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?
Partner with us and formulate better go-to-market strategies for your business
Top Global Consumer Trends
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.
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.
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: