Top 10 Global Consumer Trends 2021

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TOP 10 GLOBAL CONSUMER TRENDS 2021

January 2021
INTRODUCTION
TOP 10 GLOBAL CONSUMER TRENDS
▪ Build Back Better
▪ Craving Convenience
▪ Outdoor Oasis
▪ Phygital Reality
▪ Playing with Time
▪ Restless and Rebellious
▪ Safety Obsessed
▪ Shaken and Stirred
▪ Thoughtful Thrifters
▪ Workplaces in New Spaces
CONCLUSIONS
INTRODUCTION

Scope

▪ Every year, Euromonitor International identifies the emerging, fast-moving Disclaimer


trends expected to gain traction in the year ahead. This report provides insights Much of the information in this
briefing is of a statistical nature and,
into the top 10 global trends expected to have the most significant impact while every attempt has been made
in 2021. The Coronavirus pandemic has had long-lasting impacts on consumers to ensure accuracy and reliability,
Euromonitor International cannot be
some of which are having profound implications on their behaviour which are held responsible for omissions or
expected to manifest deeply in 2021. errors.
Figures in tables and analyses are
calculated from unrounded data and
may not sum. Analyses found in the
briefings may not totally reflect the
companies’ opinions, reader
discretion is advised.

This report looks at the top10


global consumer trends
Euromonitor International has
identified as set to have the
most impact on business in
2021. It explores the changing
consumer values and behaviour
driving the trends, the impact on
business, examples of company
responses and the future
outlook for each trend.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 3


INTRODUCTION

Top 10 Global Consumer Trends in brief (1)

Build Back Better Consumers demand that companies care beyond revenue, and they no longer
perceive businesses as profit-driven entities. Protecting the health and interest
of society and the planet is the new expectation, following Coronavirus (COVID-
19), in order to Build Back Better. Companies should help reshape the world in
a more sustainable way, leading a shift from a volume- to a value-driven
economy and turning the tide on social inequity and environmental damage.

Craving Convenience Consumers are craving the convenience of the pre-pandemic world, longing for
the ease taken for granted before daily habits were upended. Businesses are
under pressure to rapidly adapt their operations to develop a resilient customer
experience while maintaining convenience. Companies must preserve the swift
and seamless shopping journey across all channels.

Outdoor Oasis Health threats, indoor meeting and mobility restrictions and the rise of remote
working results in consumers turning to an Outdoor Oasis for leisure and
recreation. Some are even considering moving from densely-populated cities to
rural areas. Businesses incorporated advanced health measures and moved
events outside, allowing consumers to reconnect out of the home more safely.
Companies should pivot their product development strategy to encompass the
tranquillity of rural living in urban environments to better satisfy city scrapers

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 4


INTRODUCTION

Top 10 Global Consumer Trends in brief (2)

Phygital Reality Digital tools allow consumers to stay connected while at home and re-enter the
outside world safely as economies reopen. Phygital Reality is a hybrid of physical
and virtual worlds where consumers can seamlessly live, work, shop and play
both in-person and online. Businesses can integrate virtual processes into their
physical spaces to give consumers who prefer to stay home the comfort to
venture out instead. Delivering virtually-enabled at-home experiences remains
imperative to drive e-commerce sales and gather data.
Playing with Time Consumers are now both able and forced to be more creative with their time in
order to get everything done. Businesses should provide solutions that address
the consumer desire to maximise time, offering increased flexibility, especially with
products and services that can be accessed from or near the home.
Restless and Rebellious Consumers are fed up. Distrust in leadership has become the norm. Bias and
misinformation are causing a crisis of confidence. Having suffered, put others first
and gone without, these self-care aficionados are now rebelling, placing their own
needs and wants first. Companies can cater to the Restless and Rebellious via
more precise marketing on social media and gaming, where they can give
consumers a voice and pressure social giants to take on misinformation.

Safety Obsessed Safety Obsessed is the new wellness movement. The fear of infection and
increased health awareness drive demand for hygiene products and pushes
consumers towards contactless solutions to avoid exposure. Companies should
implement enhanced safety measures and innovations that target concerns to
reassure consumers.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 5


INTRODUCTION

Top 10 Global Consumer Trends in brief (3)

Shaken and Stirred The global pandemic reconfigured daily lives, testing mental resilience, restricting
experiences and provoking economic shocks. Consumers have a new
understanding of themselves and their place in the world in pursuit of a more
fulfilled, balanced and self-improved life. Businesses must provide products and
services that support resiliency for mental wellbeing and to help Shaken and
Stirred consumers weather adverse circumstances to gain trust.
Thoughtful Thrifters Consumers are cautious and frugal. Discretionary spending is declining due to
the uncertain economic environment. Thoughtful Thrifters are prioritising value-
added and health-conscious products and services. Companies should pivot
towards value for money propositions, offering affordable options without
sacrificing quality. Premium attributes should be reinforced with a new empathetic
story and have a strong tie-in with health and wellness, self-care or mental
wellbeing.
Workplaces in New Out of office took a new meaning in 2020. Workplaces in New Spaces had a
Spaces rippling effect on consumer life, from clothing choices to technology spend to
eating habits and beyond. Consumers are searching for new ways to define the
beginning and end of their workdays, as they struggle to manage their time.
Businesses must support work-life balance, productivity and communication
needs. Understanding the benefits and challenges of working remotely allows
companies to bring the best of the office into the home.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 6


INTRODUCTION
TOP 10 GLOBAL CONSUMER TRENDS
▪ Build Back Better
▪ Craving Convenience
▪ Outdoor Oasis
▪ Phygital Reality
▪ Playing with Time
▪ Restless and Rebellious
▪ Safety Obsessed
▪ Shaken and Stirred
▪ Thoughtful Thrifters
▪ Workplaces in New Spaces
CONCLUSIONS
BUILD BACK BETTER

Build Back Better: the great behavioural reset

▪The consumer focus at the height of the pandemic was


very much on staying safe and simply getting the
supplies they needed, but as lockdowns continued and
consumers settled to staying at home more, their focus
shifted to helping each other and social priorities.
▪Pre-COVID-19, consumers around the world were
hugely concerned about climate change and plastic
pollution, demanding companies take steps to support
the environment and reduce the use of plastic. During
the pandemic, public attention shifted from slower-
moving environmental threats towards urgent social
priorities.
▪Consumers’ expectations of brands pivoted to
protecting the health and wellbeing of their workforce
and helping local communities. Consumers have even
greater empathy now for brands with a strong sense of
social responsibility which is having a permanent effect
on the purchasing decisions of many.
▪As companies prioritised people over profits, planet
concerns were pushed to the back seat. However, the
pandemic-driven spike in social initiatives will not
eclipse environmental awareness. Consumers will
Build Back Better, seeking brands that help make the
world cleaner, healthier, more resilient and equitable.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 8


