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Home Technology Metaverse

Secondhand Stores, The Metaverse And More Trends Shaping The Way We’ll Spend In 2022 – The Wall Street Journal

secondhand-stores,-the-metaverse-and-more-trends-shaping-the-way-we’ll-spend-in-2022-–-the-wall-street-journal
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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.

Joe Buglewicz/AP, Cover Illustration: Elena Scotti/WSJ, iStock (5)

Supply-chain workarounds

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.

Michael M. Santiago/Getty

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.

Friedemann Vogel/EPA/Shutterstock

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.

Susana Vera/Reuters

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.

Andre Malerba/Bloomberg News

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.

Angus Mordant/Bloomberg News

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.

Facebook/Reuters

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.

Matt York/AP

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.

Timothy A. Clary/AFP/Getty

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.

Joel Carrett/EPA/Shutterstock

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.

Jacob King/PA Wire/Zuma

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