Exploring global macro trends affecting all sectors 2nd July 2020
Here we explore the 4 key macro trends that affect every sector and any industry that might be consumer facing. It doesn’t matter whether you are a retailer, bank or hospitality brand, consumers are more self and socially aware, seeking solutions that genuinely benefit their lives and those within the community. From technology, wellbeing to accountability and social reconnection, these macro trends in peoples’ behaviours are affecting how consumers engage, chose and purchase from brands. These trends were already present before the pandemic, but they have since accelerated and become genuine consumer expectations. These leading trends will help forge strong connections with consumers thus, representing the pillars of successful brands.
Tech-solutions and digital integration has permeated across all sectors and industries – as consumers increasingly expect convenience and real time control of their purchases, transactions and various lifestyle needs.
Brands should take note of this change and make it a priority to support healthy lifestyles for consumers, shoppers and employees. Having a “wellbeing strategy” will be a critical differentiator for the foreseeable future.
Consumers are more mindful of what and how they’re buying. They are aiming to reduce food waste, shop more cost consciously and purchase more sustainable options. Brands will need to take this under serious consideration and make this a key part of their offer.
The desire to shop local and support the community is reflected in both the products consumers buy (e.g. locally sourced, artisanal) and the way they shop (e.g. supporting community stores). Brands will need to find ways to connect locally – whether by highlighting local provenance, customising for local needs/ interests or engaging in locally relevant ways.
After reviewing these trends, here are some points to get you started
Questions to ask yourself about your brand:
- Are you effectively using your digital touchpoints to enhance your customer experience?
- How does wellbeing feature in your brand? How do you authentically integrate it within your brand experience?
- What are your brand values? Is your company holding itself accountable – what is your stance towards sustainability and social issues?
- How are you connecting with your consumers on a local level? Are you connecting and supporting your communities in relevant ways?
WANT TO FIND OUT MORE ABOUT CONSUMER BEHAVIOUR/ INDUSTRY TRENDS, AND HOW THAT MIGHT AFFECT YOUR BRAND?