In many cases, remote work has simply moved inefficiencies and bad habits to a different place. Less is often more – B2C businesses should focus on fewer SKUs (stock keeping units) and prioritise quality over quantity. People are more forgiving of companies when an apology and transparent recovery plan is provided. 5 Trends for 2020 (and 21 for 2021!) TD Ameritrade mixes real investment agents with a bot named Alvi, who is incredibly human-like. This is not just a Western sentiment – 82% of Southeast Asian Gen Z claim they prefer products from sustainable or ethical brands, and 58% of Chinese Millennials are willing to pay more for ethical brands. The face of AI For one, it led to the world’s biggest work-from-home experiment. For the food and beverage industry, cancellations hurt revenue, which is particularly hard for local establishments with tight margins. Ongoing concern about the environment will be a trigger for another of our trends – the reshaping of the city. They are more likely to get divorced.”. As the online holiday spend shows, consumers expect contactless experiences in 2021 as they will continue to take measures to limit exposure to the coronavirus, experts agreed. When Gen Xers reached ages 30-34, they saw a 30% income increase compared with the generation before, but Millennials’ income level at the same age fell by 4% in comparison with Gen X. Additionally, Millennials’ net worth is only half that of which Baby Boomers enjoyed at the same age. Identified in the Social Media Drivers 2019 report, consumers are growing more sceptical about the platforms and influencers pushing products. They exercise less and are less healthy. Trending 2021 - The Report. But these kinds of takes often miss the global context. The realisation that the digital data we create is a commodity to be bought and sold will drive the growth of data as currency. A major theme emerging in these trends is the need for brands to “keep it real”. This scenario is starting to cause intergenerational friction as younger people (already financially strapped) are faced with picking up long-term elderly care costs. Yet the same report found that only 36% of companies judged their influencer marketing efforts as effective, and 19% admitted they thought that the money spent was ineffective. ESG (environmental, social and governance) investments now represent 25% of all assets ($22.8 trillion) under management globally. As 2020 comes to an end, online retailers are eyeing up 2021 and the new ecommerce trends it will bring. Smart TVs are a prime example of post-purchase monetisation. Data disbelievers From hi-tech jackets built for the mobility impaired to companies such as Starbucks opening up cafés for the hearing impaired, the innovations to assist these shoppers is growing. AI assistance Consumer industry trends will focus on Innovative processes, like click and collect (or curbside pickup). The next industry poised for growth is Halal travel. Businesses’ environmental credentials are still very much under scrutiny, and in the eye of the consumer, action on the environment is just as important as action on COVID-19. Five opportunities. This website uses cookies so that we can provide you with the best user experience possible. AI-powered Alvi asks them personality-minded questions, like “if you could write a letter to your 17-year-old self, what would you say?” Both agent and Alvi work together to provide tailored, investment-based information. Companies are taking a stand: Unilever’s chief marketing officer, Keith Weed, called for “urgent action” to clean up the influencer marketing ecosystem, and Kellog’s announced they are no longer paying influencers based on reach due to fraudulent and dishonest activities. Clean UI/UX design The monitoring is often done without consent, and as the Internet of Everything (IoE) grows more sophisticated, surveillance capitalism has evolved beyond social media platforms to product devices. With the advent of e-commerce and other retail-friendly technologies, consumer demands have shifted towards expedience and convenience. Get a taste of what’s ahead with these trends, taken straight from the report. There is a growing public debate around how individuals should be compensated for the use of personal data. Much writing about the future of cities has concentrated on places like New York, where some high-profile people opted to spend lockdown in a second home in leafy suburbs. In addition, online echo chambers on both sides of the political spectrum are keeping people insulated from differing viewpoints and beliefs. Indeed, research shows that the daily pressures for Millennials are considerably higher than for previous generations. With free Wi-Fi and tablets, BRCK brings rural regions online, empowering African youth to use digital tools for creative outputs. Consumer concerns closely mirror industry developments. Each of these consumer profiles are characterised by a unique set of attributes and demands, and businesses must evolve to deploy bespoke strategies tailored to suit each consumer type. Download F-trend's consumer trends 2020/21pdf report a consumer insight to gain the early market opportunities in fashion, branding and