Centennial College Trend Connection Essay

TOP 10
GLOBAL
CONSUMER
TRENDS
2022
Not to be distributed without permission.
The data included in this document is accurate according to
Passport, Euromonitor International?s market research database,
at time of publication: January 2022
INTRODUCTION
THE BIG PICTURE
WHAT ARE WE IN 2022?
Every year, Euromonitor International identifies emerging and
fast-moving trends that are expected to gain traction in the year ahead.
These trends provide insight into changing consumer values, exploring
how consumer behaviour is shifting and causing disruption for
businesses globally.
Change was the only constant over the past two years. Radical lifestyle
shifts motivated consumers to make intentional, mindful and ambitious
decisions. Now, the world is on the road to recovery. Consumers are
putting their plans into motion, taking chances and seizing the moment.
Each of the 10 trends in this report follows the same format:
? Overview and defining characteristics
? Consumer behaviour and motivation
? Business environment and impact
? Outlook and strategic recommendations
Access and action are the driving forces behind the top 10 global
consumer trends in 2022. Resilience and adaptability were tested in
2021, forcing consumers to relinquish control and embrace ambiguity.
This year, consumers are taking back the reins and paving a path
forward based on their passions and values.
TOP 10 GLOBAL CONSUMER TRENDS 2022
BACKUP
PLANNERS
CLIMATE
CHANGERS
DIGITAL
SENIORS
FINANCIAL
AFICIONADOS
THE GREAT
LIFE REFRESH
THE METAVERSE
MOVEMENT
PURSUIT OF
PRELOVED
RURAL
URBANITES
SELF-LOVE
SEEKERS
THE SOCIALISATION
PARADOX
BACKUP
PLANNERS
Supply chain disruptions lead to next
best options
Faced with challenges in securing their usual or desired
products and services, Backup Planners are looking
for ways to purchase similar items or finding creative
solutions to obtain alternatives.
Supply chain shortages are forcing businesses to pivot
and provide new solutions for customers to access
products and services.
28%
of consumers tried to purchase locally sourced products and services in 2021
FINDING CREATIVE SOLUTIONS OR
RESORTING TO ALTERNATIVES
Due to limited resources, consumers are struggling to secure
their go-to products. As social occasions and discretionary
spending return, consumers want to buy new clothes,
invest in home renovations or simply enjoy coffee on the
go. However, the effects of COVID-19, particularly disrupted
supply chains and staff shortages, exacerbate the issue.
Backup Planners are getting ahead of the crowd, taking
control and using technology to move to the front of the
queue when supplies are threatened. Certain consumers are
relying on subscription services or community group buying
to secure deliveries. When thwarted, Backup Planners are
reverting to the next best option, seeking alternatives and in
some cases, delaying purchases or changing shopping habits.
Two extremes are influencing shopping behaviours of Backup
Planners?paying a premium or switching to cost-effective
options, such as buying secondhand or renting.
Reasons Consumers Use Subscription Services
Convenience
Enjoy the products and / or brand
Able to try a variety of new products
I was given a subscription as a gift
Recommendation from friends / family
To save money
Receive tailored products
I had a discount code
Novelty / to try something new
I do not have time to shop
Better value than buying on my own
0%
5%
10%
15%
20%
25%
30%
35%
% of respondents
Source: Euromonitor International Voice of the Consumer: Lifestyles Survey, fielded January and February 2021
40%
45%
50%
36%
of professionals expected supply shortages to be the most significant effect of
the COVID-19 pandemic on their company?s supply chain
Out-of-Stock Essential Online SKUs in September 2021
RETHINKING THE SUPPLY CHAIN
Product availability drives profit. Supply shortages can weaken
customer loyalty. Companies must be able to secure the
necessary materials to manufacture products whilst providing
exceptional service.
