With economic risks still clouding the outlook, how exactly is this impacting on consumer spending and behaviour? Consumers in many emerging markets in particular are living in difficult economic times. 2016, it is fair to say, will be another challenging year for consumer-facing industries, but the picture is nuanced. Divergence is a key theme, so we are looking beneath the top-line. The first quarter is also the time we look ahead to the consumer trends likely to characterise the year ahead exploring the blend of established and new trends with countertrends, which are challenging ways of living and buying.
Here are some of the quarter’s most read content on Passport Consumers:
Consumption in 2016 is an interesting blend of established and new trends with countertrends, which are challenging ways of living and buying.
As digital life retains its grip, and more shop for greater control of their lives though smart devices, a growing band of consumers—led by parents and health experts—are signposting the downsides and urging more analogue time.
Consumers are challenging gender stereotypes and the consumption that shapes them. Branded “gender expansive” goods and new shop layouts are accompanied by a moment for androgynous style and a spotlight on gender-nonconformists.
“Agnostic shoppers” are disregarding loyalty to labels, “perfect produce” and best-before dates, as they search for innovative routes to value. Thrifty shopping maintains its appeal, but discount love is not total love. Downturns in many countries are also boosting savvier, local shopping.
Creative, single spenders are fusing the consumption of luxury with counterculture. Often child-free, spending singles enjoy buying for the kids in their lives, and they are drawn to authenticity in advertising and marketing.
Health consciousness has millions more wanting to eat greener, healthier and more local food, with fast food chains starting to respond. The meaning of ‘natural’ food is the subject of debate, while food waste is increasingly off the menu.
The fascination with mental wellbeing reveals consumers are looking beyond physical fitness in striving for optimal health.
New Global Consumer survey results are here!
We are excited to announce that the latest consumer survey results from the 2015 Global Consumer Trends survey are now live in the Lifestyles dashboard and in published analysis on the Lifestyles page (with more being added in the coming weeks and months!).
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, then translating the results into comprehensive analysis and actionable opportunities. Below is a preview of six insights drawn from the 2015 survey results. The full report highlighting key survey findings across all major consumer lifestyles areas can be found here (Global Consumer Trends: Summary of 2015 Survey Results).
1. Millennials and Gen Z are leading the shift from computers to mobile
2. The key to swaying customer opinion is to first convince their friends and family
3. Informed eaters will pay more for healthy packaged food
4. Trust in “green” labels is growing, but skepticism remains high
5. Many consumers struggle to link some health priorities with everyday habits
6. The ability to make time for what matters most is critical for today’s ever-busy consumer
Top Life Priorities for Global Consumers
Source: Euromonitor International Global Consumer Trends survey; 2015
Note: Showing the percentage of global respondents who ranked response as one of the top three priorities in life.
To mark the launch of Passport Consumers, Euromonitor International is pleased to announce the publication of a new eBook “Consumers in 2016”. With 2016 set to be another challenging year for the global economy, today’s consumers will continue to evolve, with a blend of trends and countertrends characterising behaviour and attitudes. As we look ahead through 2016, we see consumers grappling with continued economic uncertainty, spending carefully and embracing technology that simplifies their busy lives.
Will consumers part more easily with their cash in 2016? Unfortunately the answer is likely to be “no, not really.” Although we expect global growth in consumer spending to accelerate in 2016, we are unlikely to see stellar growth, much less a return to the good old days.
A collection of insights across Euromonitor areas of expertise, including Digital Consumer, Income and Expenditure, Households, Lifestyles and Population; Consumers in 2016 analyses prevalent trends across developed and emerging markets.
Download Consumers in 2016 now to:
• Learn what is changing in today’s consumption landscape
• Predictions for the digital consumer in 2016
• Understand developments in smart home technologies
• Analyse migration, urbanisation and ageing megatrends
As consumers reassess their priorities and increasingly ask themselves what they truly value, a host of major consumer trends have emerged: from the sharing economy to the preference given to experience over possessions, to frugal innovation and trading up and down. This shift towards new priorities, which we have christened “The New Consumerism”, is impacting across a multitude of industry sectors and has the power to transform even the most established markets. We will be using all aspects of Passport to help explore this area of consumer behaviour and its impact on business in a wide ranging series of articles and reports, starting with our new strategy briefing: The New Consumerism: Redefining Ownership, Values and Priorities.
Although emerging and developing economies are leading the global middle class expansion, developed countries will continue to offer more solid middle classes with higher disposable incomes and greater homogeneity in terms of incomes, tastes and needs than their emerging market counterparts. For the long-term period through to 2030, Euromonitor International has identified five developed markets with the best middle class potential, which are the USA, Japan, Germany, the United Kingdom and France. In these countries, the middle class is the foundation of consumption thanks to their substantial size and high purchasing power, with a median income exceeding US$45,000 (in constant 2014 prices) per household in 2030.
Top Five Developed Markets with the Best Middle Class Potential: 2030
Source: Euromonitor International from national statistics
Note: 1) Data are forecast. Median income per household is forecast in constant 2014 prices, fixed exchange rates; 2) Middle class is defined as the number of households with between 75.0% and 125% of median income. 3) The threshold median income of US$45,000 per household is chosen to allow direct cross-country comparison, and to reflect a capacity for discretionary spending in the context of higher living costs in developed economies.