Market research provider Euromonitor International has released its 'Top 10 Global Consumer Trends 2020' report. The annual report identifies the most impactful trends driving consumer behavior, values and habits in the year ahead.
1. Beyond human:
Artificial intelligence is becoming mainstream. Consumers are embracing AI for convenience, and businesses are integrating this technology to automise operations and deliver personalised solutions.
2. Catch me in seconds
With the amount of information readily available, capturing consumer attention requires concise, relevant and multisensory content that can be processed in an instant.
3. Frictionless mobility
Consumers want modular and personalised transportation options that account for time, budget, weather and occasion for a seamless travel journey.
4. Inclusive for all
Authenticity and inclusivity are in the spotlight. Brands are reframing their products and services to be accessible to everyone. Diversity will become a measure of brand relevance.
5. Minding myself
Mental wellbeing is at the forefront of consumer concerns and will shape the future of socialising. There is a rising demand for products with active ingredients and functional attributes positioned to address specific need states.
6. Multifunctional homes
The ability to do everything – work, shop, exercise and other activities – from the comfort of home is shifting consumer habits to revolve around in-home consumption.
7. Private personalisation
Consumers want tailored experiences but are concerned about the collection and sharing of personal data. Consumers will likely opt out of digitally manufactured experiences that do not add value.
8. Proudly local, going global
Consumers are returning to their roots. Niche brands start their global route to success by accentuating their local credentials. Multinationals are becoming more sophisticated in shaping their products to local culture.
9. Reuse revolutionaries
Ethical consumers are looking for alternatives to single-use products to reduce environmental footprint and waste. New circular business models aim to offer more with less through sharing, reusing, refilling and renting.
10. We want clean air everywhere
The impact of air pollution on health is becoming widely known with climate activism only escalating. Businesses are facing pressures to provide solutions that safeguard the environment and consumers from the effects of poor air quality. The future points toward cleaner and more sustainable cities.
“Convenience and personal control are the core themes connecting these trends in 2020,” says Gina Westbrook, director of consumer trends at Euromonitor International. “Consumers are putting themselves first as they look for ways to simplify their lives.”