The top ten global consumer trends for 2018 – Euromonitor
The more reactive beauty leaders have been incorporating these themes into their brand stories for years, but this latest report underlines how importance they remain in an effort to resonate with the average consumer and how the continue to evolve.
The frenetic pace of the beauty industry is driven by both fashion as well as socio-economic influences, making it one of the most dynamic fast moving consumer goods categories, making it all the more crucial to try and track what will make consumers tick in the year ahead.
Here is the list of top ten consumer trends for 2018 taken from the company’s recently published report.
- Clean Lifers: Consumers adopting clean-living, more minimalist, lifestyles, where moderation and integrity are key. Clustering around educated 20-29 year-olds, a new generation of “straight edge” consumers has grown up knowing deep recession, terrorism and troubled politics, and has a wider world view than previous generations.
- The Borrowers: A new generation of community-minded sharers, renters and subscribers is reshaping the economy, making conspicuous consumption a thing of the past. Rejecting material goods in favour of experiences and a freer lifestyle, which has characterised the buying habits of millennials for the last few years, is a trend that continues to evolve and spread.
- Call Out Culture: Whether it is airing a grievance on Twitter, sharing a viral message or signing an e-petition, consumers are having their say. “Hashtag activism”, while not new, is rapidly gaining momentum as internet usage explodes and more people have access to social media.
- It’s in the DNA – I’m so Special: People’s growing curiosity about their genetic make-up – what makes them so special – and a rising interest in personalised health and beauty are fuelling demand for home DNA kits. Target consumers range from the “worried well” and those curious about their origins to hard-core fitness and nutrition fanatics.
- Adaptive Entrepreneurs are increasingly seeking flexibility in their lifestyles, and are prepared to take risks. Millennials especially have an entrepreneurial nature, shifting away from the “traditional” 9-to-5 career towards one that affords more freedom.
- View in My Roomers in 2018 will be connecting perception and reality, merging digital images with physical space. Consumers will be able to visualise products before they try or buy, both in-store and online. The arrival of even more sophisticated smart phones in 2017 gives View in My Roomers access to greater functionality, including augmented reality (AR) technology.
- Sleuthy Shoppers: With further political upheaval in 2017, consumers’ trust crisis is deepening and leading to greater emotional involvement and action. They remain sceptical of mass-produced products and the motivations of the companies that create them, but are tired of hearing empty rhetoric and soothing words of assurance.
- I-Designers: The lingering impact of the global financial crisis has encouraged prime, working-age older millennials and Gen X-ers to re-evaluate their spending habits. Simultaneously, the rise of the sharing economy, with pioneers such as Uber and Airbnb, is eroding their desire to own goods (see The Borrowers trend).
- Co-Living: The Co-Living trend has blossomed amongst millennials and the over-65s in the residential space. It is a form of housing where residents share living space and a set of interests and values. The trend stems from hyper-urban hubs that have embraced the sharing economy as a lifestyle choice.
- The Survivors: 10 years on from the credit crunch which heralded the start of the Great Recession, the frugal mindset of consumers remains entrenched. Despite improving economies, rising incomes and falling unemployment, the gap between rich and poor is highly visible, and those caught between low pay/meagre state benefits and high living costs are still struggling to cope with austerity.
Euromonitor analysts drew specific attention to the fact that more and more consumers are being drawn towards their genetic makeup, which is in turn fueling a boom in health and beauty products that are specifically tailored to their requirements.
Global retailers should do well in 2018
And by all accounts, the forecasts are pointing towards a bumper year for retail sales, as all the pointers for the global economy are indicating a continued recovery.
“In 2018 consumer expenditure is expected to grow at its strongest rate since 2011,” said report author Alison Angus, Euromonitor International’s Head of Lifestyles.
“Overall 2018 will see consumers continuing to question their values, priorities and purchasing decisions; deepening their engagement in the brands and issues that matter to them.”