BUILD BACK BETTER

Build Back Better: what it means for business

▪ With consumers paying closer attention to companies’ actions during lockdowns, brand activism gained a
new sense of social purpose. In 2020, 73% of professionals believed sustainability initiatives were
considered critical to success. Businesses had to prioritise social action and help consumers achieve more
sustainable lifestyles.
▪ Business leaders openly communicated with compassion during the pandemic, taking the initiative to
protect staff, customers and communities. In Euromonitor’s October 2020 COVID-19 Voice of the Industry
Survey, 89% of professional respondents agreed their companies were offering support to employees and
65% were offering support to local communities and suppliers and business partners.
▪ COVID-19 has given companies the chance to Build Back Better and stand up for the most vulnerable
which is helping them connect emotionally with consumers. They will have to continue to act with purpose
beyond the pandemic to retain consumer trust.
Businesses Social Initiatives 2020
Offering support to employees

Investing in sustainbility to improve brand reputation

Offering support to local communities

Sustainability helps to attract and retain employees

Sustainability helps employee satisfaction/attraction

Accelerated employees support programs


0% 20% 40% 60% 80%
Share of respondents
Source: Euromonitor International Survey, COVID-19 Voice of the Industry October 2020

50% of professionals believe their company is purpose-driven

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 9


BUILD BACK BETTER

Build Back Better in action: Giki Zero Pro/Giki (UK)

▪Giki, which stands for “Get Informed, Know your


Impact”, is a start-up that aims to help consumers
and businesses to be more sustainable.
▪Launched in May 2020 and with 4,000 users in the
UK as per October, Giki Zero is a free app that
helps consumers understand, track and reduce the
carbon emissions associated with their lifestyles.
▪In August 2020, the company launched a Pro
version that allows companies to create teams and
run campaigns to help employees to understand
and reduce their carbon footprint.
▪The app can be used as a tool to increase
transparency, as data generated can be shared
with key stakeholders.
Key takeaways
▪With more flexibility to work from home after
COVID-19, this is an excellent way for employers to
In 2020, two thirds of UK consumers are
scale their impact and help staff take sustainable
worried about climate change and try to steps in their own lifestyles.
have a positive impact on the environment
▪Digital technologies have a role to play in driving
through their everyday actions
change in behaviour, bridging the gap between will
Source: www.giki.earth and action on pressing environmental issues.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 10


BUILD BACK BETTER

Build Back Better in action: Leaders on Purpose (UK/global)

▪Leaders on Purpose is a global platform of business


leaders that aims to accelerate the shift towards a
more inclusive, resilient and sustainable economy.
▪With trust in public institutions declining during the
pandemic, consumers are increasingly relying on
business leaders to address social and
environmental issues. This is accelerating the
purpose-driven shift, with 51% of businesses now
claiming to be purpose-driven (Euromonitor Voice of
the Industry Sustainability Survey 2020).
▪In August 2020, global leaders of companies such as
Danone, Philips, L'Oréal and Mastercard (part of
Leaders on Purpose), signed a letter proposing an
economic roadmap to build back better.
Key takeaways
▪Expectations about the role of CEOs have shifted,
with 23% of CEOs in 2020 considered sustainability
activists by their employees (Euromonitor Voice of
the Industry Sustainability Survey 2020).
23.2% of global consumers buy from ▪Brands need to collaborate with their consumers to
purpose-driven companies in 2020 re-imagine their role in society, finding ways to be a
force for good for people and the planet.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 11


BUILD BACK BETTER

Outlook for Build Back Better

▪ Build Back Better consumers are expected to take social and environmental issues more
Force seriously, rewarding businesses that use their profits as a force for good post-lockdown.
for good

▪ Embracing purpose-driven initiatives is the way to build back better for positive effects on the
People triple bottom line.
planet profits

▪ Brands thriving to re-adjust and rebuild a greener and more equitable world will gain not only
Social a competitive advantage, but also the necessary social licence to operate.
licence

▪ Build Back Better will not only improve business resilience but also brand reputation and
Purpose- financial value.
driven
movement

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 12


INTRODUCTION
TOP 10 GLOBAL CONSUMER TRENDS
▪ Build Back Better
▪ Craving Convenience
▪ Outdoor Oasis
▪ Phygital Reality
▪ Playing with Time
▪ Restless and Rebellious
▪ Safety Obsessed
▪ Shaken and Stirred
▪ Thoughtful Thrifters
▪ Workplaces in New Spaces
CONCLUSIONS
CRAVING CONVENIENCE

Craving Convenience: walk-ins not welcome

▪COVID-19 has reduced impulse occasions, and


walk-ins are now pre-planned. Consumers must
schedule most of the activities they once could do
spontaneously, such as store visits, social events
and dining out, replacing many in-person occasions
with digital alternatives. The pandemic has
accelerated digital adoption and left consumers
craving convenience to return.
▪Digital commerce provides the seamless experience
many consumers desire, especially younger
generations. Having been forced on consumers of all
ages during the pandemic however, many previously
sceptical of online shopping and activities, especially
older consumers, are expected to continue this new
behaviour, although in-person connection will remain
important for many.
▪Businesses need to account for the disparity
between what different customers, especially across
age groups, perceive to be convenient be it digital or
in-store/in-person. Consumers are longing for the
convenience they once had when running errands
and making in-store visits on their time.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 14


CRAVING CONVENIENCE

Craving Convenience: what it means for business

▪COVID-19 disrupted supply chains, overwhelmed Preferred In-Store Shopping Features 2020
customer service and caused delivery delays.
Select items, immediately walk out
▪Companies are now challenged to cultivate a resilient of store with purchase executed
customer experience while upholding what made their Scan items while shopping, pay by
business convenient in the first place. mobile phone

Earn loyalty points through facial


▪Guaranteed product availability or subscription recognition
services can minimise or eliminate the number of
View information via interactive
shopping trips needed. Subscription service models shelf displays
have received a much needed boost from COVID-19.
Virtual fitting rooms
▪New methods, such as QR codes and apps allow
consumers to browse menus or search products while Access product information via QR
codes
queuing to enter or pay remotely, minimising time
spent in-store. The goal is to offset COVID-19-related Complete purchases with sales
staff who roam the store
inconveniences and recapture an experience that
feels normal. Currys PC World in the UK, for example, Access info via in-stores kiosks
repurposed store staff to converse with customers Receive information via personal
virtually in an attempt to replicate the in-store device instore
experience. Personalised experience through
facial recognition
▪Ultimately, retailers are seeking to capture consumers
who are Craving Convenience and want the return of 0% 20% 40%
lost in-store services through digital channels and Share of respondents
more connected in-store services. Source: Euromonitor International Digital Consumer Survey, fielded March to April
2020

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 15


CRAVING CONVENIENCE

Craving Convenience in action: ManiMe (US)

▪ManiMe’s custom-fit stick-on gels are developed


with proprietary 3D technology that replaces the
need to visit a salon.
▪Gel nail polish is typically applied at a salon with
specialised equipment and removed one to two
weeks later; stick-on nails rarely fit perfectly across
different nail sizes and lengths.
▪The closure of salons left gel nail wearers stuck
with grown-out gel manicures and a desire to
reclaim a professionally groomed appearance.
▪ManiMe differentiates itself through custom fit,
quick stick-on application and peel-off removal, and
100% Korean 10-free gel.

