer routines. It gave an example of a video-calling service that allowed in-store experts to assist consumers while shopping online.
Consumers will be turning to outdoor experiences for leisure and recreation as a result of health threats, indoor meeting and mobility restrictions and the rise of remote working, according to the report.
The report states that consumers will want to experience a blend of digital and physical in 2021. “Businesses can develop a Phygital Reality strategy using apps to facilitate onsite virtual experiences and partnering with technology providers to recreate in-person occasions at home.”
Playing with time
51% of consumers chose ‘time for myself’ amongst their top three life priorities, according to Euromonitor’s data. Consumers will schedule activities in a non-conventional order to suit individual time demands.
Restless and rebellious
Distrust of media and governments and defying misinformation had become the norm for consumers, said the report. In 2020, 29% of global consumers were actively involved in political and social issues. Businesses can cater for this through more precise marketing on platforms that give consumers a voice.
In 2021 consumers would demand exceptional sanitation standards and products that enhanced hygiene, said the report. Euromonitor recommends employing digital solutions for businesses to go contactless and cashless.
Shaken and stirred
The report said 73% of global consumers’ everyday lives had been impacted by depression and mental health last year, and this had led to a reassessment of priorities. “Businesses must provide products and services that support resiliency for mental wellbeing.”
Discretionary spending was declining due to the uncertain economic environment, according to the report, and it suggested that companies should turn to value-for-money offerings that didn’t sacrifice quality. According to Euromonitor’s data, 49% of consumers intended to put more money into savings.
Workplaces in new spaces
Remote working had had a rippling effect on consumer life, according to the report. Consumers are now searching for support in work-life balance. “Advanced technologies can help both companies and consumers maintain the same level of productivity remotely as in an office setting.”