The consumer landscape has been transformed forever and changes that were already afoot have now been accelerated, together these have led to huge transformations in the future of globalisation; the future of work and education; and the future of consumer priorities, preferences, and values. In such uncertain times, luxury players are under intense pressure to adapt to new consumer lifestyles (eg working from home), retail preferences (a digital-first mindset) value propositions and the growing interest in sustainability.
With staple foods continuing to see inflationary pressure due to a number of cost-push and demand-pull drivers, monitoring these categories and their changing daily prices is paramount for staying ahead of the competition. Using Via, Euromonitor International’s e-commerce tracking tool, prices for stock keeping units (SKUs) by product categories and leading players can be easily tracked and compared.
Following the negative impact of home seclusion and strict lockdown measures in China, beauty and personal care has enjoyed a surge in sales growth, driven by demand for better skin health, products that enhance personal wellbeing, the rise of Chinese beauty, and the ineluctable momentum of e-commerce and new retail experiences.
Remote working pet owners continue to spend more time with their animals, treating them as family members and looking for more premium products for them. During the pandemic, pet owners embraced the convenience of online shopping and developed new purchase habits which contributes to the growth of e-commerce channel.
Female athletes have strong potential to connect with audiences, not only through showcasing the highest levels of skill and athleticism, but also through what they can achieve beyond the playing field.
Post-pandemic recovery in global beauty and personal care was led by skin care in 2021, with self-care and emotional wellness key to this growth. Digital engagement and beauty tech are now also essential considerations. However, inflation and the rising cost of goods casts is seeing heightened price sensitivity, spurring demand for multifunctional and affordable options in 2022 onward.
Sports drinks and consumer health categories continue to blur the lines in 2022 as consumers increasingly value functionality of hydration products but also face restrictions in the product offering as brand haven't been able to keep up with increasing demand. We will explore the opportunities for both industries moving ahead.
The post-pandemic consumer landscape has been transformed by major behavioural shifts on the part of consumers, in terms of how they live, work, play and shop. Key shifts in consumer behaviour – including the adoption of digitalised, home-centric lifestyles, increased concern about social and environmental responsibility, and a greater focus on value – have given rise to new consumer needs and priorities and necessitated the need for companies to rethink their strategies in order to stay relevant in the long term.