London – Euromonitor International has released its outlook on emerging and fast-moving trends that are changing consumer values.
For 2022, the strategic market research firm has identified 10 consumer segments in a report that examines their motivations and defining behaviors.
Backup Planners: Wary of supply chain shortages, these consumers are looking for ways to purchase similar items or discovering creative solutions to obtain alternatives. Seeking locally sourced products and signing up for subscription services are among the moves they’re making.
Climate Changers: Driven by what Euromonitor describes as “eco-anxiety,” these consumers are making more sustainable product and lifestyle choices while also demanding action and transparency from brands.
Digital Seniors: Older consumers who were forced online by the pandemic have since grown comfortable with technology. Looking to simplify their lives, they are embracing more digital solutions for socializing, learning and health.
Financial Aficionados: Consumers with discretionary income have spent part of the pandemic boosting their financial literacy and pursuing alternate income streams. Euromonitor sees this group as receptive to retailers and brands offering alternative forms of payment such as buy now/pay later and cryptocurrencies.
The Great Life Refresh: These consumers now place a greater value on their work-life balance. They are changing careers or leaving the workforce entirely to chart a new course. Personal growth and mental wellbeing are important factors for these consumers.
The Metaverse Movement: Consumers who are moving beyond virtual get-togethers into immersive 3D realities now consider online socialization as a preferred form of entertainment. Cutting-edge brands are reaching them by buying billboards and making product placements within their online environments.
Pursuit of Preloved: Consumers turning to secondhand, re-commerce and peer-to-peer marketplaces aren’t merely being thrifty. They see themselves as fostering a less wasteful economy.
Rural Urbanites: This trend includes both city dwellers who moved out to suburbs and rural areas after the outbreak of COVID-19 as well as those who chose to remain in cities. In both cases, work is far less tied to a physical office – and rapid e-commerce fulfillment is important to satisfying their demands.
Self-Love Seekers: These consumers prioritize their happiness, feeling comfortable in their own skin and treating themselves to goods and services that elevate their sense of self. They are drawn to products that evoke physical, emotional or spiritual wellbeing.
The Socialization Paradox: Some consumers are eager to return to pre-pandemic activities while others remain hesitant. They are likely to respond best to companies that provide seamless solutions and multiple options across channels without sacrificing the experience.