Pearl recently reviewed the Mintel Global Trends report and here are our insights.
Overall
After several years of change, COVID-19, economic instability, and political unrest many of us are uncertain of the future.
There are 3 trends to be considered moving forward:
1) Being Human
In a world of technological revolution, we all need emotion to live our lives. While technology improves efficiency and advancement, we also need human interaction.
Finding a balance between technology and tradition can be achieved through upskilling.
Consumers need time to make technology more effective on an individual level.
- 65% of Singaporean consumers agree or strongly agree they are concerned people will lose touch with reality by spending too much time in the metaverse.
Brands that are winning
- Nix– a wearable hydration biosensor that calculates fluid and electrolyte loss and informs consumers of their hydration levels.
- Brubank- a digital bank, invited entrepreneurs to use AI and the Mi Negocio app to submit visualizations of their dream store.
2) More than Money
Consumers are reassessing what matters to them most. Their perception of value. Trade-offs are happening.
- 70% of Thai consumers agree they will pay more for beauty products with natural ingredients.
- 78% of US consumers agree the quality of a retail store brand reflects overall quality.
- 30% of Chinese consumers who have luxury cars worth $300K and above, would be attracted by a better, more interesting brand story.
Brands that are winning
- Baijiu brand Wuliangye launched a virtual space aimed at encouraging young consumers to experience the brand culture.
- Felisa a luxury fragrance brand produces vegan, cruelty-free products formulated with natural ingredients.
3) New Green Reality
Increasingly, consumers are facing the reality of climate change, and it is becoming a reality.
Consumers want brands to push solutions of what’s possible and next.
- 77% of Chinese consumers agree that beauty and personal care brands should take the main responsibility for sustainability.
- 60% of US consumers agree that many companies are just pretending to be sustainable.
Brands that are winning
- Immersion Group – harvests and supplies red seaweed. It produces a compound called bromoform. When fed to cattle and sheep, this compound blocks an enzyme in the gut that produces methane, reducing the methane levels in livestock farming.
- Nespresso -partners with small farmers in Taiwan, supplying them with coffee grounds to enrich the soil. Farm to table.
Implications– Leverage human insights, address value opportunities, approach sustainability.
Want more insights, strategy and innovation? connect with us at pearl-strategy.ca or John at johnchan@pearl-strategy.ca
Source: Mintel Global Trends, 2024
