ALEXANDRIA, Va.—Over the past two years, change has been the only constant, forcing consumers to make intentional, mindful and ambitious decisions, according to Euromonitor’s annual trends report, reports the Wall Street Journal. Here are Euromonitor’s top 10 global consumer trends for 2022.
Supply chain: Due to supply chain disruptions, backup planners are looking for ways to purchase similar items or finding creative solutions to obtain alternatives. Certain consumers are relying on subscription services or community group buying to secure deliveries. Retailers should pivot and provide new solutions for customers to access products and services.
Climate change: Green activism and low-carbon lifestyles are here to stay. Consumers expect brands to step up and are taking action through the products they purchase as concerns over the climate emergency escalate. Retailers should offer products that are carbon footprint certified, as well as transparent labeling of carbon-neutral products if they want to win over this consumer.
Digital seniors: Older adults were forced online during the pandemic, and now that they are familiar with the technology, they feel more empowered to make purchases and use services online. Retailers should tailor digital experience to target and meet the needs of this expanded online audience.
Financially savvy: Consumers are becoming more confident investing and are becoming savvy savers, according to the report. Retailers should provide tools and easy-to-use solutions to make any consumer feel financially empowered.
“The Great Life Refresh”: The pandemic triggered consumers to make The Great Life Refresh, resulting in drastic personal changes and a collective reboot of values, lifestyles and goals. Retailers should innovate goods, services and experiences that respond to this once-in-a-generation moment, coupled with marketing that acknowledges and embraces the upheaval.
The Metaverse: Consumers are embracing immersive 3D realities. The report says that brands at the center of “The Metaverse Movement” can build equity. These immersive environments can drive e-commerce and virtual product sales as access expands.
Secondhand: Thrifting is trending. Consumers are moving from an owning to an experiencing mindset; therefore, sustainability and individuality are removing the stigma associated with secondhand shopping and driving peer-to-peer commerce. Retailers should do more with less, according to the report. Investing in circular economy initiatives, such as recycling, rental or resale programs, will drive value while positively impacting the environment.
Rural/Urban: Those who live in the city want the benefits that suburban and rural communities offer, such as more spacious housing and greener scenery. According to the report, brands and businesses should adjust their strategies to retain customers. Expanding brick-and-mortar outlets and services while investing in e-commerce will help companies reach a broader audience.
Self-Love: Acceptance, self-care and inclusion are at the forefront of consumer lifestyles. More consumers are prioritizing their happiness, learning to feel more comfortable in their own skin and indulging in goods and services that elevate their sense of self. Businesses should seek to create deep connections with customers. Products that evoke physical, emotional or spiritual wellbeing will resonate and enhance these types of consumers.