Businesses can leverage opportunities where others fail
to deliver. Rental or refurbished products give consumers
additional options and access to alternatives. Backup Planners
may also pay more to get first access to their preferred
products. Implementing exclusive or presale items at a premium
could entice these consumers and drive revenue. Mobile apps
that enable digital waitlists and queuing allow consumers to
secure their place in line and help businesses control traffic.
Additionally, direct-to-consumer services can bring products
straight to the consumer?s door.
Note: Data was pulled on September 27.
Source: Euromonitor International Via
Companies need to invest in local sourcing and automation to
overcome shortages. In the interim, prices may need to increase
to help compensate. Splitting costs with other players to buy
ingredients or components in bulk could be an option to ensure
continuous supply.
Source: Pinduoduo
Source: Frito-Lay North America
Pinduoduo facilitates direct sales between small-scale farmers
and consumers, increasing transparency and helping transform
the food supply chain in China.
PepsiCo launched two direct-to-consumer sites in 2020.
Consumers can order specialised bundles, such as ?Rise &
Shine? and ?Workout & Recovery?, on PantryShop.com or
purchase individual items on Snacks.com from PepsiCo?s food
and beverage portfolio.
OUTLOOK FOR
BACKUP PLANNERS
By late 2022, supply chains should start to
stabilise and access to products should revert to
pre-COVID-19 levels. Yet, new shopping habits will
dictate how Backup Planners discover and select
products, from locally sourced to direct-to-consumer
brands to subscription services.
Localisation and optimisation will become the norm.
Companies and distributors should use data to
improve supply chain visibility, hone operations and
rethink investments.
CLIMATE
CHANGERS
A low-carbon world
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.
To win over Climate Changers, companies should offer
products that are carbon footprint certified. Transparent
labelling of carbon-neutral products builds trust and
enables consumers to make informed choices.
COMMITTING TO NET ZERO
Climate action is an extension of Build Back Better, with
COVID-19 being a catalyst in the transition towards a
net-zero economy. Consumers are becoming aware of
their individual contribution to climate change. Eco-anxiety
is driving environmental activism and purchasing decisions.
In 2021, one-third of global consumers actively reduced
their emissions and one-quarter used carbon offsets to
compensate for them.
Climate Changers make more sustainable choices whilst
demanding action and transparency from brands. There is
no gap between climate awareness and intention to act.
Consumers worried about climate change are also reducing
the use of plastic, cutting food waste and recycling, among
other activities. However, low-carbon diets, energy-efficient
homes and sustainable travel are still nascent.
Climate Awareness and Actions
80%
% of respondents
67%
of consumers tried to have a positive impact on the environment through
their everyday actions in 2021
60%
40%
20%
2015
2016
2017
2019
2020
I am worried about climate change
I try to have a positive impact on the environment through my everyday actions
I feel I can make a difference to the world through my choices and actions
Source: Euromonitor International Voice of the Consumer: Lifestyles Survey
2021
78%
of professionals think that climate change will impact consumer demand,
changing behaviours, needs and preferences
Top Five Beauty and Personal Care Categories with Carbon Neutral / Reduced
Carbon Attributes
600
Number of online SKUs
500
400
Businesses are tapping into the growing market for carbon
neutrality. Companies are adjusting their portfolios to meet
consumer demand for products with a lower planetary and
ecological footprint. In 2021, 39% of professionals indicated
that their company plans to invest in low-carbon product
innovation and the development and launch of
climate-friendly products.
Affordability remains an obstacle to make sustainable
products mainstream. In 2021, 43% of professionals reported
that the lack of consumer willingness to pay more for
these products is a significant barrier, hindering business
sustainability initiatives. Costs incurred from sustainable
innovation, product redesign, supply chain fluctuations and
certifications result in price increases that might become
a challenge.
300
200
100
0
THE PLANET TOPS THE AGENDA
Skin Care
Hair Care
Sep-19
Source: Euromonitor International Via
Colour Cosmetics
Apr-20
Mar-21
Oral Care
Jun-21
Bath and Shower
Source: Klarna
Source: Izzy
Swedish fintech company Klarna launched a CO2 emissions
tracker that offers carbon footprint insights for 90 million
customers.