Key takeaways
▪Agile innovation allows digital solutions to compete
with the care and attention usually reserved for in-
person services.
The retail value of the premium nail polish ▪Shortened application time and quick removal
market was USD98.5 million in 2019 becomes preferable to scheduling in-salon
appointments.
Source: ManiMe

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 16


CRAVING CONVENIENCE

Craving Convenience in action: ShopLive/Currys PC World (UK)

68% of consumers over the age of 60 prefer speaking with human representatives
Source: Currys PC World

▪Currys PC World launched ShopLive, a video- ▪The consumer benefits by being able to combine
calling service with in-store experts to assist while expert advice, a virtual in-store visit, and the
shopping online. convenience of being able to fact check or compare
prices while shopping online all from the comfort of
▪In-store experts serve to replicate their
their home.
assistance for customers via one-way video call.
▪Pop-up messages ask online customers if they Key takeaways
would like advice on their purchase, and only ▪Replicating the in-store customer experience with
need a microphone to participate. digital convenience overcomes the disparity between
young and old consumers' preferences for online or
in-person interactions.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 17


CRAVING CONVENIENCE

Outlook for Craving Convenience

▪ Consumer expenditure is expected to shrink alongside an economic downturn, so


Value of convenience will play a pivotal role in purchasing decisions.
convenience

▪ Consumers want seamless experiences that cater to their established preferences and
shopping patterns. High-touch and relationship-driven businesses have an opportunity to test
Covid as self-serve, touchless or unattended operations to create streamlined customer service.
testing
ground

▪ Businesses can save time, guarantee availability and fulfil delivery through QR codes,
reservations and identifying busy and calm shopping periods, among other initiatives -
Time control all of which cater to new consumer routines.

Making it ▪ Solution-based products and services will drive Craving Convenience forward.
easy

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 18


INTRODUCTION
TOP 10 GLOBAL CONSUMER TRENDS
▪ Build Back Better
▪ Craving Convenience
▪ Outdoor Oasis
▪ Phygital Reality
▪ Playing with Time
▪ Restless and Rebellious
▪ Safety Obsessed
▪ Shaken and Stirred
▪ Thoughtful Thrifters
▪ Workplaces in New Spaces
CONCLUSIONS
OUTDOOR OASIS

Outdoor Oasis: open air gives trapped consumers an escape

▪City dwellers are searching for an Outdoor Oasis


to support their mental and physical wellbeing.
▪Consumers still desire socialisation and human
connection despite health hazards associated
with large gatherings.
▪An Outdoor Oasis provides a change of scenery
and enables the feeling of connectedness while
disconnecting from crowds. Dining, exercising,
socialising and relaxing in open-air venues
become essential for consumers trapped in their
homes, especially those in built-up areas.
▪As remote work becomes the new normal,
exchanging time in the city for rural life has
become appealing. Rural communities are less
polluted, offering a healthier environment, and
moving out of costly cities helps ease the
financial burden endured during an economic
slowdown.
▪Consumers want to go back to basics, if the
technology is available to stay in touch online
and participate in virtual experiences.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 20


OUTDOOR OASIS

Outdoor Oasis: what it means for business

▪Businesses are recreating indoor occasions and Global Gardening Sales 2016-2024
experiences for the outdoors such as open-air 140 6%
concerts, movies, fairs and operas.
▪Restaurants, cinemas and fitness studios adapted 120
5%
quickly, introducing outdoor cafés, drive-in cinemas
and open-air exercise classes. Lodging options 100
such as secluded property rentals and glamping

USD billion retail value sales


4%
are on the rise.

Y-o-y growth
80
▪In addition, DIY trends and the desire to connect
3%
with nature are driving the growth of home and
60
gardening products and services around the world.
Public transport and ride-sharing have also been 2%
replaced with healthier and safer habits such as 40

commuting via foot, bicycle or scooter.


1%
▪Businesses need to create their own Outdoor 20

Oasis. Adaptation might become more complicated


and costly depending on the weather, but open-air 0 0%
structures and heating and illumination systems will
pay off due to heightened demand for safe venues
Source: Euromonitor International
and the aesthetic that could continue attracting
consumers. 64% of professionals think work from home will
become a long-term change

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 21


OUTDOOR OASIS

Outdoor Oasis in action: Vilnius City Opera (Lithuania)

▪Vilnius City Opera (VCO) is a professional theatre


established by a team of independent artists aiming
to make opera more accessible to the general
public.
▪At the start of the pandemic, eight major
performances of The Queen of Spades and Faust
were postponed to the summer season and relocated
to the Grand Courtyard of Vilnius University.
Organisers adapted the show and the spectator area
to suit newly introduced health safety measures.

Key takeaways
▪Agile adaptation to hold indoor events in open-air
venues is crucial for entertainment business survival.
By relocating outside, the organisers manage to
avoid major ticket returns, recover at least part of
their investments and even increase popularity of the
events compared to those held indoors.
Recreation, entertainment and arts across
the world generated USD1.4 trillion ▪Rediscovering historic open-air venues can benefit
businesses through creating higher awareness and
turnover in 2019
the right atmosphere for the event too.
Source: Vilnius City Opera, Photo taken by Gabrielius Jauniškis

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 22


OUTDOOR OASIS

Outdoor Oasis in action: Lmnts Yoga and Fitness Studio (Canada)

21.4% of Canadians practised yoga at least once a week in 2020

▪Canadian Lmnts Yoga and Fitness Studio set up 50 Key takeaways


outdoor geodesic domes for practising yoga ▪To re-create their everyday experience, consumers
workouts safely. The domes offer 110 sq ft of space, are willing to adopt new venues. By relocating
are heated by the greenhouse effect and reach outdoors, businesses give consumers access to
temperatures of 32C - perfect for hot yoga. the usual exercise routines.
▪Domes are sanitised before and after workouts with ▪Added features such as lighting installation create a
a plant-based disinfectant, eliminating 99.9% of unique experience and may support the business
viruses. model continuation in the long term.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 23


OUTDOOR OASIS

Outlook for Outdoor Oasis

▪ Outdoor venues or indoor alternatives will remain in demand as consumers continue to


New venues demand safe experiences and new routines take on more permanency.

▪ Integrating Outdoor Oasis features will become essential for leisure and entertainment
providers to attract new customers and retain loyalty. Investment is needed whether it is to
Replicate build temporary structures, improve existing infrastructure or even reinvent for the long term.
indoor
experiences

▪ Open-air activities remain beneficial, especially the therapeutic effects of the outdoors on
Open air still mental wellbeing.
beneficial

▪ Adapting to suit adverse weather conditions and addressing health concerns will be major
business tactics to cater to Outdoor Oasis consumers. Creating both indoor and outdoor
Adopting offerings will ensure business continuity.
business
models to
suit

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 24


INTRODUCTION
TOP 10 GLOBAL CONSUMER TRENDS
▪ Build Back Better
▪ Craving Convenience
▪ Outdoor Oasis
▪ Phygital Reality
▪ Playing with Time
▪ Restless and Rebellious
▪ Safety Obsessed
▪ Shaken and Stirred
▪ Thoughtful Thrifters
▪ Workplaces in New Spaces
CONCLUSIONS
PHYGITAL REALITY

