Top 10 global consumer trends for 2020
People are beginning to accept that robots or other artificial intelligence (AI) can perform certain tasks traditionally done by humans.
That’s one of the top 10 global consumer trends for 2020 in a report by market research provider Euromonitor International. The “Top 10 Global Consumer Trends 2020” report identifies the most influential trends shaping consumer behavior shopping habits and purchasing decisions this year.
“Two main themes are evident in 2020’s top global consumer trends — convenience and personal control,” stated the report. “Consumers must strike a balance between the two, and that’s not always easy.”
According to Euromonitor International, the top 10 global consumer trends in 2020 are:
- Beyond Human: Artificial intelligence is becoming mainstream. Consumers are embracing AI for convenience, and businesses are integrating this technology to automate operations and deliver personalized solutions.
- Catch Me in Seconds: With the amount of information readily available, capturing consumer attention requires concise, relevant and multisensory content that can be processed in an instant.
- Frictionless Mobility: Consumers want modular and personalized transportation options that account for time, budget, weather and occasion for a seamless travel journey.
- Inclusive for All: Brands are reframing their products and services to be accessible to everyone. Diversity will become a measure of brand relevance.
- Minding Myself: Prioritizing mental health and searching for products positioned to address specific well-being needs.
- Multifunctional Homes: The ability to do everything—work, shop, exercise and other activities—from the comfort of home is shifting consumer habits to revolve around in-home consumption.
- Private Personalization: Consumers want tailored experiences but are concerned about the collection and sharing of personal data. Consumers will likely opt out of digitally manufactured experiences that do not add value.
- Proudly Local, Going Global:Consumers are returning to their roots. Niche brands start their global route to success by accentuating their local credentials. Multinationals are becoming more sophisticated in shaping their products to local culture.
Reuse Revolutionaries: Ethical consumers are looking for alternatives to single-use products to reduce environmental footprint and waste. New circular business models aim to offer more with less through sharing, reusing, refilling and renting.
We Want Clean Air Everywhere: The impact of air pollution on health is becoming widely known with climate activism only escalating. Businesses are facing pressures to provide solutions that safeguard the environment and consumers from the effects of poor air quality. The future points toward cleaner and more sustainable cities.