The top 5 consumer trends for 2020
The world is changing fast and consumers are demanding more than ever from the brands they interact with. And while we should be wary of fleeting fashions, there are some trends that just won’t quit. We’ve pulled together our five top consumer trends for 2020 to inspire you to look at your users’ worlds differently.
Trend 1: Planet Positive
While ‘eco-friendly’ used to come with an inflated price tag, these days sustainable consumption is becoming accessible to everyone. And it’s not just shopping baskets that are going green – consumers are increasingly looking for eco-friendly services and experiences too.
But let’s rewind a decade or so. Back in 2008 Tesla launched the Roadster, a USD 100,000 electric supercar. Then in 2016 Adidas partnered with Parley for the Oceans to produce a limited-edition line of sneakers made from recycled ocean plastic; only 50 pairs are made. That same year, NYC’s Momofuku Nishi became the first restaurant in the world to offer the Impossible Burger. All rare, all expensive and all infinitely brag-worthy.
Now fast-forward to 2019, and Tesla’s Model 3 is a viable choice for the mainstream driver, and it’s earned its place as the third best-selling car in the UK. Adidas made 11 million pairs of ocean plastic sneakers in 2019 and Impossible Burger is available at over 7,000 Burger King outlets across the US. From status symbol to standard in no time at all.
And when eco-alternatives go mainstream in this way, they're no longer an exciting status symbol. Because when eco-alternatives are as available, affordable and effective as the mainstream option, there's no reason not to choose them.
Trend 2: JOMO (Joy of Missing Out)
There was a time where every brand was tapping into consumers’ FOMO or fear of missing out. But as Millennials continue to ditch living large for eating in, cosying up and bingeing on box sets, now there’s more status in staying home and appreciating JOMO (the joy of missing out) instead.
According to the Millennial Home Economy report, Millennials prefer home comforts to a big night out. From the $400bn self-care industry, to food delivery sales growing more than 20 per cent year on year, this generation is inspiring disruptive brands and business models that are challenging traditional brands and retailers to up their game.
From tech solutions to services, restaurant dining at home to subscriptions, the JOMO trend is driving all kinds of innovation – even in markets where you’d think it’d be almost impossible to engage with consumers at home.
Trend 3: On-demand personalization
Personalization is the trend that just won’t quit, but now it’s morphing into a whole new movement. Consumers want products and services tailored to them and a culture of subscription services and ‘on demand’ means they want it right here, right now. Their lives are constantly in a state of flux, so why shouldn’t the products and services they use change with them?
Facial recognition, sensors and smart objects enable experiences that shift and change around consumers, resulting in ever-heightening expectations for responsive personalization. And as a result, 39% of global businesses say they have started to deliver personalized experiences in real-time (Adobe and Econsultancy, February 2019).
Meanwhile, subscriptions, on-demand and sharing have become a part of daily life for millions: a recent survey of US consumers found more than half (54%) of online shoppers pay for at least one subscription box service (Clutch, September 2019). The next step? Expectations for seamless service and convenience will intersect with heightened expectations for ever-shifting personalization.
Trend 4: Blended Experiences
Are you a ‘grab and go’ shopper or do you love to browse? Do you need advice on your outfit choice or would you rather be left alone to decide?
How we shop varies depending on our mood and our mindset and now more and more brands are altering their experiences to account for this. Rather than having one customer journey with rigid touchpoints, retailers are introducing new services and technologies to allow shoppers to opt in or out of human interaction, depending on their mood.
It’s based on their understanding of a new generation who shift between self-service and digital interaction with brands and interacting with sales associates in person. In fact, 9 out of 10 consumers demand seamless service between communication methods while shopping
Trend 5: Fur Babies
Pets are part of the family, but there are some consumers who are taking pet parenting one step further. A new generation of pet owners are humanizing their furry friends and redefining the pet economy – from pampering them with luxury services to running their social media accounts, and even replacing children with them.
Younger consumers are at the forefront of humanizing pets. In the US, Millennials make up the largest cohort of pet owners, with 67% considering their pet as a "fur baby". In the UK, 54% of those aged 19-38 would rather cut back spending on themselves than on their pets. And in China, Millennials make up more than 75% of pet consumers, according to a 2018 white paper from Goumin.com and Pet Fair Asia.
A new generation of pet parents are now redefining the pet economy by extending their priorities to their fur babies. Health-conscious Millennials and Gen Zers are increasingly investing in pet wellness. These tech-savvy consumers will also turn to on-demand services and online platforms to shop, take care of pets, and connect with other pet parents. Meanwhile, they will continue to seek out memorable and shareable ‘in real life’ experiences with pets.
