Consumer lifestyles: How long-term megatrends are shaping the world

Given the big shift that the changing environment, be it in business, politics or technology, has brought about on how brands deliver the goods and pitch themselves to consumers, it is but natural that there has been a significant impact on consumer lifestyles too. Euromonitor International looked at emerging trends, while also monitoring how long-term megatrends are shaping the world.

Experience is important

• It is not just millennial consumers that are putting greater store by experiences that brands offer, the trend is common to all age groups, albeit in differing degrees
• For the young, sought-after experiences are often tied to international travel and a desire to immerse in local culture, ratherthan be cocooned with other tourists in large chain resorts and attractions
• However, regardless of age, at least half of consumers also want time to relax while traveling and seek destinations with a balance of cultural authenticity and opportunities to escape everyday stress

Splurge less, look for bargains 

• Shopping preferences vary widely across markets and consumer segments, with some focused on buying fewer, high quality products and others drawn to bargain hunting
• Over one-third of global consumers enjoy visiting shopping malls and browsing in stores, even when they do not need to buy anything, and one-quarter report that they often make impulse purchases

Always connected

• Many consumers struggle with the reality of being lost without internet access, yet still balancing ‘real world’ activities with time spent online 
• Global consumers who report being most stressed by the internet are also those who use it the most, turning to their phones for at least eight distinct activities each day

Health is a big concern

• Educated consumers most likely to research and monitor health issues
• Wearable technology, unlimited online resources and growing health awareness all make it easier for consumers to take control of their fitness, nutrition and broader wellness
• Weight management is still the most common health monitoring behaviour, regardless of the education level of consumers

 

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Source: Consumer lifetstyles in 2017, Euromonitor International