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consumer trends

The Evolving Consumer: An Overview of the Changing Consumer Trends in Canada

Global consumer trends are evolving faster than ever before. In Canada, the population is becoming increasingly heterogeneous with millennials representing a significant part of the population. These consumer cohorts are considered to be extremely dynamic in terms of their shopping habits, making it highly challenging for retailers to effectively capture their brand loyalty. Furthermore, a typical Canadian consumer prefers convenience, choice, and control when they shop. As such, today retailers have to deal with a more diverse set of consumers with a much broader set of needs.

Let us explore some key consumer trends that Canadian retailers must keep abreast of while planning their strategies to entice customers in this market.

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Top consumer trends in Canada

consumer trendsServing the millennial consumers

Millennials are often referred to as the ‘connected generation’. Some of the common millennial consumer trends include the use of smartphones and mobile devices to browse through products and shop. The purchase decisions of millennial consumers are largely influenced by social media or what they read about a product online. These consumer trends mean that retailer must continuously and quickly reinvent their offerings in order to grab the attention of these consumers and provide the consumer experience that they are looking for so that their brand loyalty can be retained. Moreover, a strong multi-channel and PR communication strategy is a must-have for retailers.

Age of responsible consumerism

This is one of the most popular global consumer trends that will soon go mainstream in Canada. As the ease of buying goods of their choice increases, modern consumers will now favor brands that help them make more responsible and better choices. Some top brands have already set the lead for such consumer trends wherein they encourage consumers to support global issues such as environmental concerns and do their part in making a positive impact.

The modern consumer is a constructive result of growing economic pressure and increasing competitive options available. Get in touch with our experts to know how our market intelligence solutions can help your business adapt to the changing business landscape and formulate robust strategies to survive.

Personalized experience and on-demand shopping

Personalization is one of the key consumer experience trends that plays a major role in making the shopping experience relevant to modern customers. Businesses are increasingly using customer data and past shopping behavior data to personalize shopping experience for their customers. Furthermore, taking advantage of the growth of digital shopping, several brands are providing services such as same-day delivery that is becoming one of the most popular consumer trends, especially among the young shoppers.

Increased focus on health and wellness

Modern Canadian consumers are gradually showing greater interest towards health and wellness. As a result, brand and products that promote this ideology are garnering greater favor in the Canadian market. Furthermore, food products with dietary restrictions are also becoming one of the key growing consumer trends in Canada.

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Top Global Consumer Trends Shaping Consumer Behaviour

Consumer expenditure has been growing at an unprecedented rate in the modern world. Technological innovations and new financial models have driven consumerism, and with it the global spends. The shifting consumer attitude and behavior coupled with the extensive use of mobile technology and the internet will continue to cause disruptions for businesses all around the world. Augmented reality, IoT, data analytics, genetics, cloud computing, and wearables have stirred the consumers’ interests and their spending. However, not all consumers are the same, some want the hi-fi lifestyle, whereas some are looking back to the prehistoric era and promoting organic living. But which consumer trend will reign the world in 2018?

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Top Global Consumer Trends

Living clean

The growing instances of obesity have prompted people to be more conscious of their health choices. Apart from marketing, fear of diseases such as cancer has pushed them to adopt a more chemical and toxin-free lifestyle. It’s no wonder that the culture of veganism is gaining traction. Apart from that, people are opting for organic foods, quitting alcohol, and tobacco-based products. The lifestyle choices are not only limited to the food they choose but also on their attitude towards life. Limiting unnecessary spending and materialistic ownership is a big hit with global conglomerates that thrive on such global consumer spends.

Living in borrowed money

The newer model of ownership such as subscription and renting are reshaping the economy. The subscription economy is huge, and many software and app-based programs are already adopting it in favor of the sales model. These people reject material goods in favor of experiences and have changed the buying habits of millennials. Opting for Uber instead of a car, Airbnb instead of a home, and easy financing seems to be the trend. The on-demand culture looks like it’s here to stay as people are living a hectic and mobile lifestyle. The concept of ride sharing, clothing rentals, and equipment rental has boosted the sharing economy, forcing companies to rethink their business.

