5 CONSUMER TRENDS TO LOOK OUT FOR IN 2020
2020 is finally upon us and it’s a year filled with exciting opportunities for businesses who are looking to make a dent in the industry they’re in. For the trend watchers, the challenge is to identify emerging consumer trends and take full advantage of them. In order to stay ahead of the competition, businesses must learn to adapt by studying consumer behaviour and adjusting their strategies accordingly.
With that in mind, we’ve identified 5 consumer trends that will dictate markets this 2020. 5 powerful trends, 5 new opportunities. Are you ready for them? Read on to supercharge your planning.
- The pressure to go green is the highest it’s ever been
As we move forward with a new year, the search for a more sustainable means of consumption is reaching its peak. The pressure is mounting across all industries on how they can greenify their products and services. Just take a look at Tesla and how their Model 3 ranked as the third-best selling car in the United Kingdom. How about Adidas producing 11 million pairs of sneakers made from recycled ocean plastic?
The vast majority of consumers are starting to choose eco-friendly alternatives because it adds another element of purposeness to their purchase. Going green has gone mainstream and it’s one trend that businesses should take to heart if they’re looking to up the sales and generate more interest from their target audience.
- The rise of virtual companions
Consumers have grown accustomed to AI-powered entities given how reliable they are in day-to-day life. You’re out of washing powder for the day? Just tell Alexa to order you one. Time for a good night’s rest? Let Siri turn off the lights for you. It’s crazy how these so-called virtual assistants drive consumer behaviour and how they integrate them into their daily activities.
Amazon made headlines by announcing their preparations for a wearable device that will understand and respond to the wearer’s emotions. Meanwhile in Japan, a skincare brand called SK-II created an avatar ambassador called YUMI, an AI avatar that interacts with customers in a friendly manner and gives them real-world advice on how to use their products. The rise of these virtual companions is what excites the consumers, especially if they can connect to them on a deeper level.
- Desire for more personalization
Personalization has always played an important role in consumerism, but in 2020, consumers are looking for more ways on how products and services can be tailored to fit their needs. One example is vitamin startup Baze where the customer sends a small drop of blood to which the company thoroughly evaluates. From there, the customer receives a monthly subscription of multivitamins and supplements that are based around their nutritional needs.
While it’s true that there is no single product that can address every pain point a consumer has, they want the product/service to be able to conform to their necessities and bring more value to their lives.
- Solution to the “burnout” problem
It’s no surprise that the World Health Organization recognized burnout as an occupational health phenomenon. Around two-thirds of working parents in Australia reportedly struggle to look after their health and about 1 in every 4 parents is looking to quit their job. The demands for alleviating burnout is escalating and it’s up to the businesses on how they can solve this problem.
BioBeats, a company that focuses on developing products that improve well-being, released a wearable monitor that tracks the wearer’s steps, sleep, and heart rate. The user can track their anxiety levels via an app to which an AI recommends necessary lifestyle adjustments. With the burnout phenomenon becoming a widespread issue, consumers are seeking for a meaningful solution — one that can alleviate their stress and combat the effects of prolonged exhaustion.
- Civil forms of social media
While all platforms of social media have done a great job of connecting people, it’s the toxic communities and irrelevant content that have left a sour taste in the mouths of many users. Consumers prefer a digital space where they can establish meaningful connections with like-minded individuals minus the negativity and pessimism.
Sprite recently launched a campaign called ‘You Are Not Alone’ in Latin America where they’ve worked alongside Google in helping young people open up with their personal issues. Reddit forums were opened where the youth can interact and discuss with each other in a positive manner. A virtual space where people can connect and express themselves without hatred or judgment will be a key cog in encouraging a more civil form of social media.
These 5 trends have the potential to reshape the consumer landscape this 2020. Take the time to evaluate these trends and follow up with a strategic plan to ensure year-round success.