Megatrends are long-term shifts in behaviour or attitudes which create a global impact across multiple countries. Euromonitor International’s team of experts have identified and followed eight of the most influential megatrends and how the consumer-driven trends have impacted businesses over the past two years. Technology is a key driver throughout the eight megatrends and will continue to shape how they affect consumers and economies in the future.
This article explores three of these megatrends. Analysis on all eight can be found in our 2019 Megatrends: State of Play white paper:
• Connected Consumers
• Healthy Living
• Ethical Living
• Shopping Reinvented
• Experience More
• Middle-Class Retreat
• Shifting Market Frontiers
Connected consumers reflect today’s technology driven world. Euromonitor International predicts that more than 100 million online users will originate from China and India by the end of 2019. This consumer type represents both the advantages such as instantaneous connections and disadvantages of having a high dependency on technology. For example, phenomenon’s like ‘nomophobia’, which is the irrational fear of being without a phone, and ‘FOMO’ the fear of missing out on social posts, have simultaneously developed.
In order to counteract these negative aspects of technological dependency, consumers are increasingly embarking on ‘digital detox’ journeys, wherein they detach themselves from all technological devices. As a result of consumers trying to reduce the amount of time they spend online, businesses need to make sure each digital interaction is strategic and impactful.
Tangible goods will always be in demand. However, research shows the thrill of ‘experiencing’ something is beginning to outweigh the traditional buying cycle ending in the purchase of goods. Technological advancements have made services and multidimensional experiences more accessible to a wider range of audiences, where the millennial generation have been key players in driving the Experience More megatrend.
Brands are catering to this megatrend by using experimental marketing strategies and adjusting their brand’s image to meet the expectations of their target audiences. For example, pop-up stores were previously used as short-term strategies, but with the rise of technology and social media platforms, businesses are beginning to use them as long-term strategies to promote their image through platforms such as Instagram. As a result of this megatrend, consumers are likely to be more selective with the brands they interact with in the coming years.
From medicinal cannabis to yoga retreats, people are adjusting their everyday routines to ensure they are living a healthy life. The definition of ‘healthy’ itself has changed in recent years and has taken on more of a holistic approach by including physical, spiritual and mental wellness.
Changes within the food and drinks industry like plant-based products, meat-free alternatives and a growing emphasis on nutritional labels on packaging are becoming more popular internationally. Consumers are changing their eating habits to practice preventative measures, rather than depending on reactive medicines and diets to resolve health related issues.
Brands within the pharmaceutical and lifestyle industries are latching onto these developments by providing consumers with more herbal and natural options in the form of daily vitamins, supplements and super juices. Companies are also recurring to technologies such as AI to create devices which consumers can use to enhance their health. Wearables and monitors can now track and manage specific illnesses or improve energy levels and alertness.
To learn more about Connected Consumers, Healthy Living, Experience More and the other five megatrends impacting businesses, download our 2019 Megatrends: State of Play report extract here.