Consumer Trends In 2021 And Beyond

Every year, Euromonitor International identifies the emerging and fast-moving consumer trends that are expected to gain traction in the year ahead. These trends provide valuable insight into changing consumer values, and indicate how consumer behaviour is shifting and disrupting businesses in many sectors across the world.

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Euromonitor International is a global market research company that provides strategic intelligence on industries, companies, economies and consumers worldwide.

Due to the COVID-19 pandemic, many consumers have gained a new understanding of themselves and their place in the world. The disease and its associated lockdowns have brought new stress factors, including health risks, unemployment/economic hardships, isolation and upended routines.

THE IMPORTANCE OF WELL-BEING

Mental well-being has become a top priority for consumers. Many have come to understand that treating the symptoms of stress does not address the root cause. Confronting the underlying issues head-on is a more successful strategy to achieve serenity. People everywhere are reassessing their priorities and identities, reconfiguring their work-life balance, and exploring new hobbies in a socially distant world.

New spending habits have tended to focus on investment in durable skills and products that support resiliency into the future.

Employees today are demanding that their companies look beyond revenue and see themselves as not merely profit-driven entities. Protecting the health and interest of society and the planet is the new expectation.

Brands that rebuild a greener, more equitable world could gain not only a competitive advantage, but also the ‘social licence’, or trust of society, to operate.

The crisis of 2020 will leave lasting scars. Unemployment and lower budgets will urge consumers to seek products and services that help them withstand future crises and life-altering events.