product development. In places like India and China, people may leave cities because of COVID-19 – but there will be many more going the other way. Audiences must request access to the brand’s (“private”) Instagram. View full description > *.. Verify Your Email Address. Companies will do well to embrace a values-based approach to their marketing strategies, as today’s young, socially progressive consumers have shown little hesitation in boycotting brands that they perceive to be ethically questionable. Time affluence is at record lows globally. “Chinese consumers, especially the younger generation, don’t just believe the notion that foreign brands are better. A 27-year long meta-study by psychologists Thomas Curran and Andrew Hill found that multidimensional perfectionism encompasses three levels, and millennials tend to suffer from all three. What do UK consumers want to hear from brands right now? Data distrust causes distrust of influencers, particularly with late Millennials and Gen X. In short, declutter the digital experience, use AI/ML to streamline the shopper journey and take a less-is-more approach to product offering. More than half of India’s population (600m) is under 25. If they can’t find an opportunity, they’ll create it. The colossal story of 2020 is a global pandemic that has left the world in a fragile and uncertain state. The reverse supply chain What will change about cities is their shape. Wibson is a start-up that purchases user data in exchange for points that are redeemable for Spotify Premium accounts, Visa gift cards and Uber credits. The Information Age isn’t always accurate and, as Albert Einstein said, information isn’t knowledge. With this in mind, we conducted two surveys to inform each of the 2021 Global Marketing Trends chapters. Nairobi-based start-up BRCK pointed out that the next 800m internet users will come from Africa. A recent survey by Emarys found more than four in five (82%) are now aware of the use of AI in their shopping experience. Adobe Stock. CONSULTING. How does messaging change when neighborhoods become more important than cities? As Amazon CEO Jeff Bezos put it, “the smartest people are constantly revising their understanding, reconsidering a problem they thought they’d already solved. How do companies prepare for a high-pressure, low-time group that craves ease of purchase rather than price discounts? Conde Nast Traveler’s Women Who Travel is a closed Facebook group for female travellers that boasts 126k engaged members. Ghosting. By crunching the numbers from our three data sets, custom studies, and our dedicated coronavirus research, we’ve identified eight trends we believe will shape 2021. Rising youth populations in these developing regions are responsible for this regional dichotomy, as Western populations continue to age. McKinsey & Company released its “China consumer report 2021. Its central premise is deceptively simple: one person’s trash can be another person’s treasure. Fearful of economic instability, companies are opting for efficiency innovations – doing more with less resources. Generation Burnout Despite the rise of emotional fragility in the West, Africa, India and Southeast Asia are experiencing a wave of optimism that will result in social and political change. With the rise of influencer marketing, direct-to-consumer (D2C) marketing, peer-to-peer (P2P) marketplaces, re-commerce and more, consumer brands must rethink strategies and reinvent themselves in order to attract and retain the latest generation of consumers. Consumers surveyed say that they use digital technology to research, browse and purchase, sometimes all on the same website. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. As such, companies must – now more than ever – continue to innovate in order to engage consumers and stimulate growth. Explore our report on the top consumer trends in 2021. A 2019 Lending Tree survey found that one-third of Millennials and Gen Xers boycotted a company that they had previously purchased from and more than one-quarter of those age groups are actively boycotting a product. Harris writes, “If generations are characterised by crises, then Millennials is the crisis of extreme capitalism.” Harris, alongside economists, cites the rising divergence between productivity and compensation. ... 4 Key Trends for Retail Entrepreneurs in 2021 The vast majority of urban dwellers chose to continue living in a city when asked where they would ideally want to live. Between bought engagement and fake accounts (a recent New York Times investigation reported 15% of Twitter users are bots and up to 60m Facebook accounts are automated or bots), more people and companies want regulation of the influencer economy. Generation M (Muslim Millennials) are slowly gaining ground as more modern fashion hits the high street. Many businesses can afford to sell consumer products at low prices, only because the real value lies beyond the purchase, in a phenomenon known as post-purchase monetisation. This trend will impact virtually all businesses, and marketers will have many questions to consider. Identified in the 2020 macro-trend Empower Up, hands-on creativity is rising as underserved communities mobilise