Phygital Reality: physical and digital worlds collide


▪Consumers embraced internet-connected
devices to maintain their daily routines amidst
COVID-19 lockdowns. Video conferencing,
smart appliances, augmented reality (AR) and
virtual reality (VR) helped consumers form new
habits around working, learning, exercising,
shopping, playing and socialising.
▪These digital tools enabled Phygital Reality,
keeping consumers virtually connected despite
being physically separated from the outside
world while also facilitating safer protocols in
physical spaces.
▪Consumers now rely on digital tools to conduct
and engage in daily activities both at home and
away, behaviours that will stick even post-
vaccinations. For many, especially younger
cohorts, there is a growing feeling of indifference
as to whether these activities are physical or
virtual and in fact having the option of either
provides the flexibility to fit around consumers’
evolving lifestyles.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 26


PHYGITAL REALITY

Phygital Reality: what it means for business

▪Brick-and-mortar businesses are using Digital Commerce by Device 2014-2019


technologies to achieve Phygital Reality,
100%
implementing processes that encourage customers
to safely visit onsite through various digital devices.
Adopting mobile reservation systems, QR codes for
80%
touchless menus, contactless payments and in-

Share of digital commerce activity


store virtual fitting rooms are strategies companies
are taking to minimise human interactions.
60%
▪Businesses that were forced to close temporarily
found it imperative to integrate the virtual world into
their physical spaces to bring customers back. 40%
▪On the flip side, companies are developing new
products and services for virtual consumption that
can replicate out-of-home experiences. In-store 20%
experiences such as workshops and events have
gone online, personal shoppers have gone virtual,
as have travel experiences and using artificial 0%
intelligence consumers are crafting their own 2014 2015 2016 2017 2018 2019

cosmetics, beverages and other personal goods Mobile PC Tablet Wearables Other Devices
Source: Euromonitor International
with support and tools from retailers and brands.
▪These blended physical and digital realities give
more consumers access to much more while giving USD15.8 billion global personal accessories
business a wider target audience. e-commerce sales in 2020

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 27


PHYGITAL REALITY

Phygital Reality in action: Asics (Japan/South Africa)

▪While large running races are cancelled or limited in


size, Japanese sports equipment company Asics, in
partnership with Versus Socks, offers runners in South
Africa the opportunity to win a trip to the Paris or Tokyo
Marathons in 2021, as well as footwear products and
other prizes, by completing virtual run challenges.
▪Upon signing up for the Virtual Run Challenge, runners
receive a race pack and access to a training
programme, just as they would for a large, in-person
race.
▪Then, on two designated occasions, runners complete
a run on their own and upload their results to a mobile
app, where they can compare their performance to that
of other runners and win prizes.

Key takeaways
▪With large, in-person sporting events typically
representing key marketing opportunities for brands,
especially those in sportswear or packaged foods,
42.6% of global consumers run or jog at hosting such events virtually by themselves or in
least weekly partnership with others can be a cost-effective option
Source for image: Asics Runkeeper Press Kit for reaching target audiences.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 28


PHYGITAL REALITY

Phygital Reality in action: Fortnite/Epic Games (US/global)

▪Over 23-25 April 2020, during COVID-19-related


lockdowns throughout much of the world, Epic
Games hosted a series of virtual, 15-minute concerts
with American rapper Travis Scott on Fortnite, an
online video game, in order to promote the artist’s
new song.
▪Multiple “tour dates” or virtual concerts were held so
that fans across the globe could experience the
event in their own time zone.
▪In the days leading up to the event, Fortnite players
could see preparations being made for the concert,
including the building of a stage, inside the game’s
virtual world. This was used in its entirety with
immersive visuals during the show.
Key takeaways
▪While concerts and other large gatherings are
restricted, hosting such events virtually, especially in
AR/VR environments, enables fans to have an
75.2% of AR/VR users have used the entirely new and immersive concert experience with
technology to play games in the past year close friends or on their own, while also giving
brands the opportunity to market to them in such
Source for image: Fortnite press releases environments.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 29


PHYGITAL REALITY

Outlook for Phygital Reality

▪ Newly developed habits will keep consumers engaged in virtual events and interactions for
New habits both convenience and entertainment. Virtual tools will become integral to operations.
support
engagement

▪ Integrating virtual processes into brick-and-mortar locations is imperative to ensure


consumers feel safe to return to physical spaces. At the same time, there will be more
Virtual is opportunities to serve consumers inside the home with a blended approach of both physical
vital products and virtual services.

▪ Businesses can develop a Phygital Reality strategy using apps to facilitate onsite virtual
experiences and partnering with technology providers to recreate in-person occasions at
Social home.
licence

▪ Companies that deliver safe and memorable experiences via multiple methods and platforms
will develop loyal customers. Incorporating Phygital Reality will continue driving sales and
Safety first assist with data collection, both online and in-store.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 30


INTRODUCTION
TOP 10 GLOBAL CONSUMER TRENDS
▪ Build Back Better
▪ Craving Convenience
▪ Outdoor Oasis
▪ Phygital Reality
▪ Playing with Time
▪ Restless and Rebellious
▪ Safety Obsessed
▪ Shaken and Stirred
▪ Thoughtful Thrifters
▪ Workplaces in New Spaces
CONCLUSIONS
PLAYING WITH TIME

Playing with Time: newfound flexibility switches up schedules

▪With restricted movement for many still,


consumers have a newfound flexibility in their
daily lives, giving them more time, but finding the
best use of this time can be difficult.
▪Managing work, family, social and personal lives
is both a challenge and an opportunity that has
created the need to set boundaries as many
occasions moved into the home. Consumers
eating more at home have to prepare and cook
more frequently, for parents, being at home more,
especially at the height of the pandemic, means
children demand more of their attention, and
generally consumers are dealing with more daily
distractions.
▪At the same time, consumers have the capability
to multitask throughout the day. Greater freedom
and flexibility means they can maximise their
time; attend appointments, drop children off at
school, run errands, shop or exercise at a time
that suits their schedule.
▪Consumers are reprioritising home life and daily
routines to have greater flexibility and less stress.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 32


PLAYING WITH TIME

Playing with Time: what it means for business

▪Playing with Time consumers have greater flexibility across "Time for Myself" Priority by Year
all areas of their lives. They can work, shop, play, learn and 2016/2017/2019/2020
60
exercise at any time of the day or night.
▪Businesses can respond by developing a 24-hour service
culture, tailoring offerings around increasingly varied 50
consumers’ schedules. For example, always-available
virtual services such as on-demand workouts and
40
entertainment give consumers similar experiences in their

% of respondents
own homes, at a time that suits them. For example, Apple’s
Fitness+ subscription service enables consumers to 30
workout at home at a time that suits them.
▪Brick-and-mortar business locations will also evolve to offer
20
consumers the flexibility their new schedules demand.
▪Spending less time outside and staying closer to their
10
homes means less footfall especially in city centres.
Businesses need to pivot to remain visible, may be even
consider relocating to give consumers easier access near 0
the home. 2016 2017 2019 2020
▪Foodservice operators and retailers are also reimagining Source: Euromonitor International
their physical outlets, using the spaces for takeaways,
online order fulfilment or curbside pick-up services, in 46% of consumers value online virtual
response. experiences

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 33


PLAYING WITH TIME

Outlook for Playing with Time

▪ Playing with Time will remain a strong trend as consumers continue to stay at home and
Remains a travel less.
force

▪ Companies catering to Playing with Time stand to be seen as partners, helping consumers
adapt to a new way of life whereby activities are scheduled in a non-conventional order to
Buddying up suit individual time demands.

