Market research firm Euromonitor’s annual trend report forecasts what consumers will value and how companies should adapt to those behaviors. This year, consumers will change their spending in subtle ways and experiment with the metaverse, the research firm said. Here are their predictions for global consumer trends.
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Product shortages and disruptions have spurred consumers to use subscription services or buy secondhand to find what they want. Virtual queue systems and offering rental or refurbished products are a way to keep customer loyalty.
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Climate change becomes priority
People are looking to cut back on food waste, reduce their plastic use and recycle more. Climate change and sustainability are trends that continue to evolve from previous years, but in 2022, younger consumers will have more of an impact on their peers, parents and grandparents.
Senior citizens go digital
The pandemic forced many people to adjust their behaviors, such as shopping for groceries online for the first time. That trend was especially popular among seniors, who want to continue their digital use. Companies should offer training, support and products that are easy to use.
Taking control of finances
Many have kept a closer eye on their finances and experimented with cryptocurrencies. Companies should offer ways to educate consumers or make products more accessible, such as by lowering fees.
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Prioritizing personal goals
34% of people said they preferred to spend money on experiences over products. Companies need to become flexible to what consumers want.
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The metaverse moves into reality
Consumers who were forced to conduct their lives online via video chats are now engaging with digital worlds. They’re tapping into virtual concerts, NFT sales and dressing avatars, and some companies are meeting them there.
Secondhand loses the stigma
Buying used items is no longer stigmatized, and has become a sought-after option for consumers who want something unique or are on a budget. Companies should cater to those who want to trade in older versions of items or repair them in-store.
City residents opt for rural perks
People who stayed in cities during the pandemic now want some suburban advantages like green space. With many still working from home, companies should aim to bring shops and services closer to them that don’t require a train or car ride.
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Indulgence in self-care
56% of consumers expect to be happier in the next five years. To reach that nirvana, people are buying products that help their mind and body, such as cannabis products or meditation courses.
Hybrid approaches to socialization
As the pandemic continues, some want to go back to their normal lives and engage in social activities, and some remain cautious. This means hybrid possibilities, such as digital visits or waiving cancellation fees, can address different needs.
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