As consumers reassess their priorities and increasingly ask themselves what they truly value, a host of major consumer trends have emerged: from the sharing economy to the preference given to experience over possessions, to frugal innovation and trading up and down. This shift towards new priorities is impacting across a multitude of industry sectors and has the power to transform even the most established markets.
Today's consumers are redefining their values and priorities leading to the birth of a new consumerism. This new consumerism unites many of the key consumer trends of our time and these trends share many of the same drivers. The sharing economy is all about supply and demand
....with the resources to those that want them, removes market inefficiencies, empowers consumers and has disrupted, or has the potential to disrupt, a wide range of sectors
The circular economy is one where everything is reused and nothing is wasted. It is the antithesis of the linear build, buy, bury, model of a one-way stream of raw material to factory, to user, then landfill.
Experience is the prioritisation of doing, seeing and feeling over having more stuff. The trend is more than this though, with many consumers seeking to do something different; searching for unique, often personalised experiences.
More and more people are willing to buy time. This is about more than just convenience, but increasingly about outsourcing tasks. Time has become a luxury in today's connected world. The ups and downs of consumption
Think of Chinese tourists staying in budget hotels whilst spending thousands of dollars on a Louis Vuitton handbag. UK shoppers heading in droves to discounters Lidl and Aldi, whilst growth in the UK's luxury goods sector has also begun to strengthen.
We are seeing a range of interwoven trends, sharing common drivers, which combine to impact on a whole range of industries.
Some have the potential to disrupt entire sectors; much as we have seen the sharing economy impacting on the travel industry, others have a more gentle, but no less, transformative effect.
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