The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
So what are the global consumer trends that will impact around the world in 2018?
The global economy is improving and consumer expenditure is expected to grow by over 6% in 2018, its strongest rate since 2011. Despite this, 2018 will see consumer values, priorities and purchasing decisions changing further which will continue to disrupt business. The financial crisis has reached its 10-year anniversary, however continues to cast a shadow on consumer behaviour, with budget retailers still thriving.
Technology is pivotal to consumer behaviour changes, particularly mobile technology and internet access. Augmented Reality is expected to go mainstream in 2018 and advances in technology is making DNA testing more accessible to consumers directly and to companies that are using DNA for improved product personalisation.
Consumers are more empowered than ever and are pursuing greater social responsibility. Younger consumers are embracing mindfulness and betterment and consumers of all ages are putting ownership under question as flexible, minimalist living gains popularity. Rejecting commitment also plays out in the workplace, as consumers say no to corporate 9-5 working, instead choosing entrepreneurial lifestyles.
Talking about sustainability and social responsibility is no longer enough for consumers who in 2018 will seek more radical transparency from brands and push their desire to become the creators, feeding into the design and production of products. Demand for truth is also contributing to an increase in modern activists as the global rise of “#MeToo” campaigns heightens in 2018.
2018 will be the year brands need to embrace ‘customer centric’ as consumers deepen their engagement with the brands and issues that matter to them.