Consumers’ values are changing as they put less emphasis on traditional transaction ‘value’ based consumption and focus more on personal ‘values’. This shift in what is important to consumers plays a powerful role in driving the most influential megatrends impacting consumer markets. These megatrends include healthy living, ethical living, connected consumers, shopping reinvented, middle class retreat, premiumisation, experience more and shifting market frontiers.
Rapidly changing consumer values
Consumer beliefs and values are evolving rapidly, underpinned by generational shifts, gender evolution, cultural and political factors. This is fundamentally changing consumer behaviour and consumption patterns, and causing businesses to re-evaluate strategies.
Another milestone has been reached as the youngest of generation Z enter the workforce meaning business needs to turn its attention to the needs of this cohort, while not forgetting the importance of Millennials and older generations.
Attitudes to “gender norms” are shifting. For some, gender is no longer differentiated by the body, but is more about their thoughts, values, preferences, and how they behave, which is changing the way they choose to live.
Social conscience and desire for betterment lie behind profound changes in consumers’ values. Diversity, authenticity and inclusion are important cultural factors influencing Political factors consumer behaviour and purchasing decisions.
Global political turmoil is generating national and international divides and increasing anxiety among consumers. Social media has given consumers a global platform to engage in political and social direction, in a bid to impact change.
Changing values as a megatrend driver
This report examines the key ideological developments causing consumers to reassess the values and priorities which guide their buying decisions. These social, gender, cultural and political developments are the foundations of changing values that contribute to shaping and defining the eight most influential megatrends impacting consumer markets.
The Megatrends report series includes strategic briefings that provide in depth insight into the eight megatrends we have identified as being the most important cross industry trends that business should be focused on during the next 10 to 15 years, as well as megatrend driver reports, one for each of the five common drivers the various megatrends share.
To read more on megatrend analysis at Euromonitor download our free whitepaper here or listen to our webinar here.