September saw the launch of our Global Consumer Trends Survey 2016, with data on 11 additional countries bringing the total number covered to 20. As a one-stop shop for consumer contexts, preferences and trends this Lifestyles content was hugely popular with our clients. We also continued to provide updates on our Top 10 Consumer Trends for 2016 with our analysis on Buying Time proving particularly relevant.
Here are some of the quarter’s most read content on Passport Consumers:
We are excited to announce that the latest consumer survey results from the 2016 Global Consumer Trends survey are now live in the Lifestyles dashboard. 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. Just four key trends drawn from the 2016 survey results:
- Ingredient selectivity on the rise
- Green concerns centre on self and family
- Continued growth of the “mobile first” lifestyles
- Consumers buy time to find balance
Euromonitor Consumer Segmentation
While many companies often identify market segments using demographics alone, few would agree that consumers are neatly defined by age, gender, or income. To overcome this issue, Euromonitor’s Survey team looked beyond standard demographics and has created distinct, personality-driven consumer types at both the global and country levels. These consumer types incorporate many of the diverse attitudes and habits that separate one person from another, even distinguishing among those in the same demographic group. They are available exclusively in the Lifestyles system.
As 2016 progresses, saving time continues to be about new attempts to buy time beyond convenience, with consumers showing greater willingness to outsource aspects of their lives.
Time saving solutions for busy urbanites take in numerous subscription services delivering curated products to consumer homes, new apps to help consumers bypass queues, real time customer service and “trip experiences” to better fill journey time.
Athleisure is everywhere outside as well as inside the gym, with celebrities such as Beyoncé collaborating with brands on their interpretations of the trend which is even walking down the aisle.
In the years to come, the world will become increasingly more connected. Over half of the world’s households will have access to the internet by 2020. Many of these connections will be driven by the fast rise of the smartphone with 51% of all mobile telephone subscriptions globally containing internet access by 2020. Greater digital connectivity equates to more opportunities for consumers to browse and buy both goods and services in digital channels. While the growth of digital commerce is a universal concept, digital has and will continue to manifest itself different depending upon the industry vertical and its level of digital maturity.
For additional analysis on this topic, please review the strategy briefing entitled, “The New Connected Consumer Code: Unlocking Digital Commerce Opportunities”.
Monitoring demographic trends is a vital part of business strategy for any consumer goods or services company as changes in population size will impact the consumer market potential. Shifts within a population profile, such as diversity or ageing, will also change demand and provide new opportunities.
Additionally, health trends can be used to understand the well-being of the labour force and to target medical goods and services or nutrition-driven products. Several major demographic megatrends are shaping the world we live in, notably: urbanisation, declining fertility rates, ageing and increased migration within and between countries. Our forecasts to 2030 enable clients to stay in tune with the projected patterns of change, which is the key to strategise, adapt and succeed in the longer term.