The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreNov 2016
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The New Consumerism sees today’s consumers reassessing their priorities and asking themselves what they truly value: Why accumulate more belongings when I could be out experiencing life? Why pay for space I don’t use? This report looks at five distinct aspects of the New Consumerism as it plays out in packaged food and evaluates its impact on food forms: how food is marketed and consumed and where it is bought and stored featuring examples from packaging, ingredients, services and appliances.
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The longevity of the financial crisis and the bumpy road to recovery has contributed to a fundamental shift in attitudes. Consequently shoppers who have traded down in the past are unlikely to return to their old ways if they have found the quality of replacement products to be comparable or acceptable, leading to increased price polarisation at retail and product level.
Technology is becoming increasingly integrated into the world of food. With an average household having more than two smartphones, consumers’ appliances, shopping patterns and packaging preferences are moving to the digital space urging packaged food companies and retailers to have a mobile first strategy.
Whether through choice or necessity, consumers’ living spaces are becoming smaller. This trend has far-reaching impact across all sectors, most immediately household goods such as kitchen appliances and fridges, but also packaged food. A lack of space can impact the frequency of shopping trips, as well as preferences in terms of packaging materials and size for food.
Growth in single-person households worldwide over 2016-2030 will be around 32%, faster than any other household type. This will further accentuate existing demand for small appliances such as coffee machines and smoothie makers, miniaturised foods and snacking products.
The experience trend is manifesting itself in various forms in the food industry, including the value placed on the dine-in experience, increased demand for global cuisines and unique shopping spaces, authentic recipe-based cooking and sharing packs.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.