Many businesses had to adopt crisis mode in the immediate response to the pandemic, and extra hours were a side-effect of trying to survive. For one, it led to the world’s biggest work-from-home experiment. Market-creating innovations do exactly what the term implies: they create new markets. Deep kindness relies on consistent action and challenging our own assumptions. Influencers losing influence (and trust) Harvard professor Ashley Whillans says, “Time poverty exists across all economic strata, and its effects are profound. Free White Paper: "2021 Consumer Trends" What should brands prepare for in the coming months? Related tags: Trends. They look to their smartphones for local peer influencers and ‘home-grown’ entertainment. As 2020 comes to an end, online retailers are eyeing up 2021 and the new ecommerce trends it will bring. By 2030, middle income households – those earning $10,000 or more per annum – are forecast to increase by 51m in Indonesia, 18m in Vietnam, 11m in the Philippines and 8m in Thailand, according to the Economist’s Intelligence Unit. No matter the term, social media is largely responsible for the growth of cancellation culture. Wibson is a start-up that purchases user data in exchange for points that are redeemable for Spotify Premium accounts, Visa gift cards and Uber credits. Copyright © GWI 2020. Smart TVs are a prime example of post-purchase monetisation. This always-on work mentality is resulting in high levels of “Millennial burnout” – increased rates of depression and anxiety. One is that some decision-makers are effectively waiting for a green light on the back to normal, where employees can be summoned back to the office en masse. Greater investment in direct-to-customer (D2C) strategies will be important. This year, the restaurants aren’t open, and many people haven’t traveled further than their front door, thanks to the restrictions that the Coronavirus pandemic have placed on our lives. At its most basic, this can be as mundane as selling gently used items to people who want them. Their productivity at work is diminished. Those with a licence to work remotely rated their company higher on many factors; not just productivity but also collaboration, the very thing usually cited as a drawback to remote work. Typically, consumer trends are driven by things like innovative restaurants and world travel. But looking to the long-term, the WFH revolution won’t be fully complete until workers are able to work more flexibly as well. If only it was that easy. This mindset is driving yearly growth: between mid-2017 and mid-2018, the impact investing market value roughly doubled to $228 billion in assets under management. Case studies This eight-part series looks at what consumer, market and industry insights will have the biggest impact. He's the main man who leads our global team of analysts, delivering world-renowned research. How have their priorities changed? Re-commerce is the business of this new approach, and it turns consumerism on its head while creating new markets and driving sustainable consumption. For the West, there’s been a decline in market-creating innovations. People with intellectual humility are better learners, listeners and leaders, and this is becoming a desirable job skill. In addition, this consumer type prefers to support companies that have received impact investments – the financial practice that aims to generate social and environmental benefits alongside financial returns. The colossal story of 2020 is a global pandemic that has left the world in a fragile and uncertain state. Recent estimates suggest less than 60% of web traffic is human, a phenomenon exemplified by the emergence of “fake news”. On Millennials and the Need for Businesses to Adapt. RESTAURANTS BLOGS AND SOCIAL The Food Philosopher Allergen-free WHAT’S DRIVING THE TREND? For example, shoppers can say “add milk to my cart” and Alexa will confirm and ask “anything else?” Additionally, based on the customer’s order history, Alexa will ask if they’ve forgotten to order an item. Consumer industry trends will focus on Innovative processes, like click and collect (or curbside pickup). Intellectual humility A 27-year long meta-study by psychologists Thomas Curran and Andrew Hill found that multidimensional perfectionism encompasses three levels, and millennials tend to suffer from all three. The pandemic is rapidly changing consumer behaviour toward online channels and there is … The monitoring is often done without consent, and as the Internet of Everything (IoE) grows more sophisticated, surveillance capitalism has evolved beyond social media platforms to product devices. 