“As experts in what consumers want and why, Mintel is uniquely suited to predict the future of consumer behaviour and what that means for brands,” says Director of Mintel Trends, EMEA, Simon Moriarty.
Mr Moriarty comments on the consumer behaviour, market shifts, innovative brands and opportunities for companies and brands to act on in the next 12 months:
- Health Undefined. “…the opportunity for brands exists in not simply selling a wellbeing product or service to consumers, but also reminding them of the value in their own internal curiosity and the power of trying something new.”
- Collective Empowerment. “The collective mentality of the pandemic motivated a community-focused consumer mindset – even in traditionally individualistic cultures – that has put mutual support and advocacy at the forefront of various consumer behaviours. The rise of the Black Lives Matter movement and the Global Climate Strike show how people are gathering to clamour for positive change.
“There is an opportunity for brands to take a lead in addressing these issues, and they may risk being seen as a hindrance if they fail to do so.”
- Priority Shift. Consumers are taking a step back and analysing their spending habits due to financial crisis’ in 2020. “In this search for things that matter to them, consumers are seeking not just affordability and convenience, but also safety, protection and durability of goods.
“Brands should take advantage of this opportunity to become agents of positive change and to prove that they offer good value and tangible results.”
- Coming together. We’ve seen a strong sense of community through the past year.
“A widespread understanding that community and belonging are critical to combat loneliness offers brands the chance to celebrate consumer identities and offer novel ways to support each other.”
- Virtual Lives. Innovation in technology has had to reach higher levels due to its necessity in lockdowns.
“The fast-growing popularity of gaming and esports offers opportunities for brands from multiples markets, either via collaborations to create collectible in-game items, by creating their own games, or pairing products to go with gaming sessions.”
- Sustainable Spaces. Consumers are demanding greater transparency from brands when it comes to sustainable practices.
“…brands have an opportunity to proactively innovate products and services that help them deal with the cumulative impact of everyday living – from a focus on localism and supporting communities to nudging consumers towards incrementally better habits that combine to great effect.”
- Digital Dilemmas. Technology plays a significant role when it comes to offering solutions in uncertain times.
“Thus brands are encouraged to innovate digital capabilities in anticipation of consumers’ needs and, crucially, to expertly bridge the gap between the online and offline worlds to offer a more reliable and consistent experience.”