In 2017 the most successful business will be the ones which capitalise on developing consumer trends.
Every year, Euromonitor International’s Global Consumer Trends surveys help companies stay ahead of a fast-changing consumer landscape by reaching out to internet-connected consumers from across the globe. Below is a preview of four key trends drawn from the 2016 survey results.
Over the past five years global smartphone ownership rates have leapt from 20 per cent of households in 2011 to a projected 58 per cent in 2016.
Fifty eight per cent of consumers in 2016 used their phones for at least five separate activities each day, compared with 34 per cent in 2015.
Brands which do not provide easy mobile access to information and products risk alienating shoppers, losing their loyalty and discretionary income for years to come.
Concerns about climate change are widespread among global consumers, particularly those in regions where environmental shifts are already noticeable.
The survey showed consumers are more willing to pay for ‘good-for-me’ product features, such as organic or non-GMO, than ‘good-for-the environment’ features, like recyclable and eco-friendly features.
Source: Euromonitor International Global Consumer Trends survey, 2016
The right ingredients
Consumers around the world are fast becoming more aware of the ingredients in their food and more cautious about what they are willing to eat. In 2015, 35 per cent of consumers avoided at least five specific ingredients. In 2016, this number increased to 53 per cent.
More consumers are taking their avoidance of specific ingredients a step further and eliminating, or at least limiting, entire categories and food groups.
Food brands, restaurants, and grocers have an opportunity to capture this growing segment of selective eaters by enabling customers to follow the latest diet trends.
Competing demands for financial security and a desire for more time with family mean consumers today feel pressure to make the most out of every moment.
Many companies are currently enabling consumers to do this by leveraging apps and other technologies. Indeed, consumers who are most willing to spend money to save time are already using technology to make their lives easier.
Successful companies will be those which can distinguish activities consumers enjoy from those viewed as burdensome and mundane, offering opportunities to seamlessly outsource the latter.
Lisa Holmes is Senior Survey Analyst at Euromonitor International
You can read Euromonitor International’s full article here.
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.