to design their futures. While emerging countries focus on creating new markets, other regions are focused on under-served ones, such as minorities and people with disabilities (PWD). Finally, to combat cynicism and distrust in the influencer economy, brands need to re-assess and alter strategies for valuable, authentic partnerships, as consumers grow weary of marketing tactics that over-utilise influencers and key opinion leaders (KOLs). Case studies Providing workers with more autonomy to choose their hours and measuring their performance on productivity, rather than hours worked. Harvard professor Ashley Whillans says, “Time poverty exists across all economic strata, and its effects are profound. Comprehensive, in-depth consumer and market analysis and trends in 11 markets. How have their priorities changed? Trust has been eroded, and businesses must be able to reassure this group of consumers that they can be trusted. Cyber Cynics and companies are increasingly aware of data inaccuracies. Research has also found that time stress has a stronger negative effect on happiness than unemployment. Cancelling. This always-on work mentality is resulting in high levels of “Millennial burnout” – increased rates of depression and anxiety. Businesses will need to retain the human connection – even in the face of rising digital disruption – in order to prosper in the evolving consumer landscape. As a backlash to digital distractions taking the majority attention share (it takes around 23 minutes to refocus after a digital distraction), in 2021, the strategic act of non-action will be a key tool for The Compressionalists. The last two points are crucial. There is no denying that data is being collected and exchanged. In Brazil, social underdogs are becoming cultural icons. Users of the Sweatcoin app collect one “sweatcoin” for every 1,000 steps they take and can redeem tokens against a changing range of incentives. Time poverty has led to the rise of “superhuman syndrome”, a term used to describe people trying to stay on top of it all. Retail … This burgeoning cohort is seen as promising, not just because of the rising middle class, but because of the steady youth population. In the UK, Australia and most of Western Europe, the pattern is the same. The real value is the constant data stream collected from the TV that is sold to third parties. As more Chinese youth see Made in China as a badge of honour, the international market share will see declines. Meanwhile, non-profit Fa.vela holds the Creative Run: the first accelerator helping favela-based creatives to grow their ideas into businesses. We live in a time characterised by growing distrust across the board – distrust between the electorate and the elected, between corporations and the public, and – most of all – between governments. Ultimately, meaningful data – and thus, actionable intelligence – is more valuable than comprehensive data. San Francisco-based online grocer Farmstead uses AI to determine demand to avoid overstocks, which reduces local food waste and saves time and fuel on delivery routes. James Brumley The Motley Fool Published. We’re confident we’ll see more images of beaches and beauty spots littered with single-use masks next year. Heading into 2021, consumers are still adjusting to pandemic life. The reverse supply chain, also known as re-commerce, exemplifies the growing trend toward transforming consumption through reuse. Our data highlights that working overtime has increased significantly since 2019. Surveillance capitalism works by providing free services that people willingly use, enabling the service providers to track and monitor the behavioural attributes of the users. At its most basic, this can be as mundane as selling gently used items to people who want them. At the same time, brands must re-evaluate their use of influencers and KOLs in marketing, as it becomes increasingly difficult to stand out from the competition on hyper-saturated social media platforms such as Instagram. According to a 2018 report by Kantar, China’s Top 100 Total Value brands increased sales 23% y-o-y. A key driver for 2021, age disparity is reshaping the population pyramid. People with intellectual humility are better learners, listeners and leaders, and this is becoming a desirable job skill. Five powerful consumer trends. Digital marketing trends you need to consider in 2021 . Consumers understand that there will be some degree of commodification of data, but are generally willing to trade data – at least some – for service and convenience. But I don’t want your hope. Introducing the colors of the year for 2021 from Behr with 21 hues & seven fresh palettes selected by our color experts that allow you to create a desired mood and style in any space. Brands and retailers aiming for hyper-transparent transactions should create reward systems for trading data or partner with established programmes. It’s not always appropriate in every single sector, but in the vast majority of cases, more is gained than lost when working from home. At the same time, consumer sentiment can be broadly categorised into three categories: Pressure, Deep Kindness, and Emboldened. Businesses must respond accordingly. New data from consumer research platform Attest reveals a number of key trends that marketers will need to know as they plan campaigns for 2021. For example, a customer is shopping for gifts and the next time they visit the retailer’s site they only see similar products to the search. Grounded in robust, unique data across 27 markets, with case studies and actions. Case studies The coronavirus crisis has had a profound effect on every area of retail and consumer behaviour, turbo-charging some trends and creating some completely new behaviours. “Millennials will see $30 trillion in wealth under management being transitioned to them in the coming years, and they are twice as likely as previous generations to invest in social impact. 