Consumption trends that you must know to devise your innovation strategy [Part 2]

Knowing the consumer trends that will affect your industry is the basis to start working on your innovation strategy, as we suggested in our previous article by showing 12 trends that are even being expressed in the current context pandemic due to COVID-19.

This is what we call insight-based innovation, where consumer trend research seeks to deliver the knowledge to manage your innovation strategy. That is why we wanted to deal with this topic in a broad way and share with you, in two articles, what we work with our clients in team dynamics that help identify opportunities and devise innovative solutions.

In this article we will review 13 more consumer trends that are linked to environmental awareness and self-care, also showing us a change in attitude towards brands in relation to their position on these issues.

More consumer trends to consider

13- Living alone

This consumer trend tells us that more and more people, especially the elderly, are embracing a independent lifestyle. They have broken the stigma of living alone and declare their independence. [1]

14- I can take care of myself

Self-reliance leads people to take preventive measures on a voluntary basis, practicing self-care beyond what the experts say. Their goals are to take care of their health, be happier and feel comfortable, without resorting to a professional.

15- Agnostics regarding aging

As people live longer, they feel and want to be treated like younger consumers. We are talking about a new senior citizen who is more active and feels rejuvenated. They take better care of themselves and lead a healthier and more satisfying life than previous generations, moving the age limit at which a person feels "old".

16- Flexible work

The influence of Generation Y, young people born between 1980 and 2000, is changing labor relations as their presence in companies increases, to the point that they will transform the way of working we know today. More than 2 out of 3 Gen Y youth believe that greater work flexibility positively impacts productivity and well-being, as they highly value having space to develop their personal goals. [2]

17- I need to log out

The fear of being left out of what is happening on social networks is replaced by the joy of not participating, encouraged by the growing concern to protect psychological well-being, detoxify from so much technology and prioritize the most important and pleasant life. More than a third of consumers expect to be able to attend "mental gyms" where people can practice reflection, given a day to day where decisions are made in an increasingly automated way. [3]

18- Back to basics

We are seeing consumer trends telling us that people want to move away from materialism and generic products. Today they seek authentic experiences, simplicity and higher quality.

19- Interaction according to the context: public or private environment?

The context will determine the type of interaction that people will use and when to do it. Although spoken messages are being used more and more, in the United States people report that voice assistants are mostly used in private settings, such as the home or car.

20- My privacy on the net

Consumers have become more jealous with the use of apps, they don't want to share everything about them. 45% believe they collect your private data, even when they are not using it. [4] Additionally, 51% say they are tired of having to accept data collection cookies to use an app or navigate a website. [5]

21- Angry Citizen

The economic recovery has not benefited everyone. Middle-class consumers continue to feel exploited by the system, compared to their peers in emerging countries. Commodities are becoming more expensive and resources are still scarce.

22- Conscious consumer

These consumer trends tell us that environmental awareness is no longer a matter for the few. Links with brands will diminish as dissatisfaction with their values and practices grows, on the part of a consumer more concerned with health, the environment and social responsibility. 39% of people want a watch to monitor their carbon footprint [6], as global movements for a plastic free society grow. In this context, virtuous links can be created with companies that are risking it to improve their sustainability.

23- Lobby for a better world: committed brands welcome

Angry consumers will identify with companies and institutions that use their power to ask for, promote and even lobby for legislation that brings about the changes necessary to make this world a better place for all . There is growing interest in enterprises and companies that have been certified as Company B, because they act in the market with the mission of providing concrete solutions to social and environmental problems.

24- Citizen of the world: shopping near and far

More than 1,000 million Facebook users are related to a company from another country. [7] Through e-commerce, people support local businesses and, at the same time, buy from companies around the world. 56% of respondents in emerging markets considered themselves, first of all, global citizens. [8]

25- Less artificial, more intelligent: AI, AR, VR with purpose

More than 50% of Augmented Reality and Virtual Reality users want applications, glasses and gloves that are practical and provide information to perform everyday tasks, such as doing car repairs or cooking. [9] Consumers will demand algorithms and ethical artificial intelligence capable of delivering fair and impartial information and decisions.

Analyze and start with your innovation strategy

What consumer trends do you think will impact your industry? Look beyond your scope and look at trends from other industries as well. It is also important that you investigate how benchmark companies in different markets have responded to these trends in an innovative way.

We hope that these two articles on consumer trends that are emerging today will be of great help in the task of developing an innovation strategy for your business. What other trends do you know? You can leave us your contributions in the comments.

References

[1] Euromonitor, 2019.
[2] Deloitte, January 2017.
[3, 4, 5 and 6] Ericsson, December 2018.
[7] Facebook, September 2016.
[8] GlobeScan, April 2016.
[9] Ericsson, December 2018.