These are the most impactful global consumer trends for 2020

It’s a wonderful time for the tech scene: Artificial intelligence has seen a breakthrough in new technology in 2019. AI can identify breast cancer from routine scans, change the way we cook, and complete Beethoven’s Tenth Symphony.

AI is just one of the top ten global consumer trends included in the latest report from market research provider Euromonitor International’s to identify the top global consumers for the year ahead.

The report identifies the most influential trends set to shape consumer behaviour habits for 2020. The main themes of the report rely heavily on convenience and personal control. Let’s take a look.

Global consumer trends in 2020

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.

In fact, the International Data Corporation (IDC) confirmed that the AI market expanded by R503 billion in 2019, and predicts that revenue growth of more than R675 billion can be expected during 2020.

Also read – UJ will use AI technology to provide youth with mental health services

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.  

Brands and platforms have to create speedy and catchy content in order to capture a user’s attention or netizens will simply move on to the next option. The research team adds:

“The Catch Me in Seconds trend is particularly visible in emerging regions, such as the Middle East and Africa, Asia Pacific and Latin America, with higher historic and forecast economic growth. North America and Europe have and will continue to experience slower growth as more mature markets.”

Frictionless mobility

Consumers want modular and personalised transportation options that account for time, budget, weather and occasion for a seamless travel journey.

“Travelling on two wheels is a popular and viable transport method in developed economies. Electric bikes and scooters, brought by an explosion of rental-sharing startups, crowd the streets.”

An interesting point is that consumers prefer not to rely on a single transport method, instead demanding multiple mobility options that fit into the scope of their budget, time, weather and the occasion.

Inclusive for all

From fashion to toys and games to interior design, brands are reframing their products and services to be accessible to everyone. Diversity will become a measure of brand relevance.

According to the World Health Organisation, more than one billion across the globe live with some form of disability; however, due to the lack of representation, my individuals end up disconnected and live in isolation.

Minding Myself

Prioritising mental health and searching for products positioned to address specific well-being needs. According to the report, one in four adults in the developed world lives with anxiety.

Unfortunately, less than half receive treatment. Instead, consumers pursue outcome-based goods to prevent the psychological effects of stress, and sleeplessness. The Zuck Light is one such example.

“For decades, people all over the world used substances, such as tobacco and alcohol, despite consequences, to self-regulate their mental health. However, savvy consumers are seeking a more diversified, subtle and targeted approach to the age-old problem of mental well-being.”

Shane MacGuill, Senior Industry Manager Tobacco, Euromonitor International

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.

“Multinational companies are keen on localising their production or acquiring already established local players. Localisation strategies also help multinationals better adjust to consumer needs that arise due to cultural differences or lower purchasing power.”

Reuse Revolutionaries and Clean Air

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.

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. According to Rosemarie Downey, the global head of packaging research at Euromonitor International, the reuse revolution is here to stay:

“Today, the Reuse Revolutionaries trend signals a waste-free future for safety of the planet and human health. Brands should be mindful of these needs.”