Consumer Trends for the Next Decade
Mintel's latest market analysis outlines what trends will affect the global industry until 2030. The market research company has dedicated its research to the question: how will consumers' priorities and their purchasing behaviour change in the next decade.
The company identified seven factors that will shape the market in the future.
The first factor identified by Mintel is holistic well-being. This refers to the consumers' desire to physically and mentally feel good and healthy. Consumers will be on the lookout for transparent products that enhance their individual well-being.
Connection to the Environment
Furthermore, many people feel the need to reconnect with nature. They want to feel connected to their environment, especially in light of the environmental and climate crisis. In the coming years, resource-efficient business models are expected to shape the market: from home office solutions to local food producers.
New technologies will also shape our society in the next decade. Electronic experiences like VR adventures are gaining popularity and electronic sports (esports) are attracting a huge audience to their events. On the other hand, people, in many sectors where human resources are being replaced by electronic helpers, may long for more human interaction.
The Search for Identity
Nationalities, genders or sexualities - society is shifting away from these kinds of narrow categorisations, according to Mintel. As a result of this differentiation, however, individual people may also feel that they are losing their identity and feel lonely. According to the forecast, companies that convey a sense of belonging and understanding can score points in the future.
Rights and Values
In the next ten years, consumers will be even more insistent about their rights and will approach their purchases with conscious values. People are more aware of the power they have over large corporations as a result of social media and they are willing to use it, for example, to protect their digital data. Sustainability is also the issue that will continue to occupy society for generations to come. According to Mintel, buyers will opt for longevity and functionality over quantity.
Hunger for Experience
Mintel has identified the desire for experience as the last important factor. Especially in the age of technology, people will long for non-digital experiences that connect them with people in real life. That is something companies that are willing to market their products through experience-oriented branding can take advantage of.
Source: Mintel, photo: Adobe Stock / Robert Kneschke