Izzy launched the first zero-waste mascara that uses recyclable
and reusable packaging.
OUTLOOK FOR
CLIMATE CHANGERS
Digital innovation is reshaping how retailers,
manufacturers and consumers transition to a new era
of environmental transparency. Tech tools, such as
digital product labelling and mobile tracking apps, help
consumers trace ethical claims, their carbon footprint
and recycling habits on their phones.
Millennials and Generation Z, especially, feel they can
make a difference through their choices. This largest
spending cohort of the future will use tools to ensure
minimal climate impact. The more offerings that align
with expectations of Climate Changers, the more
brands will see their products and services resonate.
DIGITAL
SENIORS
From resistance to reliance
Older consumers were forced online as the world shut
down. Now, familiar and comfortable with technology,
Digital Seniors are empowered to make purchases and
use services through this channel.
Businesses have an opportunity to tailor their digital
experience to target and meet the needs of this expanded
online audience.
45%
of consumers aged 60+ used a banking service on mobile at least once a week
EMPOWERED ELDERS
The global population aged 60+ will grow 65% from 2021 to
2040, reaching over two billion people. This relatively wealthy
cohort is gaining more experience and confidence using
online services and choosing to adopt more tech solutions
that assist with their daily lives.
Alongside browsing and shopping online, Digital Seniors
embrace virtual solutions for socialising, health screenings,
finances and learning. TikTok is one platform these consumers
use, as a result of their digitally native grandchildren
influencing and empowering them to be on social media.
In fact, over 60% of consumers aged 60+ visited a social
networking website at least once a week, whilst 21% took part
in video gaming weekly.
Weekly Online Activities for Consumers Aged 60+
Browse online
Visit online news sites
Visit or update social networking sites
Use a banking service
Make an in-store mobile payment
Visit health-related or medical sites
Take part in online video gaming
Stream music online
Buy groceries online
0%
10%
20%
30%
40%
50%
60%
% of respondents
Source: Euromonitor International Voice of the Consumer: Lifestyles Survey, fielded January and February 2021
70%
80%
90%
82%
of consumers aged 60+ owned a smartphone in 2021
CATERING TO THE OLDER COHORT
Comfort Levels with New Technologies for Consumers Aged 60+
People aged 60+ are the predominant cohort of the top
income band (USD250,000), accounting for nearly
one-quarter and making older consumers an important target
for businesses. Optimising mobile apps, social networks and
websites for Digital Seniors will be critical to capture their
spending power.
Companies using facial recognition software to
personalise in-person interactions
Voice assistants providing personalised product
information and suggested products
More than 65% of consumers aged 60+ are seeking simpler
lives. Businesses that successfully cater to this cohort
should develop easy-to-use devices and simplify existing
technologies. Companies can also offer training and support
to help educate these consumers. For seniors to adopt digital
solutions, they must be frictionless and straightforward. If
products or services are confusing to use, Digital Seniors will
move to competitors. Businesses need to be agile and adapt
to new user requirements.
Robots guiding me to specific products within a store
aisle upon request
Ordering food from a restaurant without a physical
outlet (e.g. delivery-only restaurant)
0%
10%
20%
30%
% of respondents who are comfortable
Source: Euromonitor International Voice of the Consumer: Digital Survey, fielded March 2021
40%
Source: Rendever
US startup Rendever brings virtual reality
and shared experiences into over 100
assisted living communities and hospitals,
helping reduce social isolation.
Source: JD.com
Japan?s first wearable payment ring
EVERING is a simple solution for consumers
to pay for products in stores with Visa.
China?s JD.com launched a smartphone
for the elderly, where users can set up
video sessions with doctors and have
prescriptions sent to their door.
