Euromonitor have published their Top 10 Consumer Trends for 2011 (http://blog.euromonitor.com/2011/05/top-10-consumer-trends-for-2011.html). It tells you what will motivate today’s consumer to spend; if you supply the consumer market with goods or services, this report gives useful information on what is being sought. From this, you can adapt your marketing to meet the demands.
This is my summary of the report’s 10 trends:
1. Thriftier lifestyles, even with high value purchases. Everyone now checks online for value.
2. A good retail experience and good customer care.
3. Something called “GLOCAL”. Buying local to save resources, but still wanting products which are globally influenced, i.e. global style but locally produced.
4. Healthier lifestyles but not forgetting vanity and style.
5. “Green” offerings which much be cheap or affordable.
6. Shopping as leisure and paying for convenience.
7. A return to luxury; handmade goods with an eco influence plus affordable indulgences.
8. Affordable mobiles personalised with the right Apps.
9. Digital entertainment: the “need to be connected, entertained and informed 24/7”. Digital is the way to connect with others, email is too slow and social networks are now an integral part of the lifestyle.
10. “Culture is physical, digital, high, low, authentic and ideal.” Brands need to understand this and relate to their potential consumers. Traditional advertising is no longer enough.
I have a lot of time for Euromonitor reports and their accuracy in assessing the markets. I doubt that many businesses could incorporate all 10 of the points, but consumer businesses will need to acknowledge as many as they can.