1. Comprehensive, in-depth consumer and market analysis and trends in 11 markets. The last two points are crucial. The Mastercard-CrescentRating Halal Travel Frontier 2019 reported an uptick for impromptu weekend trips for Generation M. According to the World Health Organization, there are an estimated 1.3 billion people with disabilities (PWD) who would constitute an emerging market the size of China. Decision dilemma Its central premise is deceptively simple: one person’s trash can be another person’s treasure. If journey times around cities are reduced, how can businesses and ad channels built to serve the commute respond? Case studies A 2019 global survey from IBM found that 75% of consumers will not buy a product from a company (no matter how great the product is) if they don’t trust the company to protect their data. Despite this, the Association of National Advertisers’ 2018 annual report found that “75% of marketers currently work with influencers and of that 43% plan to increase spending in the next year”. The economic climate is likely to be difficult for a while, and businesses will need innovation and agility to best cope with it. A … environments. From hi-tech jackets built for the mobility impaired to companies such as Starbucks opening up cafés for the hearing impaired, the innovations to assist these shoppers is growing. Remember, not addressing the problem is no longer a viable solution. How do companies prepare for a high-pressure, low-time group that craves ease of purchase rather than price discounts? We are using cookies to give you the best experience on our website. Looking towards 2021, we see the emergence of four distinct types of consumer: the Compressionalists, the Kindness Keepers, the Market Makers, and the Cyber Cynics. Enabling more flexible working helps make this happen. Video Webinars Start A Business Subscribe Books. 5 Trends for 2020 (and 21 for 2021!) Yet the same report found that only 36% of companies judged their influencer marketing efforts as effective, and 19% admitted they thought that the money spent was ineffective. According to a 2018 report by Kantar, China’s Top 100 Total Value brands increased sales 23% y-o-y. Mintel Consulting delivers a fresh viewpoint supported by rigorous data on brand, innovation, strategy and consumer insight. Introducing the colors of the year for 2021 from Behr with 21 hues & seven fresh palettes selected by our color experts that allow you to create a desired mood and style in any space. Viya is China’s star saleswoman with a … Uber is testing AI to ensure that multi-transport commuters have a seamless journey. A 2019 Lending Tree survey found that one-third of Millennials and Gen Xers boycotted a company that they had previously purchased from and more than one-quarter of those age groups are actively boycotting a product. Ultimately, consumers have had their say, and the message is clear – the future consumer is willing to pay a premium for convenience, authenticity, and ethically sourced or produced goods. In Brazil, social underdogs are becoming cultural icons. Driven by the digital revolution, the retail industry is going through a transformation – one that has completely altered the shopping experience for the modern consumer. He's an in-demand data junkie who you might see popping up on your telly screens every so often to show you what's actually happening in the lives of consumers. The reverse supply chain, also known as re-commerce, exemplifies the growing trend toward transforming consumption through reuse. But these kinds of takes often miss the global context. As their numbers grow, so will their economic impact – and businesses must take heed. Case studies Efficiency vs market-creating innovations This “cancellation culture” may sound trivial, but in fact has long-term, tangible effects – even on the economy. A visually overloaded website hurts conversion, as confused and frustrated shoppers won’t buy. With this in mind, we conducted two surveys to inform each of the 2021 Global Marketing Trends chapters. Authenticity, in particular, is proving hard to come by. Lenovo reporting 72% of its earnings were from outside China in 2018. The Global Marketing Trends Consumer Pulse Survey polled 2,447 global consumers, ages 18 and above, in April 2020. Companies need to offset the data exchange with a human one. In 2021, we will move beyond the haze of crisis mode and start to see the new patterns of economic, social, and cultural order that are being forged in the heat of current crises. 2020 will be remembered as many things. They laugh less. In these fast-growth markets, there is a considerable economic imperative to move to urban areas, looking for work and better opportunities. Trend tracking, analysis and interpretation of changes in culture markets, brands and consumer behavior. Retail-Week.com provides premium, in … This burgeoning cohort is seen as promising, not just because of the rising middle class, but because of the steady youth population. A 2015 study from online reservation company ResDiary found that cancelled reservations cost the restaurant industry $16 billion globally. Retailers need a deep understanding of their customers, not just as consumers to extract more money from, but people with a diversity of needs that cuts across all aspects of their lives. This consumer type is one starved of time, and favours convenience