Digital Seniors & Rural Urbanites Are Among the Top 10 Global Consumer Trends for 2022
Euromonitor: Access and action are the driving forces motivating consumer behavior and challenging business strategies.
CHICAGO — Resilience and adaptability were tested in 2021, forcing consumers to relinquish control and embrace ambiguity. This year, consumers are taking back the reins and paving a path forward based on their passions and values.
Access and action are the driving forces behind the top 10 global consumer trends in 2022, according to global market research company Euromonitor International's Top 10 Global Consumer Trends 2022 report.
Euromonitor defines the trends motivating consumer behavior and challenging business strategies in the year ahead. They are:
1. Backup Planners
Consumers find creative solutions to purchase their go-to products or search for next best options as supply chain disruptions cause massive shortages.
Business Outlook for Backup Planners Localization and optimization will become the norm. Companies and distributors should use data to improve supply chain visibility, hone operations and rethink investments.
2. Climate Changers
Eco-anxiety and the climate emergency drive environmental activism for a net-zero economy. In 2021, 35 percent of global consumers actively reduced their carbon emissions.
Business Outlook for Climate Changers Millennials and Generation Z feel they can make a difference through their choices. This largest spending cohort of the future will use tools to ensure minimal climate impact. The more offerings that align with expectations of Climate Changers, the more brands will see their products and services resonate.
3. Digital Seniors
The global population aged 60 and over us will grow 65 percent from 2021 to 2040, reaching more than 2 billion people. This relatively wealthy cohort is gaining more experience and confidence using online services and choosing to adopt more tech solutions that assist with their daily lives.
Business Outlook for Digital Seniors Easy-to-use technology and seamless solutions combined with face-to-face communication define the future of digital inclusion for seniors. Building an agile plan directed at both Digital Seniors and elderly novices will enhance return on investment.
4. Financial Aficionados
Democratized money management empowers consumers to strengthen financial literacy and security. More than half of global consumers believe they will be better off financially in the next five years.
Business Outlook for Financial Aficionados Retailers and brands should collaborate with financial service corporations to facilitate alternate forms of payment, such as cryptocurrencies or buy now, pay later. The potential impact of Financial Aficionados, from increasing their investment rates and growing their financial acumen, cannot be underestimated.
5. The Great Life Refresh
Consumers focus on personal growth and wellbeing, making drastic life changes that reflect their values, passions and purpose.
Business Outlook for The Great Life Refresh Companies catering to The Great Life Refresh stand to be seen as partners, helping consumers adapt to a new way of life. Businesses should tailor marketing to acknowledge and support consumers’ decisions to take action. Companies need to offer policies and products that provide value and support personal growth to drive loyalty.
6. The Metaverse Movement
Immersive, 3D digital ecosystems begin to transform social connections. Online socialization is the preferred form of entertainment for many consumers, particularly younger generations, who spend more time playing games on mobile, desktop and augmented reality (AR)/virtual reality (VR) headsets.
Business Outlook for The Metaverse Movement Improvements in AR/VR capabilities and lower equipment costs will increase access to 3D virtual spaces. Consumers who already interact with immersive online social settings will spend even more time in entirely computer-generated environments. As The Metaverse Movement continues to gain tech-savvy participants, businesses must learn their role to increase brand recognition and generate revenue.
7. Pursuit of Preloved
Consumers want to live sustainably and minimize environmental footprints. At the same time, affordability became a crucial factor during the unstable economic situation. Certain consumers also desire exclusive or unique pieces that may have a higher price tag.
Business Outlook for Pursuit of Preloved Companies need to reuse or recycle materials for new product development and to reduce waste. Pursuit of Preloved will inevitably improve sustainable production and consumption and brand reputation as a result.
8. Rural Urbanites
Consumers want safe, clean and green environments, whether in the city, suburbs or countryside. Spacious and sustainable communities will dictate where Rural Urbanites choose to live.
Business Outlook for Rural Urbanites Regardless of location, brands and businesses need to adjust their strategies to retain customers. Expanding brick-and-mortar outlets and services whilst investing in e-commerce will help companies reach a broader audience.
9. Self-Love Seekers
Self-Love Seekers invest in taking care of their bodies and minds, from what they consume to the products they use. They splurge in ways that match their lifestyles whether purchasing a cannabis-infused product or a luxury handbag. Products and experiences that empower these consumers to be their best version will drive purchase decisions and loyalty.
Business Outlook for Self-Love Seekers Businesses need to support consumers on their journey and understand their priorities to inform innovation. Offerings that help consumers feel fulfilled, positive and self-assured will improve brand perception. Investing in technologies, such as AI, can facilitate more sophisticated personalized solutions.
10. The Socialization Paradox
The Socialization Paradox is a behavioral phase influencing consumer habits. Consumers want to socialize but demand a flexible approach.
Business Outlook for The Socialization Paradox Companies need to be considerate of fluctuating comfort levels. Hybrid business models will put consumers in control of their desired experience.
"Businesses need to transform alongside rapidly evolving consumer preferences," said Alison Angus, head of lifestyles at Euromonitor International. "Reverting to a pre-pandemic playbook will not likely generate the same results moving forward."
Euromonitor's Top 10 Global Consumer Trends 2022 report is available for download here.