OUTLOOK FOR
DIGITAL SENIORS
The pandemic broadened older consumers? minds to
the benefits of the digital world. As older consumers
embrace technology, human interactions will remain a
prevalent component of how they engage with brands.
Easy-to-use technology and seamless solutions
combined with face-to-face communication define
the future of digital inclusion for seniors. Building an
agile plan directed at both Digital Seniors and elderly
novices will enhance return on investment.
FINANCIAL
AFICIONADOS
Democratised money management
Consumers are gaining confidence in investing and
becoming savvy savers to strengthen financial security.
Financial Aficionados take control of their money and use
services to track their transactions.
Financial literacy is no longer restricted to Wall Street.
Companies should provide tools and easy-to-use solutions
to make any consumer feel financially empowered.
51%
of consumers believe they will be better off financially in the next five years
AN IMPROVED FINANCIAL FUTURE
Consumers Who Are Confident That Their Long-Term Investments Will Grow in Value
The pandemic brought job market volatility and risked
financial security. Uncertainty, instability and lockdowns
caused certain consumers like Thoughtful Thrifters to spend
less and save more. Consumers turned to apps to make smart
money moves.
60%
50%
% of respondents
Those with discretionary income became Financial
Aficionados, increasing financial literacy and finding alternate
income streams, such as investing in the stock market and
turning hobbies into businesses. Globally, 15% of household
disposable income was saved in 2019 compared to 17% in
2020. Over the same period, global consumer expenditure
dropped 4%. This increased amount of savings and time at
home, in parallel with decreased spending occasions, drove
consumers to improve their financial position.
70%
40%
30%
20%
10%
0%
2015
Source: Euromonitor International Voice of the Consumer: Lifestyles Survey
2021
57%
of consumers accessed a banking service through their smartphone at least
weekly in 2021
OPPORTUNITIES TO SERVE THE UNBANKED
AND NOVICES
Consumer Confidence Index in Select Countries, 2020
0
USA
Germany France
United
Nigeria Kingdom Russia
-1
Index score
-2
-3
-4
-5
Note: Index score refers to the number of standard deviations from long-term mean.
Source: Euromonitor International
Brazil
South
Africa
Japan
India
The banked population across emerging and developed
countries continues to increase, giving consumers access to
money management tools. Businesses are capitalising on
this newfound financial freedom and are responding with
resources that give consumers more control and confidence.
There has been an influx of consumer-friendly retail trading
platforms for Financial Aficionados to invest their money in
the stock market. Fintech startups are providing digital
banking services with lower fees and higher interest rates
to the unbanked and financially underserved. Offering
educational resources within these platforms can help
build consumer confidence and brand trust. Companies are
also capitalising on the growth of cryptocurrencies as an
alternative payment method.
Source: Robinhood
Source: Nubank
Robinhood is a commission-free, accessible trading
platform for the everyday investor.
Nubank is a Brazilian neobank that offers simpler services to
help financially underserved Latin Americans become banked.
OUTLOOK FOR
FINANCIAL AFICIONADOS
Money management apps that are consumer-centric,
digestible, educational and simple stand to benefit in
this era of financial democratisation. These businesses
will build customer loyalty at a time when trust in
financial institutions is waning.
Retailers and brands should collaborate with financial
service corporations to facilitate alternate forms of
payment, such as cryptocurrencies or buy now, pay
later. The potential impact of Financial Aficionados,
from increasing their investment rates and growing
their financial acumen, cannot be underestimated.
THE GREAT
LIFE REFRESH
Passion and purpose drive action
The pandemic triggered consumers to make The Great
Life Refresh, resulting in drastic personal changes and
a collective reboot of values, lifestyles and goals.
Businesses should innovate goods, services and
experiences that respond to this once-in-a-generation
moment, coupled with marketing that acknowledges
and embraces the upheaval.
