The top 10 consumer trends for 2017 according to Euromonitor – how can you make sense of them for your business?
1. Ageing: A changing narrative
We’re getting older, in fact for the first time nearly one quarter of the planet’s population will be aged over 50 this year. So is it time to swap your Millennial focus for a spotlight on the Baby Boomer?
The Euromonitor report suggests services and products doing well with this audience include companies offering home downsizing, specialist gyms, electric bikes, family concierge services and meal kits for those with health conditions.
The middle aged are becoming disruptive – the term Midorexia labels older consumers who are acting younger than their years.
They are still working and are looking for solutions to improve their lives – could you redesign your store for a Baby Boomer consumer?
2. Consumers in training
Kids have always been avid consumers – now their input into family purchases is welcomed, suggests the report. As parents struggle with worklife balance, children are given more power and independence in the household.
This makes them ideal wannabe customers yet targeting them directly remains a controversial issue particularly in the food arena.
Children’s access to all things online gives tech companies an easy customer base – the trend now is to encourage brand communication with a nod to parental involvement.
Think atypical consumers – height, security, weight, physical ability, dominant hand, music taste, food intolerance.
These customers are happy to call out poor service and products, with travel, hotel accommodation, fashion, furniture design and medical care attracting particular attention.
Niche markets include healthwear which adapts fashion trends and techniques to the challenges created by illness and disability.
4. Faster shopping
Rapid retail, impatience, bite-sized products – all these point to our desire for immediacy and convenience in food, fashion, news, even public services.
Digital apps, email alerts and swift deliveries are leading the charge.
5. Get real: The allure of authenticity
This is what the report describes as a ‘standout consumer value’ this year.
People are seeking what’s real and this extends to social media where less-than-slick imagery is a reflection of reality and immediacy.
The trend includes food, with a tendency for natural, and authentic produce, ingredients and traditional techniques.
It can also be a counter-trend to the digital obsession, with the travel market providing opportunities to check-out of the online world.
6. Identity in flux
Global versus local, questions of national identity, gender identity and diversity are at the heart of this trend.
There’s also altruism among younger consumers.
Avoiding stereotypes and thinking of fresh ways to appeal to diverse consumer groups is one way to harness this trend.
7. Personalise it
Quite simply, make things personal, bespoke, emotionally appealing.
Subscription services are successful when they are personalised.
Customer service after a purchase is increasingly important and an extended relationship with customers is the trend.
So too is the idea of getting maximum life out of a product – recycling, repairing and reusing. What can your business do to acknowledge this?
9. Privacy and security
How can consumers gain control over their lives? Technology, organic food, educational investment – these are some of the areas which allow consumers to gain a feeling of security over an increasingly volatile world.
Think home and mobile cocooning.
10. Wellness as status symbol
Healthy living is aspirational and a sign of life well lived. Gyms, boutique fitness, athleisure, wearable fitness devices, products that promote sleep, wellness holidays, healthy diets are top of mind in this trend.