Recently Euromonitor published a report on the Top Global Consumer Trends for 2018. We picked our favourites to share with you along with some implications for marketers.
1. Clean Lifers
A new breed of consumers, particularly 20-29 year olds, are focused on clean living. They strive for simplicity and minimalist lifestyles. This is a generation that have been somewhat “coddled” by their parents and so family and home remain very important to them. Clean Lifers tend to be less tolerant and more skeptical. They have a strong belief in their ability to make a difference in the world and as such this affects their spending choices. This cohort is shying away from unhealthy products or habits, such as drinking alcohol, taking drugs or eating animal based products. Clean Lifers prefer to stay in and relax then to go to a nightclub. Experiences are more important to them than material things.
What does this mean for marketers?
To appeal to this new cohort, find ways to simplify their purchase decisions, appeal to their need for a healthier lifestyle with products and services that deliver health & wellness benefits. Instead of selling them a product, provide them an experience.
2. The Borrowers
Previously materialistic generations are giving way to a new generation of consumers who are community minded, who love sharing and renting. Even baby boomers are finding value in access not ownership. Being less tied to possessions, provides them more flexibility and freedom in their lives and allows them to live in the moment. The sharing behaviour goes beyond just car rides (Uber) and home sharing (Airbnb) and is now emerging in other categories such as running chores (TaskRabbit), renting out clothing, toys, sporting equipment and even dogs (BorrowMyDoggy). Affordability and convenience are the primary benefits with sustainability a secondary benefit sought after in the sharing economy.
What does this mean for marketers?
Develop products or services that can save Borrowers time and money. Consider opportunities to make your product or service eco friendly as this will appeal to their need for community. Demonstrate how your product or service delivers to Borrowers need for variety and higher quality experiences.
3. Sleuthy Shoppers
Sleuthy Shoppers are skeptical of mass produced products and are taking a more involved and action oriented approach to their buying behaviour. Sleuthy Shoppers who span Gen X to Gen Z are running to independent online sources of information and they expect companies to provide proof of their claims. Particularly evident in the food category, this consumer cohort wants to understand the full production process from ingredient sourcing to production and distribution. Armed with this information, Sleuthy Shoppers are more trusting of the company and feel closer to the brand.
What does this mean for marketers?
Showcase the history of your brand and the “humans” who made it. Deliver to this consumers’ need for evidence by using pictures, videos- not just text. Be honest in your communication and push your own internal boundaries in favour of transparency.
Source: Reference: Euromonitor Top 10 Global Consumer Trends for 2018