and ease of purchase over anything else. Some consumer electronic companies sell the TVs for a fraction of the costs. According to COO Stuart Haselden, since the redesign the number of customers communicating with the brand online has doubled and in Q2 of 2018 there was 80% growth in the company’s email file. Workers with a good work-life balance are more productive, more satisfied with their job, feel more empowered to pursue new business opportunities, and feel their company is better equipped to respond to industry changes. Fearful of economic instability, companies are opting for efficiency innovations – doing more with less resources. Businesses will need to retain the human connection – even in the face of rising digital disruption – in order to prosper in the evolving consumer landscape. 2. Look below for more information about our data, platform and how we help brands outperform the competition. The coronavirus crisis has had a profound effect on every area of retail and consumer behaviour, turbo-charging some trends and creating some completely new behaviours. Case studies A key driver for 2021, age disparity is reshaping the population pyramid. Cyber Cynics and companies are increasingly aware of data inaccuracies. They’re now less interested in “going out” activities, whether it’s going to restaurants, live events, museums or theaters, and more interested in their immediate environment through things like gardening, home decoration, cooking, and fitness. Access Euromonitor International's Top 10 Global Consumer Trends 2021 report to find out how consumer behaviour is evolving in 2021. According to the third annual Digital Consumer Study, almost 50% of consumers report having performed shopping-related tasks on their mobile phones in the past three months. The firms recently backed four women-led ethical fashion companies in Indonesia through a peer-selected investment model. In addition, with the rise in salience of social issues among the new generation, corporate care and a focus on values is important in engaging consumers in 2021. Investing in a decluttered UX is as critical to the bottom line as search optimisation. Other-oriented perfectionists feel a sense of self-worth when others respect and admire them. Ultimately, meaningful data – and thus, actionable intelligence – is more valuable than comprehensive data. Ongoing concern about the environment will be a trigger for another of our trends – the reshaping of the city. Users of the Sweatcoin app collect one “sweatcoin” for every 1,000 steps they take and can redeem tokens against a changing range of incentives. For example, people who share their data with a health app are less cynical because the value exchange is keeping them healthy. By crunching the numbers from our three data sets, custom studies, and our dedicated coronavirus research, we’ve identified eight trends we believe will shape 2021. But the coronavirus pandemic has affected the way every trend will play out in 2021, and offline retail has been hit particularly hard. In Japan, more than 28% of the population is aged 65-plus. For the other five (as well as more insight into these first ones), get the full report. We require that you verify your email address prior to updating your account. Indeed, research shows that the daily pressures for Millennials are considerably higher than for previous generations. The Under-served As Farmstead works with local farmers and grocers, they’ve kept the model open to talk and exchange with the local farming community. Adobe Stock. Trending 2021 - The Report. In places like India and China, people may leave cities because of COVID-19 – but there will be many more going the other way. Contributor. Brands that admit their faults or past mistakes will resonate with Kindness Keepers. Globally, 14% of the world’s nations have a population in decline and by 2050 that figure will rise to a third. Identified in the Social Media Drivers 2019 report, consumers are growing more sceptical about the platforms and influencers pushing products. According to a Harvard Business Review (HBR) and Gallup survey, 80% of adult respondents felt that they did not have time to do all they wanted in a day. Many businesses can afford to sell consumer products at low prices, only because the real value lies beyond the purchase, in a phenomenon known as post-purchase monetisation. 2021 Lifestyle Trends Lifestyle trends in the past tended to revolve around travel, food and drink, entertainment and fashion. Companies will do well to embrace a values-based approach to their marketing strategies, as today’s young, socially progressive consumers have shown little hesitation in boycotting brands that they perceive to be ethically questionable. A major theme emerging in these trends is the need for brands to “keep it real”. RŪH is a women’s label that “champions a private sense of identity in a time of overexposure”. ESG (environmental, social and governance) investments now represent 25% of all assets ($22.8 trillion) under management globally. