Euromonitor reveals top 10 global consumer trends
Global market research company Euromonitor International released the highly anticipated “Top 10 Global Consumer Trends 2022” report on Jan. 17.
Euromonitor’s annual report defines the trends motivating consumer behavior and challenging business strategies in the year ahead.
Backup planners: Consumers find creative solutions to purchase their go-to products or search for next best options as supply chain disruptions cause massive shortages.
Climate changers: Eco-anxiety and the climate emergency drive environmental activism for a net-zero economy. In 2021, 35 percent of global consumers actively reduced their carbon emissions.
Digital seniors: Older consumers become savvier tech users. Virtual solutions must be tailored to the needs of this expanded online audience.
Financial aficionados: Democratized money management empowers consumers to strengthen financial literacy and security. More than half of global consumers believe they will be better off financially in the next five years.
The great life refresh: Consumers focus on personal growth and wellbeing, making drastic life changes that reflect their values, passions and purpose. The metaverse movement: Immersive, 3D digital ecosystems begin to transform social connections. Global sales of AR/VR headsets grew 56 percent from 2017 to 2021, reaching $2.6 billion last year.
Pursuit of preloved: Secondhand shopping and peer-to-peer marketplaces flourish as consumers seek unique, affordable and sustainable items.
Rural urbanites: Consumers relocate to safer, cleaner and greener neighborhoods.
Self-love seekers: Authenticity, acceptance and inclusion are at the forefront of lifestyle choices and spending habits as consumers embrace their truest selves.
The socialization paradox: Fluctuating comfort levels create a conflicting return to pre-pandemic life. In 2021, 76 percent of global consumers took health and safety precautions when leaving home.
“Businesses need to transform alongside rapidly evolving consumer preferences,” says Alison Angus, head of lifestyles at Euromonitor International. “Reverting to a pre-pandemic playbook will not likely generate the same results moving forward.”