Source: US Bureau of Labor Statistics
A NEW LEASE ON LIFE
Crises can make people analyse and change their values. In the
past year, consumers took inventory of their lives and are now
actively trying to chart a new path forward. In 2015, only 12%
of consumers prioritised time for themselves, which doubled
to 24% in 2021. Consumers now have a higher appreciation
for work-life balance. They are changing careers or leaving the
workforce entirely to discover or pursue their purpose.
Shaken and Stirred consumers were motivated to think about
their passions and potential. Now, The Great Life Refresh
represents consumers? actions towards achieving new goals.
Change will remain the dominant trend that characterises
lifestyle shifts in the short term. Activities and products that
positively impact mental and physical health, such as adopting
pets or having the ability to travel while working remotely, are
influencing purchase decisions.
Consumer Attitudes and Life Priorities
50%
40%
% of respondents
4 million
Americans quit their jobs in July 2021 and another 4 million
in August
30%
20%
10%
0%
I prefer to spend my
money on experiences
rather than things
I feel I can make a
difference to the world
through my choices and
actions
2015
Spiritual beliefs are an
important part of my life
2021
Source: Euromonitor International Voice of the Consumer: Lifestyles Survey
I have a strict boundary
between my work (or
school) and personal life
44%
of professionals believe their companies will invest in employee health and
welfare in the future
SUPPORTING PERSONAL GROWTH
$180
9%
$160
8%
$140
7%
$120
6%
$100
5%
$80
4%
$60
3%
$40
2%
$20
1%
$0
2016
2017
2018
Retail sales
Source: Euromonitor International
2019
Y-o-Y growth
2020
2021
0%
Y-o-Y growth
USD billion
Global Pet Care Sales
Job markets across the globe are experiencing unprecedented
turnover. Certain consumers chose or needed to leave the
workforce, especially caregivers, prompting LinkedIn to
add new job titles like ?stay-at-home parent? to accurately
convey these roles. Workers are navigating government
benefits, health risks and their return to normal as well as
broader personal values. Employees are looking for careers
that accommodate their life outside of the office. Companies
implemented Workplaces in New Spaces and realised
productivity levels were sustained, which permanently shifted
how, when and where work can be done.
Mental wellbeing is also a part of The Great Life Refresh.
Downloads of mindfulness apps like Calm and Headspace
surged to help reprieve anxiety. Pet adoptions skyrocketed,
and global pet care sales growth doubled from 2019 as more
consumers looked for companionship. Businesses need to
accommodate consumer needs, wherever they are in life.
Fashion brand Zara put a spin on business casual attire with
the launch of an elevated leisurewear collection for remote
work or in-office environments.
Hyatt expanded the Work from Hyatt packages to attract remote
workers who want a change of scenery.
OUTLOOK FOR THE
GREAT LIFE REFRESH
Consumers will continue to navigate the turbulence
of the pandemic. Companies catering to The Great
Life Refresh stand to be seen as partners, helping
consumers adapt to a new way of life. Businesses
should tailor marketing to acknowledge and support
consumers? decisions to take action.
Reverting to a pre-pandemic playbook might not have
the same effect moving forward. Consumers will prefer
brands that match the moment. Companies need to
offer policies and products that provide value and
support personal growth to drive loyalty.
THE METAVERSE
MOVEMENT
Simulated, 3D digital ecosystems of
the future
The digital world is evolving beyond virtual hangouts to
immersive 3D realities. Consumers are embracing these
digital spaces to socialise with communities.
Brands at the centre of The Metaverse Movement can
build equity. These immersive environments can drive
e-commerce and virtual product sales as access expands.
38%
of consumers took part in online video gaming at least weekly in 2021,
up from 29% in 2015
FINDING A DIGITAL IDENTITY
Consumers Who Have Used AR / VR to Play Games
Physical and virtual worlds collided last year. With strict social
distancing requirements, consumers learned how to stay
connected, forming new online communities that offer a range
of interactivity, from livestreaming to gaming.
