Every coming year brings something new to the global market. Whether it’s new buying habits or a shift in demographics, new consumer trends always push the boundaries of how companies should appeal to their target audience. Here are the top 10 global consumer trends for 2019 according to Euromonitor International’s report.
1. Age agnostic
The average life expectancy has been increasing over the last few decades. This is due to medical advancements and better social conditions, especially in developed countries. Furthermore, this has shifted the self-perception of the elder generation. For instance, based on surveys in 2019, they want to be treated as younger consumers, with a focus on not just health but also on appearance and well-being.
2. Back to basics for status
Three words that can define the drivers behind purchasing decisions in 2019 are simplicity, individuality and quality. Modern consumers are getting tired of generic products and are looking for more unique and personalized products and services. Due to this, they pay attention to its quality as it grants them a certain level of status in society.
3. Conscious consumer
In addition to this, today’s consumers also base their buying decisions on the morality of their purchase. Purchasing products which are ethically-positioned have become mainstream consumer trend. Issues such as animal welfare, for instance, has already affected several industries such as fashion, home furnishing and undoubtedly – food.
4. Digitally together
Over the past decade, new technologies and online communication tools have altered how people around the globe interact with one other. Whether its virtual meetings, education or dating, consumers in 2019 expect more and more authentic and realistic interactions online. Because of this, brands have been inspired to offer more engaging platforms and online activities for consumers who are seeking life-like experiences.
5. Everyone’s an expert
Long gone are the days when consumers were relying on a few mainstream sources of information regarding products and services. In 2019, there are many products options on the market and consumers are aware of this. With the help of online forums and social media, the power has shifted from retailers to consumers sine in the digital era sharing information and reviews has become a norm.
6. Finding my JOMO
While the last decade was dominated by FOMO (Fear of Missing Out), in 2019, JOMO or otherwise the Joy of Missing Out is the new consumer trend driving buyers away from the internet. Surprisingly millennials, more than any other generation are inclined to reduce the time they spend online. Additionally, they would rather gain joy from more real-life experiences instead.
7. I can look after myself
The focus of this consumer trend is on the ability of modern buyers to make their own decisions without consulting a professional or relying on brand advertisements. They prefer to use apps and personalization services to find and create products that perfectly suit their needs all by themselves.
8. I want a plastic-free world
As more and more people become concerned about saving the environment from mass pollution, buying plastic-free products has become very popular in 2019. Furthermore, this consumer trend will continuously grow due to the fact that approximately 63% of the world’s packaging is currently plastic.
9. I want it now!
Consumers in 2019 want everything quickly and immediately. This may be due to the impatient nature of the young generation or an active social and professional lifestyle. Furthermore, this consumer trend not only pushes for faster delivery times, but also for a simplified buying process.
10. Loner living
Single-person households are growing at a very high rate. While the older generation has high divorce rates, young people nowadays tend to reject the idea of marriage altogether. This demographic trend has affected the purchasing needs and choices on multiple levels as these buyers are embracing the independent lifestyle.
These new global consumer trends are affecting not only the buyers’ behaviour but also the merchants’ needs. Additionally, in 2019, in order to stay relevant merchants must keep innovating and offering flexibility to consumers, as simply selling the right products might not be enough. With increasing online and mobile shopping trends, merchants should focus on targeting the right audience with the right payment methods which provide simple, fast and personal catered solutions depending on what part of the world these consumers come from.
Did you know these global consumer trends? If you are planning on optimizing your merchant platform and taking advantage of these trends, check out the website to utilize alternative payment methods preferred by modern consumers.