Knowing the consumer trends that will affect your industry is the foundation for starting to work on your innovation strategy, as we outlined in our previous article by showing 13 trends that are even being expressed in the current context of the COVID-19 pandemic.
This is what we call insight-based innovation, where consumer trend research aims to provide the knowledge to manage your innovation strategy. That's why we wanted to address this topic broadly and share with you, in two articles, what we work on 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 stance on these issues.
This consumer trend tells us that more and more people, especially older adults, are embracing an independent lifestyle. They have broken with the stigma of living alone and declare their independence. [1]
Self-sufficiency leads people to take preventive measures voluntarily, practicing self-care beyond what experts say. Their goals are to take care of their health, be happier, and feel comfortable, without resorting to a professional.
As people live longer, they feel and want to be treated as younger consumers. We are talking about a new third age that is more active and feels rejuvenated. They take better care of themselves and lead healthier and more satisfying lives than previous generations, shifting the age limit at which a person feels "old".
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 we work today. More than 2 out of 3 young people from Generation Y believe that greater work flexibility positively impacts productivity and their well-being, as they highly value having space to develop their personal goals. [2]
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, detox from so much technology, and prioritize the most important and pleasant things in life. More than a third of consumers expect to be able to attend "mental gyms" where people can practice reflection, in a daily life where decisions are made in an increasingly automated way. [3]
We are seeing consumer trends that tell us that people want to move away from materialism and generic products. Today they seek authentic experiences, simplicity, and higher quality.
20- Contextual interaction: public or private environment?
The context will determine the type of interaction people will use and when to do it. Although spoken messages are being used more and more, in the United States people indicate that voice assistants are mostly used in private environments, such as the home or the car.
Consumers have become more protective of app usage, they don't want to share everything about themselves. 45% believe that apps collect their private data, even when they are not using them. [4] In addition, 51% say they are tired of having to accept data collection cookies to use an app or browse a website. [5]
The economic recovery has not benefited everyone. Middle-class consumers continue to feel exploited by the system, compared to their peers in emerging countries. Basic products are increasingly expensive and resources are still scarce.
These consumer trends tell us that environmental awareness is no longer a niche concern. Ties with brands will diminish as discontent grows with their values and practices, 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], while global movements for a plastic-free society are growing. In this context, virtuous links can be created with companies that commit to improving their sustainability.
Angry consumers will identify with companies and institutions that use their power to ask for, promote, and even pressure for legislation that brings about the necessary changes to make this world a better place for everyone. There is a growing interest in ventures and companies that have been certified as B Corps, because they operate in the market with the mission of providing concrete solutions to social and environmental problems.
More than 1 billion Facebook users interact with 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 and foremost, global citizens. [8]
More than 50% of Augmented Reality and Virtual Reality users want applications, glasses, and gloves that are practical and provide information for everyday tasks, such as making car repairs or cooking. [9] Consumers will demand ethical algorithms and artificial intelligence capable of yielding fair and impartial information and decisions.
What consumer trends do you think will impact your industry? Look beyond your field and also consider trends from other industries. It is also important to investigate how reference companies in different markets have responded to these trends in an innovative way.
We hope that this article on the consumer trends that are manifesting today and the first part we published previously, 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.
[1] Euromonitor, 2019.
[2] Deloitte, January 2017.
[3, 4, 5 & 6] Ericsson, December 2018.
[7] Facebook, September 2016.
[8] GlobeScan, April 2016.
[9] Ericsson, December 2018.
![Consumer Trends You Need to Know to Shape Your Innovation Strategy [Part 2]](/content-images/91c568ee-tendencias-consumo-_personas.jpg)
![Consumer Trends You Need to Know to Shape Your Innovation Strategy [Part 1]](/content-images/7ae55c52-tendencias-consumo.jpg)
