These are the 10 most-popular articles focusing on consumer trends that Euromonitor International published in 2017.
Euromonitor International analysts predict 2017 will be marked by slowing growth in consumer expenditure in developed markets. With many of these countries struggling to raise productivity, weighed down by debt and ageing population, stagnation represents a threat. The Eurozone will continue to see anaemic growth, with a slowdown in all major economies next year.
Technological advances continue to alter the way consumers browse and buy all types of products and services. As the global populace becomes more digitally connected, new technology is opening the doors to brands being able to better target their end-consumer and to offer new ways of conducting commerce. There are three trends that will shape the global digital consumer in 2017.
In 2017, consumers are impatient. The digital world has schooled more of them into becoming so-called “IWWIWWIWI” — “I want what I want when I want it” — consumers, impulsive and in pursuit of immediate gratification. They want services yesterday and real-time virtual dialogue with their brands. Ordering in advance is no longer enough. Brands are responding with a slew of speed-up business models, from one-hour delivery to offers via beacon technology, used by retailers to broadcast messages to nearby consumers via their smartphones.
According to the report, ‘Top 10 Global Consumer Trends for 2017’, authenticity is a standout consumer value in 2017, heralded by everyone from changemakers and celebrities to supermarkets and chefs. In the conscious debate about what actually counts as authentic, companies make efforts to ensure authenticity is part of this reach for the real.
Households populated by one person are skyrocketing around the world. Over 2016–2030, single-person households will see faster growth than any other household type globally, with around 120 million new single person homes to be added over the period. This demographic is being driven by younger singles exchanging relationships for careers and education, as well as the growing widowed and divorced elderly group, especially large in developed countries.
In contrast to recent years, consumer confidence has strengthened based on an improving economy, supporting growth, albeit slow growth, in consumer spending. Rising levels of spending have also been reflected in greater comfort in consumer borrowing, but rising household debt has become a concern. High house prices have discouraged younger consumers from jumping on the property ladder and slowed demand for a wide range of household items. Younger consumers are driving growth in online shopping.
Euromonitor International predicts that India will be the fastest-growing major economy in 2017. India was the world’s sixth largest consumer market in 2016 in US$ terms and we predict it will move up to third place by 2030, ahead of Japan and Germany.
Removing the effects of inflation and exchange rates, soft drinks unit prices fell globally in most categories during the review period. The main reason is that energy drinks, long one of the most expensive soft drinks categories, began to filter down the income spectrum to reach a new class of consumers who have the same needs for on-the-go energy to power them through the day as wealthier consumers, but have previously been underserved by the major brands in the category.
Authenticity is a standout consumer value in 2017, heralded by everyone from changemakers and celebrities to supermarkets and chefs. This emphasis on “real” crops up in numerous contexts. It is in Twitter’s blue tick badge signifying that the accounts of high profile individuals are verified as real, and in the winter 2016 glossy magazine ad for Amazon Fashion, “Don’t look like me look like you”, celebrating shoppers’ unique style. Pursuit of the genuine, be it in food, pre-loved goods, beer or character, is essential, even if it is contrived.
Attitudes about health and well-being are currently central to Canadian consumption patterns. The idea of “healthy” food has shifted in recent years away from simply meaning low in calories, fat or sugar, to also focus on nutrition, production process, and ingredients.