▪ This new level of flexibility will change how businesses operate, requiring a 24-hour service
Resetting culture.
the business
clock

▪ Companies must be aware of how customers are adjusting routines and using their time to
Adjusting to better position products and services and develop new solutions.
new patterns

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 34


INTRODUCTION
TOP 10 GLOBAL CONSUMER TRENDS
▪ Build Back Better
▪ Craving Convenience
▪ Outdoor Oasis
▪ Phygital Reality
▪ Playing with Time
▪ Restless and Rebellious
▪ Safety Obsessed
▪ Shaken and Stirred
▪ Thoughtful Thrifters
▪ Workplaces in New Spaces
CONCLUSIONS
RESTLESS AND REBELLIOUS

Restless and Rebellious: people versus politicians

▪Consumers are discontented and on edge.


Globally there is mistrust and now as consumers
deal with the pandemic alongside years of fake
news and misinformation, anger is brewing
towards the governing class. In this climate of
growing resentment and extremism, consumers
have had enough and are rebelling.
▪Cynicism of governments and politics is driving
the Restless and Rebellious trend. Only 17% of
Americans say they can trust the government; in
Chile, it is a meagre 5%. Violence has erupted on
the streets of Paris, Hong Kong, Santiago and
Portland, as political parties are no longer able to
channel the discontent.
▪Younger generations especially, feel
disconnected from the political system. They do
not believe that those in power care or represent
them. In 2020, social unrest across countries led
to store lootings, boycotts and riots, which are
expected to continue, if not heighten in 2021,
especially as the pandemic continues and
consumers become even more restless.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 36


RESTLESS AND REBELLIOUS

Restless and Rebellious: what it means for business

▪Actions taken to control the pandemic increased debt to Metrics of Disillusionment from Prior to the
households, governments and businesses. However, COVID-19 Pandemic
50
after the lockdown was lifted in China, buyers flocked to
luxury brand stores; French fashion luxury brand Hermès
sold USD2.7 million in Guangzhou in a single day. 40
▪The Restless and Rebellious are “revenge shopping” -
shopping extravagantly after being restricted and

% of respondents
homebound for several months. In addition, consumers 30

are seeking out high-risk activities such as illegal parties


and online gambling.
20
▪In response, companies are identifying growth
opportunities across affordable luxury in alcoholic drinks,
indulgences in packaged food and video games, 10
especially.
▪Meanwhile, social media continues to be a battleground
0
for information and misinformation. Pernod Ricard halted Climate change will The world will be a There will be more
paid Facebook ads in July 2020, as part of the multi- impact my life more dangerous political unrest in
more than it does place my country
brand #StopHateForProfit campaign. now

▪Companies and social media players must work together Source: Euromonitor International Lifestyles Survey, fielded
January to February 2020
to ensure accurate and relevant information is shared or
run the risk of losing consumer confidence, trust and 29% of consumers are actively involved
credibility. in political and social issues

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 37


RESTLESS AND REBELLIOUS

Restless and Rebellious in action: Mountain Dew/PepsiCo (US)

▪The PepsiCo brand Mountain Dew, a carbonate


popular in the US, is setting its sight on gamers.
▪The brand spent 40% of its marketing dollars in
2019 on reaching them and has increased its
sponsorships with e-sports leagues and advertises
on Twitch and Facebook.

Key takeaways
▪Having suffered, put others first and gone without,
consumers are rebelling, putting their own needs
and wants first. Companies should consider how
to cater to a me-first mindset.
▪More precise marketing on social media and via
gaming will be key companies navigating the
rough waters of 2021; they can give a voice to
those that are increasingly plugged in and online.
▪Virtual spaces will be increasingly relevant for
socialising, gathering, and organising, and
Video game sales are set to increase by businesses will be at a loss if they do not
over 9% in value terms globally in 2020 consider them as avenues for growth and
Source: Euromonitor International
branding.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 38


RESTLESS AND REBELLIOUS

Restless and Rebellious in action: Walmart (US/Chile)

▪Walmart is the leading retailer in Chile in terms of


outlets and sales.
▪It was also the victim of consumer rage during the
social unrest in Chile in the latter part of 2019. 129
outlets were looted, 35 were burnt and 18 were
completely destroyed.
▪The company estimated its losses at over USD100
million but did not ask the government for any
assistance.

Key takeaways
▪Maintaining solidarity in the face of destruction and
theft speaks volumes; this can be accomplished by
acknowledging the generosity that large companies
are capable of.
▪In 2020, Brian Cornell, chairman and CEO of Target
acknowledged the injustices and pain black people in
the US face and noted the company’s emergency
Walmart sales in Chile via e-commerce response for affected communities and employees.
grow by 32% in 2020 on 2019 ▪There is a business case for corporate social
Source: Euromonitor International responsibility: value-driven companies gain a
competitive advantage.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 39


RESTLESS AND REBELLIOUS

Outlook for Restless and Rebellious

▪ Disillusioned consumers plugged in during 2020 more than at any point in history,
Sceptics foreshadowing a continuation of the Restless and Rebellious.
rule

▪ VR and AR solutions can help drive service and connections through online streaming
V-events events, building relationships and trust with consumers.
crucial

▪ The pervasive distrust of media and online content means companies have an opportunity
and an obligation to ensure that marketing dispels misinformation. Consumers want the facts
Stand and expect brands to act.
against
conspiracy

▪ More precise marketing on social media and via gaming will be key for a company navigating
37% of 2021. Business can leverage consumer data as more online activities prevail.
consumers
share data

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 40


INTRODUCTION
TOP 10 GLOBAL CONSUMER TRENDS
▪ Build Back Better
▪ Craving Convenience
▪ Outdoor Oasis
▪ Phygital Reality
▪ Playing with Time
▪ Restless and Rebellious
▪ Safety Obsessed
▪ Shaken and Stirred
▪ Thoughtful Thrifters
▪ Workplaces in New Spaces
CONCLUSIONS
SAFETY OBSESSED

Safety Obsessed: less contact, more hygiene

▪COVID-19 has bought health and safety to the front


of consumers’ minds around the world. Concerned
about infection, consumers look to avoid exposure
and reduce public touchpoints.
▪Efficiency and cleanliness are no longer trade-offs
but expectations among Safety Obsessed
consumers. Washing hands more frequently and
wearing masks are normalised habits today.
▪Concerns surrounding the origin and delivery of
products and services are elevating safety
standards. Consumers want more than ever to
understand a product’s journey driving demand for
transparency from business.
▪Contactless payments are growing in prominence,
stemming from fear of handling unclean cash.
Retailers have had to invest almost overnight.
▪In addition to avoiding potential sources of infection,
consumers seek anti-virus appliances and hygiene
products, propelling the demand for goods such as
liquid soap and at-home sanitising equipment and
face masks have become a fashion accessory, with
even luxury brands offering designer masks.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 42


SAFETY OBSESSED

Safety Obsessed: what it means for business

▪COVID-19 was the catalyst that drove sanitation Global Sales of Steam Vacuum Cleaners 2015-2024
concerns, requiring prompt responses from
10 10%
manufacturers to meet stricter health and safety
procedures. Service and payment industries were 9
among the first to respond. 8 8%
▪Grocers quickly adapted to consumers’
7
reluctance to visit crowded stores and interact
with humans, offering online ordering and even 6 6%