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Ghosting. “Chinese consumers, especially the younger generation, don’t just believe the notion that foreign brands are better. In short, declutter the digital experience, use AI/ML to streamline the shopper journey and take a less-is-more approach to product offering. They are more likely to get divorced.”. This consumer type is cynical of technology and suspicious of big data and tech companies – and for good reason. Rapper Meek Mill and Puma have created the Clyde Court #Reform. Heading into 2021, consumers are still adjusting to pandemic life. They exercise less and are less healthy. The Information Age isn’t always accurate and, as Albert Einstein said, information isn’t knowledge. As fake sponsored ads continue to rise, brands must prioritise transparency and build a forum for closed, secure engagement. Case studies The economic and social pressures that millennials find themselves under often lead them to seek unrealistic and unsustainable targets. 5 Trends for 2020 (and 21 for 2021!) Flexibility providers workers with more of a work-life balance, which has an enormous impact on other aspects of their work. Businesses’ environmental credentials are still very much under scrutiny, and in the eye of the consumer, action on the environment is just as important as action on COVID-19. You can check them out in full in our connecting the dots report. Despite the rise of the middle class in markets such as China, India, and ASEAN, we enter the latter half of 2019 on the back of declining GDP growth rates and amid real fears of another global recession, fuelled by the raging Sino-American trade dispute. Audiences must request access to the brand’s (“private”) Instagram. MINTEL TRENDS. CONSULTING. When Gen Xers reached ages 30-34, they saw a 30% income increase compared with the generation before, but Millennials’ income level at the same age fell by 4% in comparison with Gen X. Additionally, Millennials’ net worth is only half that of which Baby Boomers enjoyed at the same age. They’re open to new points of view, new information, new ideas, contradictions and challenges to their own way of thinking.”. WFH can mean freedom from a strict 9-to-5 schedule, as well as from a physical office. The research is varied, but all estimate daily decision-making is increasing. Consumers haven’t forgotten about one crisis in the midst of another. And few would be able to predict what next year has in store. As promised, we’ve run through three of the biggest changes coming in the next year. In addition, online echo chambers on both sides of the political spectrum are keeping people insulated from differing viewpoints and beliefs. Uncover the 2021 consumer trends, behaviours, scenarios and growth opportunities impacting your business next year and beyond. Consumers, especially in today’s high-pressure environment, favour clean visuals and a streamlined, seamless shopping experience. It’s not just about working remotely, but working flexibly. Lululemon reported 48% online growth in 2018, largely attributed to a website redesign that included decluttering product images and faster load times. For one thing, cities still hold considerable appeal. Meanwhile, non-profit Fa.vela holds the Creative Run: the first accelerator helping favela-based creatives to grow their ideas into businesses. ... 4 Key Trends for Retail Entrepreneurs in 2021 Cancelling. I don’t want you to be hopeful. Top Hospitality & Hotel Trends in 2021 Fundamentally it has been a completely different year from any other – many referring to a “new normal” – bringing a plethora of contrasts to the industry when comparing hospitality to pre-covid times. Time poverty has led to the rise of “superhuman syndrome”, a term used to describe people trying to stay on top of it all. People seemed OK with this when the B2C data exchange was an email address or referring a friend for a discount code. Superhuman syndrome leaves many aiming for perfection – an impossible ideal. That isn’t going to happen. The realisation that the digital data we create is a commodity to be bought and sold will drive the growth of data as currency. Right now, Chinese consumers think China is good and ‘made in China’ is not bad at all,” says Charlie Chen, director of consumer research, Credit Suisse. By 2050, Africa’s youth population will increase by 50%, making it the most youth-populated continent. Between bought engagement and fake accounts (a recent New York Times investigation reported 15% of Twitter users are bots and up to 60m Facebook accounts are automated or bots), more people and companies want regulation of the influencer economy. Encompassing both the economic and social spheres, this pressure is omnipresent and affects people across the demographic spectrum, and has perhaps become the latest “great equaliser”. As mass-mattering overtakes mass-marketing, companies need to invest in long-term commitments, not one-time donations. Thunberg inspired multiple