90%
80%
70%
Now, online socialisation is the preferred form of entertainment
for many consumers, particularly younger generations, who
spend more time playing games on mobile, desktop and AR
/ VR headsets. During The Metaverse Movement, consumers
will outfit their avatars to explore virtual worlds alongside users
from across the globe. The prevalence of shared, 3D virtual
spaces will characterise a future rendition of the internet.
60%
% of respondents
Social networks are advancing their capabilities, and in
some cases, acquiring tech startups, to enter The Metaverse
Movement. The constant stream of content and ability to
go viral on video-dominant social platforms like TikTok
and YouTube showcase the influence of community-based
networks.
50%
40%
30%
20%
10%
0%
North America
Latin America
Middle East and
Africa
Note: Includes respondents who have used AR or VR.
Source: Euromonitor International Voice of the Consumer: Digital Survey, fielded March 2021
Europe
Asia Pacific
56%
global sales growth of AR / VR headsets from 2017 to 2021
ADVERTISING IN A NEW DIGITAL WORLD
Global Sales of AR / VR Headsets and Online Games
Fashion brands and retailers are leveraging TikTok to
crowdsource content and designs, promote products and
train associates on how to build followings. In 2021, more than
30% of consumers bought goods or services after seeing an
influencer post or company advertisement on TikTok.
$35
$30
USD billion
$25
Sports teams, gamers and artists have been using platforms
like YouTube and Twitch to host live virtual concerts and
events, and companies want to meet these consumers
in-platform. Brands are buying billboards and product
placements, among other advertising space, within these
online environments. Virtual stores facilitate e-commerce
sales and offer digital-only products for purchase, including
non-fungible tokens (NFTs), to dress and house avatars.
$20
$15
$10
$5
$0
2015
2016
2017
AR / VR headsets
Source: Euromonitor International
2018
2019
Online games
2020
2021
The primary goal is to build brand awareness among
influential consumers who are pioneering platform
engagement. Companies that start establishing a presence
now will be at the forefront as virtual social environments and
AR / VR develop.
Source: Roblox
Source: Facebook
Gucci hosted a virtual multimedia
experience on Roblox. Users? avatars were
displayed as neutral mannequins that
changed shape and colour whilst moving
through themed rooms.
Facebook rebranded to Meta at the end of
2021, highlighting the company?s sharpened
focus on bringing the metaverse to life.
K-pop superstars BTS hosted a
record-breaking virtual concert in 2021,
which was streamed live from South Korea
to over one million paid viewers worldwide.
OUTLOOK FOR THE
METAVERSE MOVEMENT
Innovative companies have already employed AR / VR
applications in their business processes. Consumers
using online games and video-first social media
for streaming and socialising are establishing the
groundwork for The Metaverse Movement.
Improvements in AR / VR capabilities and lower
equipment costs will increase access to 3D virtual spaces.
Consumers who already interact with immersive online
social settings will spend even more time in entirely
computer-generated environments. As The Metaverse
Movement continues to gain tech-savvy participants,
businesses must learn their role to increase brand
recognition and generate revenue.
PURSUIT OF
PRELOVED
Secondhand, recommerce and
peer-to-peer marketplaces
Thrifting is trending. Consumers are moving from an
owning to an experiencing mindset. Sustainability and
individuality are removing the stigma associated with
secondhand shopping and driving peer-to-peer commerce.
Businesses need to do more with less. Investing in circular
economy initiatives, such as recycling, rental or resale
programmes, will drive value whilst positively impacting
the environment.
33%
of consumers buy used or secondhand items at least every few months
AFFORDABLE AND EXCLUSIVE
North America
Middle East and Africa
Region
Consumers want to live sustainably and minimise
environmental footprints. At the same time, affordability
became a crucial factor during the unstable economic
situation. Certain consumers also desire exclusive or unique
pieces that may have a higher price tag. These drivers
propelled secondhand shopping to the mainstream.