Y-o-y growth
Million units
robot deliveries. Society was already moving 5
towards cashless payments, and the pandemic
accelerated this transition. 4 4%

▪Hygiene products are the main beneficiaries of 3


the Safety Obsessed. Manufacturers are
2 2%
launching value-added products in line with
growing health consciousness to meet new 1
hygiene standards. 0 0%
▪COVID-19 sparked innovations that prioritised
sanitation as a critical product feature such as
Volume Growth
Haier developing a self-sterilising air conditioner.
Source: Euromonitor International
▪Global sales of vacuum cleaners, especially
steam models, soared in response to consumers’ 44% of consumers would be comfortable receiving
anti-virus cleaning needs. a delivery via drone or robot

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 43


SAFETY OBSESSED

Safety Obsessed in action: QR codes/PayPal (US/global)

▪PayPal is a leading online payments platform with


a global footprint which leads the digital payments
revolution around the globe.
▪Taking into account consumers’ concerns around
handling cash, a health worry during COVID-19,
PayPal rolled out a QR code option in 28 markets in
May 2020 as an offer of touch-free payments in-
person for global consumers.
▪This initiative gives full flexibility to merchants and
consumers who prefer to avoid close contact.
Merchants can print out the QR code and place it at
checkout counters. Transactions can be done through
only two steps: scan and pay, allowing users to buy or
sell goods without paying cash or entering a PIN code.

Key takeaways
▪Catering for social distanced business in response to
46% of global consumers think of growing demand for touchless transactions.
enhanced security as the most influential ▪Cashless payment, which was already in motion, is
features for them using in-person mobile set to pick up speed with safety-obsessed consumers
payments globally, post-COVID-19.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 44


SAFETY OBSESSED

Safety Obsessed in action: self-sterilising AC/Haier (China)

▪Haier is a leading consumer appliances player and


delivers smart home solutions for global
consumers.
▪Haier has been focusing on innovations that
address new hygiene standards and concerns for
air quality.
▪In response to consumers’ increased attention on
safety, Haier launched a new air conditioner that
self-sterilises at a temperature of 56°C, following
the National Health Committee of China noting that
COVID-19 becomes inactive at that temperature.

Key takeaways
▪Opportunities for tailored innovations in home
appliances are opened as consumers seek better
ways to manage at-home hygiene.
▪COVID-19-driven value-added innovations can help
operators to secure long-term growth, meeting
Haier ranked top in the global major demand from increasingly safety-obsessed
appliances market with a volume share of consumers as hygiene innovation products become
15.7% in 2019 more relevant again.
Source: Euromonitor International Digital Consumer survey 2020

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 45


SAFETY OBSESSED

Outlook for Safety Obsessed

▪ Safety and health will be at the forefront of consumer behaviour. Companies across
Pivoting to industries should develop robust hygiene initiatives in response to heightened concerns.
safety

▪ Businesses that incorporate exceptional sanitation features into products and services, while
Hyper focus communicating these benefits, will attract Safety Obsessed consumers.
on sanitation

▪ Unattended commerce and e-commerce will be widely adopted, minimising unnecessary


Self-service human interactions.

▪ Consumer needs will evolve from basic hygiene to general health. As consumers turn to
Keeping an necessities, a safe and trusted brand image will be an intangible asset for businesses.
eye on
health

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 46


INTRODUCTION
TOP 10 GLOBAL CONSUMER TRENDS
▪ Build Back Better
▪ Craving Convenience
▪ Outdoor Oasis
▪ Phygital Reality
▪ Playing with Time
▪ Restless and Rebellious
▪ Safety Obsessed
▪ Shaken and Stirred
▪ Thoughtful Thrifters
▪ Workplaces in New Spaces
CONCLUSIONS
SHAKEN AND STIRRED

Shaken and Stirred: rising above adversity

▪Mental wellbeing has been top of mind for


consumers: the primary indicator of good health.
▪Consumers previously turned to quick-fix products
and services such as functional foods, self-indulgent
luxuries and technologies that supported
mindfulness. The pandemic brought new stress
factors, including health risks, unemployment and
economic hardships, isolation, upended routines and
demands for new roles and skills.
▪Consumers now understand that treating symptoms
of stress does not address the root cause and
confronting these underlying issues head on would
be a more successful strategy to achieve serenity.
Many sought expert opinions or tuned to immediate
support surroundings to find an outlet to identify and
cope with underlying mental struggles.
▪Consumers are Shaken and Stirred, reassessing
their priorities and identities, reconfiguring work-life
balance and exploring new hobbies in a socially
distant world. Their new spending habits diverge
from novel experiences and timesaving to
investment in durable skills and products supporting
future resilience.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 48


SHAKEN AND STIRRED

Shaken and Stirred: what it means for business

▪Companies offering digital products and services are Global Sales of Educational/
best equipped to help Shaken and Stirred Hobby-related Toys and Games
consumers access information and virtual 2014/2019/2024
engagements to promote self-improvement and 6,000

lifestyle balance.
5,000
▪Pre-pandemic, 46% of Generation Z and 50% of

US$ million retail value sales


millennials preferred spending money on
4,000
experiences over things, but restrictions on large
gatherings are generating interest in at-home events.
3,000
▪Global sales of educational, hobby-related toys and
games fell between 2014 and 2019 but as a result of 2,000
the pandemic, are rising again. Arts and crafts toys
such as drawing or sculpture sets, jewellery-making 1,000
or painting kits, retail value sales are expected to
increase by nearly 3% in 2020. Arts and crafts, -
musical instruments, sports equipment and online Outdoor and Sports Arts and Crafts Scientific/Educational
classes will benefit as consumers seek products that 2014 2019 2024
help them develop specialised skills. Source: Euromonitor International

▪Additionally, consumers are resorting to nostalgic


comforts such as childhood snacks that provide 70%+ of professionals predict that an
immediate stress relief. Various industries will benefit increased focus on lifestyle conditions will
depending on unique preferences, as consumers have a very influential impact after the
conform to a changing environment. pandemic subsides

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 49


SHAKEN AND STIRRED

Shaken and Stirred in action: nostalgic Snacks/General Mills (US/ global)

▪As consumers seek comfort in the familiar,


General Mills has seen sales of its classic food
products rise over the past few months.
▪General Mills is doubling down on this trend, with
the release of classic cereal recipes to appeal to
young consumers who are turning to old
favourites.

Key takeaways
▪Nostalgia is a marketable strategy when consumer
confidence is shaken, as shoppers are less eager
to try new products.
▪This trend is also visible in the music industry,
where the remote concerts with highest
attendance are among artists with a more avid fan
following (many without hit singles in recent
years).
Sales of cereals in the US fell by 2.5% each ▪The new composition of the concert crowd is
year from 2015 to 2019, but in 2020 sales are changing the dynamic of the performances,
expected to jump by 20% whereby artists appeal more to their most die-hard
fans.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 50


SHAKEN AND STIRRED

Shaken and Stirred in action: Skillshare (US)

▪Remote learning’s impact has extended beyond


childhood education, as adults have leveraged the
technology to learn new business skills and develop
new hobbies.
▪Skillshare is an example of a company that is
dedicated to helping artists exchange ideas and
inspire through its platform.
▪Skillshare’s flexible subscription or pay-for-service
model is helping adults explore new hobbies such as
playing musical instruments, learn graphic design, or
engage in arts and crafts projects with friends.