youth-led rallies across Europe demanding action on climate change. There’s a lot happening in retail for the new year, not just in technology, but also with shopping habits, the economy, and social concerns. AI-powered Alvi asks them personality-minded questions, like “if you could write a letter to your 17-year-old self, what would you say?” Both agent and Alvi work together to provide tailored, investment-based information. New value exchange This growing distrust between some of the world’s economic powerhouses is a worrying sign for a global economy gripped by disruption and rising protectionism. How does messaging change when neighborhoods become more important than cities? But now, as increasingly huge data breaches make headlines, consumers have a better understanding of the true cost of the data exchange and a new term has emerged to describe the market. And as and when they take the plunge, there will be opportunities for software companies that can help smooth the process. Impact investing This scenario is starting to cause intergenerational friction as younger people (already financially strapped) are faced with picking up long-term elderly care costs. In a survey of 19,000 Millennials across 25 countries, 73% of Millennials reported working more than 40 hours a week. Even more money is on the table if users scan the back of their driver’s license with a smartphone or give more personal details. Finally, to combat cynicism and distrust in the influencer economy, brands need to re-assess and alter strategies for valuable, authentic partnerships, as consumers grow weary of marketing tactics that over-utilise influencers and key opinion leaders (KOLs). Rising youth populations in these developing regions are responsible for this regional dichotomy, as Western populations continue to age. There is no denying that data is being collected and exchanged. Between group chats, online invites and DMs, replying with an enthusiastic “yes!” is the go-to, default response for many millennials. As a backlash to digital distractions taking the majority attention share (it takes around 23 minutes to refocus after a digital distraction), in 2021, the strategic act of non-action will be a key tool for The Compressionalists. Time affluence is at record lows globally. What do UK consumers want to hear from brands right now? Self-oriented perfectionists derive their self-worth from achievement – especially relative to others. *Clients only If you disable this cookie, we will not be able to save your preferences. Cancellation culture For Cyber Cynics, the term “vanity metrics” is likely met with eye-rolIs. Rampant politicization in the US and abroad along with ongoing economic uncertainty will aggravate consumer fragmentation and create new strata of consumer division. Top UK Consumer Trends for 2021 This report contains fresh data from 1,000 UK consumers exploring how COVID-19 has changed what Brits want to hear from brands. The company commissioned 14 seamstresses, representing nine communities across the four Inuit regions, to create the collection. This trend will impact virtually all businesses, and marketers will have many questions to consider. In China 17% of the population is aged over 60, forecasted to rise to more than 30% by 2050. As the online holiday spend shows, consumers expect contactless experiences in 2021 as they will continue to take measures to limit exposure to the coronavirus, experts agreed. Clean water in canals and sights of mountains from previously smoggy cities spawned a new phrase – “nature is healing”. The 5 Biggest Retail Trends In 2021. Without further action on the environment, there may be a sense of “paradise lost”, that the rosy future for the environment briefly glimpsed during lockdown hasn’t been followed through. As more Chinese youth see Made in China as a badge of honour, the international market share will see declines. Research shows that those who feel time-poor experience lower levels of happiness and higher levels of anxiety, depression, and stress. Time Affluence The emergence of ‘recommerce’ also means that businesses should not neglect aftercare market strategies, rent-to-own collections, and buyback incentives. Five opportunities. The global elderly and disabled assistive devices market is expected to surpass $26 billion by 2024, with care robots, wearables and adaptive fabrics leading the way. In short, declutter the digital experience, use AI/ML to streamline the shopper journey and take a less-is-more approach to product offering. New consumer behaviors provide opportunities for growth through the holidays and into 2021. menu. Re-commerce retailers like Momox, ReBuy, and Quoka.de are the biggest drivers of the industry. How do companies prepare for a cohort that will choose data ethics over brand loyalty and price? It’s about ditching the ego and being actively curious about our blind spots. "2021 Consumer Trends" View detailed description. Five powerful consumer trends. But there are two threats to this more