Here are the top 10 consumer trends to watch in 2022
Access and action will drive these consumer trends, according to Euromonitor International.
As markets take on the road to recovery, Euromonitor International identifies the top 10 consumer trends that are expected to gain traction in 2022.
Euromonitor said in the Top 10 Global Consumer Trends 2022 report that “access and action” were the driving forces for the consumer trends this year.
“Resilience and adaptability were tested in 2021, forcing consumers to relinquish control and embrace ambiguity. This year, consumers are taking back the reins and paving a path forward based on their passions and values,” it said in the report.
Backup Planners were among the consumer trends which emerged due to supply chain disruptions and faced the challenges in securing the product they want. Euromonitor said these consumers are looking for ways to purchase similar items or finding creative solutions for alternatives.
It said that by late 2022, supply chains are expected to start stabilising and access to products would return to pre-pandemic levels but new shopping habits will dictate how Backup Planners find and select products.
Climate Changers were also seen to gain traction with consumers now expecting brands to take steps in addressing climate change through their products, Euromonitor said, adding that companies should offer carbon footprint certified products and be transparent in labelling carbon-neutral products to attract these consumers.
Digital Seniors were also on the rise as older consumers were compelled to go online and rely on technology for their purchases because of the lockdown. It cited its Voice of the Consumer: Lifestyle Survey in 2021 which found that 45% of the global consumers aged 60 and above used a mobile banking service at least once a week and 82% of them owned a smartphone in the same year.
There were also Financial Aficionados or the consumers who were “gaining confidence in investing and becoming savvy savers to strengthen financial security.”
“Retailers and brands should collaborate with financial service corporations to facilitate alternate forms of payment, such as cryptocurrencies or buy now, pay later,” it said. “The potential impact of Financial Aficionados, from increasing their investment rates and growing their financial acumen, cannot be underestimated, it said.
The Great Life Refresh trend also gained ground because of the pandemic wherein consumers made “drastic personal changes and a collective reboot of values, lifestyles and goals.” It said that businesses should innovate their offerings to cater to this trend of consumers that were driven by passion and purpose.
The “Metaverse Movement” trend is also strengthening as consumers embrace digital spaces in interacting with other communities. Euromonitor said that improvements in augmented reality or virtual reality and lower equipment costs will increase access to 3D virtual spaces, adding that an immersive environment can also drive e-commerce and virtual product sales.
Pursuit of Preloved trend is also growing as consumers are shifting “from an owning to an experiencing mindset,” it said, noting that sustainability and individuality are removing the stigma linked with secondhand shopping and initiating peer-to-peer commerce.
“Businesses need to do more with less. Investing in circular economy initiatives, such as recycling, rental or resale programmes, will drive value whilst positively impacting the environment,” Euromonitor said.
It also noted the rise of Rural Urbanities as suburban and rural communities offer more spacious and greener scenery which attract consumers from metropolitan areas. It added that businesses that reinforced their e-commerce distribution and expanded sustainable product offering, and will cater to Rural Urbanities “will emerge as winners.”
There were also Self-love Seekers consumers who prioritise their “happiness, feeling comfortable in their own skin and indulging in goods and services that elevate their sense of self.” It said that businesses should create deep connections with the consumers as they are seen to focus on personal growth and acceptance amidst uncertainty.
Euromonitor also cited The Socialisation Paradox wherein some consumers were eager and others were hesitant to resume their normal activities in the pre-pandemic times.
“Companies should provide seamless solutions and multiple options across channels without sacrificing the experience,” it said.