Key takeaways
▪Other remote learning platforms specialising in
marketable jobs skills are thriving through the
pandemic.
▪For example, Brazilian e-learning company Hotmart
purchased US Teachable in March 2020 for USD250
The global online education market is million. Together, the platforms have a combined
expected to reach USD350 billion by 2025 110,000+ creators teaching a variety of classes and
skills.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 51


SHAKEN AND STIRRED

Outlook for Shaken and Stirred

▪ Short-term pivots in 2020 will leave lasting scars. Consumers will continue seeking holistic
Focus on solutions over topical ones to maintain mental health.
holistic

▪ Existential threats such as unemployment and lower budgets will urge consumers to seek
Battening products and services that help them withstand future crises and life-altering events.
down

▪ Products and experiences that offer self-improvement, skill development, life balance support
Life support and financial resilience will gain traction even as the pandemic wanes.

▪ Companies should communicate how their product serves consumers in a world where they
At your are dedicating more time for themselves.
service

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 52


INTRODUCTION
TOP 10 GLOBAL CONSUMER TRENDS
▪ Build Back Better
▪ Craving Convenience
▪ Outdoor Oasis
▪ Phygital Reality
▪ Playing with Time
▪ Restless and Rebellious
▪ Safety Obsessed
▪ Shaken and Stirred
▪ Thoughtful Thrifters
▪ Workplaces in New Spaces
CONCLUSIONS
THOUGHTFUL THRIFTERS

Thoughtful Thrifters: economic uncertainty drives frugality

▪A dampened macroeconomic scenario, job


insecurity and reduced household incomes are
leading consumers to reassess their values and
priorities and embrace new consumption habits.
▪Decreased consumer confidence coupled with
inadequate fiscal and monetary stimulus will lead
Thoughtful Thrifters to carefully budget spend and
increase savings as insurance for the unforeseen.
▪Pessimism is higher among millennials and
Generation Z due to the 2008 Global Financial
Crisis that occurred early in their and their parents’
careers.
▪Financial insecurity will postpone big-ticket
purchases and discretionary products will be the
biggest casualty of the pandemic. While essentials
are impacted to a lesser extent. price elasticities are
changing across product categories as Thoughtful
Thrifters downgrade to private label to seek value
for money.
▪COVID-19 will drive planned and intentional buying,
shifting to rational sustainable consumption across
consumer segments.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 54


THOUGHTFUL THRIFTERS

Thoughtful Thrifters: what it means for business

▪Value-conscious consumers are boosting Global Consumer Expenditure Growth by Type 2020
the sharing economy, reimagining rental,
resale and remade business models with Transport
marketing around affordability and Leisure & Recreation
sustainability.
Household Goods & Services
▪Buy now, pay later is a beneficial option for Hotels & Catering
financially cautious Thoughtful Thrifters to
Misc Goods & Services
allow these consumers to shop full price and
increase their basket size. Clothing & Footwear

▪Limited disposable incomes are also Communications


benefiting from off-price retail formats as Health Goods & Medical Services
well as flexible subscription models that offer Education
convenience, safe product accessibility and
Alcoholic Beverages & Tobacco
bulk discounts.
Housing
▪Premium players are launching products at
more accessible price points to appeal to Food & Non-Alcoholic Beverages

price-conscious consumers and improve -12% -9% -6% -3% 0%


market competitiveness. Y-on-Y growth
▪Brands are responding to the pandemic with Source: Euromonitor International
discounts on discretionary products to attract
frugal shoppers, impacting profit margins in
10% sales growth of discount retailers such as Aldi and
the short term. Lidl from 2019 to 2020

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 55


THOUGHTFUL THRIFTERS

Thoughtful Thrifters in action: iPhone SE/Apple Inc (USA/global)

▪In April 2020, Apple launched the second


generation of its low-cost iPhone model SE, which
is vastly cheaper than other models.
▪The lower price point could allow Apple to expand
its consumer base in both the US and
internationally, and better compete with Android-
based manufacturers such as Google and
Samsung, which already offer cheaper iPhone
alternatives.

Key takeaways
▪Though this is not Apple’s direct response to the
current economic recession, the launch is well-
timed, despite some challenges. As the COVID-19
pandemic has resulted in sweeping layoffs and a
global recession, consumers, particularly the youth,
are becoming more price conscious and planning
Consumer expenditure on to cut back their spending.
telecommunications equipment in North ▪It is a great case in point for other premium brands
America is forecast to drop by 12% in real to look at new launches at a more affordable price
terms in 2020 point to entice consumers amidst financial
Source: Apple uncertainly.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 56


THOUGHTFUL THRIFTERS

Thoughtful Thrifters in action: buy now, pay later/Atome (Singapore)

▪Atome, a technology start-up headquartered


in Singapore, launched a "buy now, pay later" solution
in July 2020 with 500 merchants to support the
recovery of Singapore's retail sector during and
beyond COVID-19.
▪Atome works by splitting bills into three equal, zero
interest instalments over time. This is done by either
scanning a QR code at a physical shop or choosing
Atome during checkout on partner merchants'
websites.
▪In the first three months since its soft launch, Atome
saw an 11-fold growth in gross transaction volume on
its platform.
▪70% of Atome's customers are aged between 20-40
years old.
Key takeaways
▪COVID-19 has led to limited disposable income for
many consumers. Buy now pay later is a great pitch to
28% of consumers have used a digital cash-strapped consumers encouraging them to shop
wallet to make online purchases in 2020 full price, boost conversion, increase their basket size
and offer convenience, flexibility, affordability and
Source: ?
Source: Atome accessibility.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 57


THOUGHTFUL THRIFTERS

Outlook for Thoughtful Thrifters

▪ As consumers switch to generic brands amidst economic hardship, expanding private label
offerings will benefit retailers. At the same time, companies should identify and market
Economy attributes consumers are willing to pay a premium for.
influences
spend

▪ Readjusting product portfolios, distribution channels, promotions and supply chains to cater
to Thoughtful Thrifters will futureproof businesses for a new normal. There is no one-size-fits-
A flexible all solution.
approach

▪ Brands should find innovative ways to regain value and enhance the price-value equation.
Convenience, increased online penetration, fast last-mile delivery or add-on services are
Enhancing ways companies can achieve this.