Adaptive entrepreneurs

Entrepreneurship is one of the growing trends in the economy currently. Even with the presence of big giants, multiple startups are emerging and prospering. Technological startups are easier to start as it is not capital intensive and can be scaled easily. People are shifting from 9-5 culture and giving entrepreneurship a shot. They rely less on financial security and more on being self-employed. One specific pattern seen in such group is their hesitancy in delaying larger life goals such as owning a house or having children.

The survivors

Despite improvements in the global economy, the gap between the rich and the poor has been ever-growing. Those stuck in the lower end of the spectrum are struggling with high living costs. They rely on value-based retail formats, food banks, and second-hand items to meet needs. Not necessarily classified as poor, they look for deep discounts in their purchase and are highly price-sensitive.

For more information on the global consumer trends for 2018:

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Top Neuromarketing Techniques – Analyzing Hidden Human Emotions to Create Marketing Programs that Work

In the past, brands used to spend unreasonably high amounts in marketing and advertising their products all over the place, including mediums like TVs, buses, and advertising billboards. But, in an age where competition is high, and advertising cost is skyrocketing, marketers are facing the challenges when it comes to gaining better outputs with limited budgets. Neuromarketing techniques help a marketer improve the effectiveness of their marketing programs with a better understanding of a non-conscious aspect of consumer decision-making. It addresses a big flaw associated with the conception of the traditional research that consumers usually act differently compared to their response. Here are the top neuromarketing technique that marketers can use to gain a better understanding of consumers decision-making process:IR_Brochure

Eye Tracking Technology

Eye tracking technology helps a marketer see the promotions through the eyes of the customers. It tracks the customer’s eye movement along the promotional content, the store, or the brand and also records how long customer gazes at a particular point. This neuromarketing technique helps the marketer to identify the parts of promotion such as image, headline, or body copy that is important to a consumer and focus on them.

EEG and fMRI

The eye tracking technology is pretty straightforward but does not reveal the emotions of the customer towards the promotions. By tracking electrical activity and flow of blood inside the brain, marketers can figure out whether a consumer likes the product or promotion. Allowing examiners access to the pleasure center of the brain lets researchers track human emotions such as anger, excitement, lust, or sorrow. Such a neuromarketing technique could be useful in analyzing the effectiveness of a commercial.

Facial Coding

The facial recognition software in a device as small as the new iPhone X already depicts the potency of facial coding. This neuromarketing technique uses thousands of dots, which are then projected on the subject’s face and tracks movements of muscles to recognize the facial expression and then analyze emotions such as surprise, jubilation, disappointment, or anger.

Galvanometer Test

Researchers use galvanometers to determine the excitement levels of the customers after exposure to external stimuli such as an advertisement or new product by measuring electrical activity in the respondent’s skin. Such involuntary responses can give marketers insights into the effectiveness of the marketing program and make necessary amendments if the desired level of excitement is not achieved.

Here’s how marketers can use neuromarketing techniques to create effective marketing programs:

Neuromarketing TechniquesGet in touch with industry experts to help your company gain insights on suitable neuromarketing techniques your company can use to create winning marketing programs.

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Infiniti Research in the News: Millennials become important asset to the luxury auto market

Infiniti Research is a leading market intelligence company with a global presence and provides smart solutions to address your business challenges. Our team of industry experts deliver high-quality support to help you maximize your presence in the global market. We study markets in more than 100 countries to help you analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.

Luxury Daily mentions Infiniti Research in their May 26th article

“Millennials as a whole are more interested in luxury automobiles compared to past generations, which makes the group vital to these brands as the individuals come of age and enter the car buying market.

According to a new report from Infiniti Research, millennials differ greatly compared to their predecessor generations such as baby boomers and Gen X when in comes to car buying. As the younger generation begins to see some relief from the financial woes that has previously driven their decisions, they are likely to be extremely important to luxury automakers.

Millennials and automakers

Previously, financial concern may have influenced millennials’ interest in ride sharing, rental and other temporary platforms rather than car ownership. But the tables are starting to turn, and research is showing they are more interested in buying now more than ever. Now that millennials are coming of age and finding themselves in more stable jobs, car buying is essentially the next step for them.”

Luxury Daily News: Millennials become important asset to the luxury auto market

Read our complete case study on consumer research assessment helps a leading integrated information technology company assess the millennial customer segment and their buying preferences for automobiles

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