Resilience and adaptability are the driving forces in consumer behavior in 2021.
That’s according to a new report from global market research company Euromonitor International which identifies the emerging trends that will define consumer behaviour and influence business strategies this year. The report, “Top 10 Global Consumer Trends 2021,” noted that the COVID-19 pandemic created, influenced or accelerated each of the listed trends.
“2021 will be a pivotal year,” said Alison Angus, head of lifestyles at Euromonitor International. “Tailoring strategies to these emerging consumer trends will empower businesses to endure the unexpected and overcome adversities.”
Here are Euromonitar’s top 10 consumer trends for 2021:
• Build Back Better: Consumers expect purpose-driven initiatives that support the triple bottom line: people, planet and profits. Nearly 70% of professionals expect consumers to be more concerned about sustainability than before COVID-19.
• Craving Convenience: Consumers want the ease of on-the-go, impulse and spontaneous occasions and simplicities of pre-pandemic life.
• Outdoor Oasis: Consumers look to reconnect with nature and turn to open-air venues for leisure and to safely socialize.
• Phygital Reality: Consumers will use digital tools to stay connected at home and to facilitate safer procedures in brick-and-mortar outlets.
• Playing with Time: Consumers expect to gain newfound flexibility, scheduling activities in a non-conventional order to suit individual time demands.
• Restless and Rebellious: Consumers distrust media and governments, defying misinformation and putting their needs first. In 2020, 29% of global consumers were actively involved in political and social issues.
• Safety Obsessed: Consumers demand contactless services, exceptional sanitation standards and products that enhance hygiene and immunity.
• Shaken and Stirred: Consumers reassess priorities and identities in pursuit of a more fulfilled life and improved mental resilience. Depression and mental health had a moderate or severe impact on 73% of global consumers’ everyday lives last year.
• Thoughtful Thrifters: Consumers expect to budget cautiously and purchase value-added and affordable products and services.
• Workplaces in New Spaces: Consumers seek a new work-life balance, as remote collaboration redefines the traditional office environment. More than half of global consumers previously had a strict boundary between work or school and personal life.