▪ A focused, insights-driven, locally-tailored promotional plan will enhance return on


Tailored investment.
to fit

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 58


INTRODUCTION
TOP 10 GLOBAL CONSUMER TRENDS
▪ Build Back Better
▪ Craving Convenience
▪ Outdoor Oasis
▪ Phygital Reality
▪ Playing with Time
▪ Restless and Rebellious
▪ Safety Obsessed
▪ Shaken and Stirred
▪ Thoughtful Thrifters
▪ Workplaces in New Spaces
CONCLUSIONS
WORKPLACES IN NEW SPACES

Workplaces in New Spaces: remote office environments

▪Working from home is not new, especially in


developed countries but the pandemic and social
distancing brought the office into homes for many
consumers almost overnight.
▪As restrictions subsided, consumers started returning
to the workplace, but less frequently, and a blended
approach to work is becoming the norm as companies
give greater flexibility to employees.
▪For most consumers, the benefits of remote working
are numerous such as having more time due to not
commuting. However, they also face challenges from
missing in-person interactions with colleagues, home
distractions, managing routines and finding the
motivation to work through to relaxing and switching
off after work.
▪Consumers are adjusting to these new work routines
which also impact on how they shop. Loss of
commutes and home working has limited on-the-go
occasions, such as grabbing coffee, running errands
on lunch breaks, socialising with colleagues after
work and even rail-commerce - online shopping
during the commute. With less mobility, where, when
and how consumers shop is shifting.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 60


WORKPLACES IN NEW SPACES

Workplaces in New Spaces: what it means for business

▪Some categories benefit from this migration to remote Global Fresh Ground Coffee Pod
working. Global sportswear sales for example have Sales 2018-2024
performed much better than the overall apparel and 25 12
footwear industry in 2020. Simplified grooming,
dressing and beauty routines are forcing businesses 10
to rethink their product positioning as consumers 20
resort to more casualwear and natural make-up looks. 8

US$ million retail value sales


▪Businesses are also offering multifunctional and

% y-o-y growth
6
compact equipment to repurpose the home office 15

space. Multifunctionality targeted at families or 4


individuals sharing living accommodations will be a
10
key area for innovation as consumers look to 2
differentiate work and living spaces in their homes.
Consumers also want products and services that help 0
5
them manage working from home such as technology
-2
to facilitate remote collaboration and motivation and
individual time management. Opportunities to connect
0 -4
and recreate a routine, such as after-work drinks, are
spurring growth in technology for virtual socialising
with colleagues. Retail Sales Value Y-o-Y Growth
Source: Euromonitor International
▪Moving to fully remote operations while maintaining
the same level of productivity will result in blended USD314 billion sportswear sales globally in
workplaces becoming commonplace. 2020

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 61


WORKPLACES IN NEW SPACES

Workplaces in New Spaces: GoBe Robots (Denmark)

31% of businesses expect to invest in automation and new supply chain technologies such as the
Internet of Things, artificial intelligence, robotics, 5G and DSN

▪GoBe Robots is headquartered in Denmark, a ▪This is not just a response to social distancing post-
subsidiary of Blue Ocean Robotics which COVID-19 but is also positioned on environmental
develops and provides professional service robots credentials - reducing travel and CO2 emissions.
for humans and is a global leader in telepresence.
▪GoBe Robots creates technology that facilitates a
Key takeaways
more natural way of interacting across a virtual
workplace by reproducing the user’s face in real ▪Loss of the subtleties of human connection in a virtual
size on the screen. It uses features such as workplace is a growing concern.
multiple cameras, echo-reducing speakers, touch ▪GoBe Robots enables a more human-like workplace
screen and navigation in order to humanise virtual connection, growing social inclusion and creative
interaction. collaboration, without the need for physical presence.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 62


WORKPLACES IN NEW SPACES

Workplaces in New Spaces in action: Joyoung (China)

In 2020, Joyoung ranked third in retail sales volume of small cooking appliances in China

Source for image: Joyoung

▪Joyoung is a Chinese small appliances ▪Occasions such as office pantry coffee breaks
manufacturer, providing fast and efficient and picking up refreshments on the way to work
home preparation solutions such as coffee, soya trend are replaced, having them at home instead.
milk and juice making machines. Key takeaways
▪Joyoung's appliances such as its quick fix, self- ▪Focusing innovation towards changing consumer
cleaning coffee machine “One Cup” behaviour is crucial for businesses. Coffee machines
provide consumers with the opportunity to bring with minimal maintenance, cleansing requirements
“drink on the go culture” from en-route to work, into offering wider flavours of pods provides an
the home, especially during COVID-19 when opportunity for higher consumption of self-
increased time is spent at home including working. made refreshments, fulfiling demands.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 63


WORKPLACES IN NEW SPACES

Outlook for Workplaces in New Spaces

▪ Office buildings will be redesigned to create connection and collaboration. Finding the right
balance between professional and personal priorities will be critical as business efficiencies
Rethinking and mental wellbeing rely on these.
office model

▪ Purchase decisions will shift towards casualisation in terms of workwear and beauty routines,
but affordable premiumisation will drive food and beverage choices to create premium drinks
Both casual and restaurant-quality meals at home.
and
premium

▪ Businesses that thrive on office footfall will need to adjust their models away from densely-
Moving out populated cities and focus on suburban locations as well as e-commerce and delivery.
of town

▪ Issues around privacy may arise as companies look to monitor employees while working
remotely. Businesses should give consumers a sense of belonging and connection through
Mindful use interactive digital engagements. Advanced technologies can help both companies and
of tech consumers maintain the same level of productivity remotely as in an office setting.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 64


INTRODUCTION
TOP 10 GLOBAL CONSUMER TRENDS
▪ Build Back Better
▪ Craving Convenience
▪ Outdoor Oasis
▪ Phygital Reality
▪ Playing with Time
▪ Restless and Rebellious
▪ Safety Obsessed
▪ Shaken and Stirred
▪ Thoughtful Thrifters
▪ Workplaces in New Spaces
CONCLUSIONS
CONCLUSIONS

Responding to the anxious and creative consumers of 2021

Businesses should offer value-added


Technologies and virtual experiences are
products and services to accommodate
driving customer interactions and
consumers, providing multifunctional and
facilitating human connections online and
affordable solutions. Brick-and-mortar
in person. Cashless payments and click-
stores and restaurants must reimagine
and-collect services allow businesses to
their physical spaces to both
generate revenue while providing the
accommodate online order fulfilment and
safety and convenience consumers
incorporate open-air components to bring
desire.
customers back safely.

Companies need to readjust strategies


around remote engagements and less Flexibility, agility, transparency and
mobile consumers. Purpose-driven technology will pave the way forward.
initiatives will resonate with consumers in With mounting uncertainties reshaping
2021. Amidst social unrest, consumers the world, businesses should prioritise
want the facts and expect brands to act. and reinforce consumer, environmental
Communicating with compassion and and safety needs to foster a brighter
supporting mental wellbeing are critical future.
attributes to drive brand loyalty.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 66


CONCLUSIONS

Euromonitor International’s Top 10 Global Consumer Trends 2021

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 67


APPENDIX

Methodology

Euromonitor International’s annual top 10 global consumer


trends are identified through a team effort…

Then we take This year, we


We make the
those collective worked digitally Special thanks
most of our We prompt our insights into across our 15 to our global
broad and analysts and poll dynamic ideation global offices, analysts who
international our expert teams workshops and drawing voices participated in
coverage in 100 for insights. drill down from research the ideation
countries across
We build a collectively to and sales. workshops to
the world, from
database of pinpoint emerging Senior leaders refine and
industry market
emerging trends short-term trends, facilitated the identify our 2021
analysis to
and mine our develop the breakouts and trends and to the
quantitative
trade interviews. narrative and led discussions trend writers.
global consumer
identify case to rank the
surveys.
studies. trends.

© Euromonitor International TOP 10 GLOBAL CONSUMER TRENDS 2021 PASSPORT 68


FOR FURTHER INSIGHT PLEASE CONTACT
Gina Westbrook
Director of Consumer Trends
[email protected]
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