Chicago — Offering a looking into the next decade of consumer preferences, Mintel Group Ltd. highlights the following seven factors as ones to watch in the coming years.
Wellbeing: Shoppers will continue seeking both physical and mental wellness in the coming years. However, wellbeing will not be “simply wanting to look after oneself in broad terms, nor is it about the extremes of a total lifestyle change,” says Gabrielle Lieberman, Mintel’s director of trends and social media research. She notes consumers will take a more holistic approach underpinned by convenience, transparency and value.
Surroundings: Mintel predicts social tensions will rise as competition for resources increases, which could result in further stratification of society and the failure to address the need for more efficient use of resources and better urban planning. “There will be greater pressure on cities to continue to expand, encroaching into remaining wilderness and rural farming areas, exacerbating the cost of producing food,” Lieberman says.
Technology: “During the coming decade, consumers will push back against cashless payments and fully unmanned stores, demanding more privacy and seeking more ‘human’ interaction,” Lieberman explains.
Rights: Unpleased consumers will continue to call out companies and brands they disagree with, greatly shifting influence into the hands of “the collective consumer,” Lieberman reports. Additionally, a more human-centric approach to personal data will arise, as people realize the true value of their data and demand more for it.
Identity: Expect companies and brands to combat increasing feelings of loneliness and isolation with tech-based solutions. “Consumers are moving away from the rigid definitions of race, gender and sexuality, and a movement is emerging toward more fluid, self-selected identities. But as the movement grows, rising feelings of loneliness and isolation are making people feel like they are, in fact, losing their identity,” Lieberman notes.
Value: Consumers are taking more mindful approaches to spending, while also seeking out authentic and unique products. This is anticipated to lead toward slower, minimal consumerism that emphasizes durability and functionality.
Experiences: “While the demand for stimulation is not new, the role it plays in consumer decision-making is evolving,” Lieberman says. “No longer should ‘the experiential’ be diminished as a mere marketing tool or a fad; instead, consumers are experiencing powerful emotional connections to brands that are creating a point of differentiation.” Technology is driving experiences, she says. However, constant connectivity is also causing demand for offline interactions to become more extreme and boundary pushing.