effective working culture. No one at the time could have known it would become the defining event of the next 12 months. Intellectual humility is the recognition that the thing you believe in may in fact be wrong. I want you to panic. This consumer type values equitable local innovation and representation. Whether out of personal safety, or to find more room to work from home, the expectation was urban dwellers would be packing their bags and getting ready to leave. This consumer type places a premium on kindness, values, and social issues. Brands should show humility San Francisco-based online grocer Farmstead uses AI to determine demand to avoid overstocks, which reduces local food waste and saves time and fuel on delivery routes. If they can’t find an opportunity, they’ll create it. Datanomics With efficiency innovations, companies can become more profitable and free up cash flow, but they often sell to overcrowded markets. With the rise of influencer marketing, direct-to-consumer (D2C) marketing, peer-to-peer (P2P) marketplaces, re-commerce and more, consumer brands must rethink strategies and reinvent themselves in order to attract and retain the latest generation of consumers. The data includes the types of shows a viewer watches, approximate location and viewing times, and ads that are watched or skipped. In response, retailers have implemented new strategies to attract and retain the next-generation, omni-channel consumer. Southeast Asia is leading the way in impact investing. For example, a customer is shopping for gifts and the next time they visit the retailer’s site they only see similar products to the search. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Canada Goose launched a programme to “showcase Inuit craftsmanship on a global scale”, and is donating 100% of the proceeds to Inuit communities in Canada. This service has proved valuable to Compressionalists with busy schedules that may have overlooked items. More than half of India’s population (600m) is under 25. The influence and power of Chinese brands are rising globally. Consumers surveyed say that they use digital technology to research, browse and purchase, sometimes all on the same website. Post-purchase monetisation But I don’t want your hope. For Amazon Echo users that shop with Whole Foods, customers have two hours after the order has been submitted to add something to the shopping cart for same-day delivery. Despite being stereotyped as lazy and narcissistic, Millennials are working longer hours than older generations, and for less pay. Providing workers with more autonomy to choose their hours and measuring their performance on productivity, rather than hours worked. Bailing. Kindness as a KPI Less is often more – B2C businesses should focus on fewer SKUs (stock keeping units) and prioritise quality over quantity. 2021 CONSUMER TRENDS. As industries continue to automate, the human element is critical for this cohort. Dictated by consumer demands, businesses in 2021 must adapt. Conde Nast Traveler’s Women Who Travel is a closed Facebook group for female travellers that boasts 126k engaged members. Starface is a pimple-positive beauty account that focuses on creating empowering content for its closed community of followers. Are you ready? A 2018 study by Accenture found that 48% of US consumers who are disappointed by a brand’s words or actions on a social issue complain about it. Act now or pay later AI assistance Case studies Data disbelievers The other is that remote working is really only half the story. For a couple of months in 2020, the common thinking was that while COVID-19 was a desperate global crisis, lockdowns might just eke out a win for the environment. For marketing leaders, that means paying attention to profound changes in consumer trends, values, attitudes and behavior, and adjusting brand strategies accordingly. Ongoing concern about the environment will be a trigger for another of our trends – the reshaping of the city. Download F-trend's consumer trends 2020/21pdf report a consumer insight to gain the early market opportunities in fashion, branding and product development. Cities aren’t dying, but they are changing. Looking towards 2021, we see the emergence of four distinct types of consumer: the Compressionalists, the Kindness Keepers, the Market Makers, and the Cyber Cynics. The feeling of overwhelming pressure questions to consider in 2021 and look different in different countries constant pressure to more. To overcrowded markets the problem is no longer look to their smartphones for local establishments with margins. 800M internet users will come from these regions capitalism Security expert Bruce Schneier that... And convenience delivers a fresh viewpoint supported by rigorous data on brand,,. Productivity, rather than price discounts saying we owe it to the bottom line as search optimisation for closed. More important than cities can provide you with the advent of social media, people share! 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