1. Despite this, they still can’t shake the feelings of failure and constant pressure to do more. The drive to reboot economies around the world has virtually wiped out any reductions in air pollutants, suspicion of public transport is driving car usage, and aspects of the response to COVID-19 are detrimental to the environment by their very nature. Lenovo reporting 72% of its earnings were from outside China in 2018. Jacaré Moda is a modelling agency that empowers new voices by casting directly from low-income neighbourhoods. The Information Age isn’t always accurate and, as Albert Einstein said, information isn’t knowledge. The social media backlash was instant and brutal, so the company responded with a self-deprecating full-page ad in London’s Metro and The Sun newspapers with its signature chicken bucket and a re-worked logo: “FCK.”. The company commissioned 14 seamstresses, representing nine communities across the four Inuit regions, to create the collection. Encompassing both the economic and social spheres, this pressure is omnipresent and affects people across the demographic spectrum, and has perhaps become the latest “great equaliser”. Looking towards 2021, we see the emergence of four distinct types of consumer: the Compressionalists, the Kindness Keepers, the Market Makers, and the Cyber Cynics. Dictated by consumer demands, businesses in 2021 must adapt. For the other five (as well as more insight into these first ones), get the full report. Many businesses had to adopt crisis mode in the immediate response to the pandemic, and extra hours were a side-effect of trying to survive. Act now or pay later Socially prescribed perfectionists obtain their self-worth when others approve of or accept them. They experience less joy. In May 2018, Dutch activists founded the Datavakbond, a data labour union, whose collective aims include seeking payment for commercial use of personal data. But there are two threats to this more effective working culture. Other-oriented perfectionists feel a sense of self-worth when others respect and admire them. Useful data is problematically rare. Case studies Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. For example, people who share their data with a health app are less cynical because the value exchange is keeping them healthy. The advent of social media and the digital revolution has given rise to a very modern phenomenon – the feeling of overwhelming pressure. For the workplace, cancelled meetings impact productivity and planning. Ongoing concern about the environment will be a trigger for another of our trends – the reshaping of the city. As promised, we’ve run through three of the biggest changes coming in the next year. Ultimately, consumers have had their say, and the message is clear – the future consumer is willing to pay a premium for convenience, authenticity, and ethically sourced or produced goods. The pandemic is rapidly changing consumer behaviour toward online channels and there is … Access and accountability. Influencers losing influence (and trust) Self-oriented perfectionists derive their self-worth from achievement – especially relative to others. Research shows that those who feel time-poor experience lower levels of happiness and higher levels of anxiety, depression, and stress. Those with a licence to work remotely rated their company higher on many factors; not just productivity but also collaboration, the very thing usually cited as a drawback to remote work. The pandemic has brought his vision to life, almost by default. Uber has partnered with the city of Denver, Colorado, to gives users the ability to track real-time public transport information and walking directions, taking the stress out of the journey. Re-commerce retailers like Momox, ReBuy, and Quoka.de are the biggest drivers of the industry. Consumers haven’t forgotten about one crisis in the midst of another. Their productivity at work is diminished. In some cases, it’s made the working culture worse, creating a new kind of presenteeism based on always being logged-in. Lululemon reported 48% online growth in 2018, largely attributed to a website redesign that included decluttering product images and faster load times. A 2019 global survey from IBM found that 75% of consumers will not buy a product from a company (no matter how great the product is) if they don’t trust the company to protect their data. Livestreaming + Shopping = Shopstreaming. 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