Willingness to Buy Secondhand or Previously Owned Items by Region and Age Group
Vintage and slow fashion helped this trend flourish in the
apparel market. Younger generations are on the Pursuit of
Preloved, searching for one-of-a-kind products. One-fifth of
consumers will consider increasing purchases of secondhand
items in the future.
Europe
Asia Pacific
15-29
Age groups
Consumers are continuously taking stock of their belongings
to determine which items to keep, upgrade, resell or donate.
The plethora of apps available to sell and buy secondhand
and the desire for sustainable options are influencing the
Pursuit of Preloved.
Latin America
30-44
45-59
60+
0%
10%
20%
30%
% of respondents
Source: Euromonitor International Voice of the Consumer: Lifestyles Survey, fielded January and February 2021
40%
67%
of professionals stated their company engaged in responsible consumption and
production (SDG12) in 2021
ZERO-WASTE AND CIRCULAR STRATEGIES
Consumers Who Contribute to the Circular Economy at Least Annually
Companies are implementing new business models and
embracing the circular economy as consumers shift to
consignment shopping. Pursuit of Preloved has been
prevalent in the apparel industry for years but is expanding
into other fast-moving consumer goods.
Donate used items to a charity or non-profit
Buy used or secondhand items
Business models are evolving to include buy-back
programmes, reusable packaging initiatives, refurbished
product offerings and peer-to-peer marketplaces. Gift cards,
store credit and loyalty points are perks that encourage
consumers to participate in these programmes. Businesses
that find opportunities to tap into the Pursuit of Preloved can
benefit from an additional revenue stream.
Sell used or secondhand items
Share / swap items or services
Rent items rather than buy
0%
10%
20%
30%
40%
50%
% of respondents
Source: Euromonitor International Voice of the Consumer: Lifestyles Survey, fielded January and February 2021
60%
70%
Source: IKEA
Source: Alizila
IKEA upgraded their in-store Bargain Corner section to
Circular Hub, which features used furniture as part of a
buy-back programme.
Idle Fish / Xianyu is China?s leading secondhand trading
platform from Taobao, Alibaba Group?s marketplace. The app
combines rental and recycling services, gamification functions
and social communities.
OUTLOOK FOR
PURSUIT OF PRELOVED
Recommerce will become increasingly prevalent and cover
more categories. Consumers will continue to consider
secondhand items when shopping for durable goods,
especially. Platforms and aggregators will offer different
brands and resell options to meet consumer demand.
Additionally, companies need to reuse or recycle materials
for new product development and to reduce waste. Pursuit
of Preloved will inevitably improve sustainable production
and consumption and brand reputation as a result.
RURAL
URBANITES
Best of both worlds
Suburban and rural communities offer more spacious
housing and greener scenery, luring consumers out of the
metropolitan area. City dwellers also want these benefits
brought into their neighbourhoods.
Businesses that strengthen e-commerce distribution,
expand sustainable product lines and cater to Rural
Urbanites will emerge as winners.
of consumers expect to be working from home in the future
Last year, consumers were searching for an Outdoor Oasis,
relocating to rural areas temporarily or spending more time in
nature. Now, Rural Urbanites are making this move permanent.
The benefits of city living, including proximity and
convenience, were hindered due to lockdowns and remote
work. These consumers felt confined to their small spaces
whilst paying higher living costs without the associated perks.
Meanwhile, better air quality, less congestion and desire for
simplicity and sustainability are becoming key selling points
for the suburbs, countryside or smaller cities. The relocation
trend is especially relevant in developed countries, given the
smaller infrastructure gap between cities and suburbs, shorter
commutes and lower housing costs.
Not all consumers are ready to give up urban life. The need
for green spaces near homes and faster, cleaner commutes is
reshaping dwelling preferences for Rural Urbanites who stay
in the city. In general, consumers are investing more in their
homes and communities as they spend mor