ANALYSIS 13
The leading consumer trends of 2020
n Gina Westbrook, Alison Angus - Euromonitor International, UK
Every year, Euromonitor International identifies emerging and fast-moving trends that we expect to gain traction in the year ahead. These trends provide insight into changing consumer values, exploring how consumer behavior is shifting and causing disruption for businesses globally. There are two major themes that become evident when looking in 2020’s top global consumer trends: convenience and personal control. Consumers must attempt to strike a balance between the two, and this is not always easy. Following is an overview of the areas that will directly impact the personal care industry, with market examples and outlooks for each:
Catch Me in Seconds Swipe, click and scroll are now the main reflexes to search for information among Catch Me in Seconds consumers. With improved technology, accessibility and usage, consumers can find immense amounts of information with fewer barriers. Consumers have the same capacity to process information as before but now contend with much more information to process, needing to identify the most relevant bits quickly. They are constantly seeking personalized, authentic and appealing channels. Catch Me in Seconds consumers want brands to make their information, product or service as accessible as possible in a short timeframe to compete with other demands. Brands and platforms are producing catchy and speedy content by launching offerings with visual cues and auditory comments — multisensory and quick for instant gratification. In 2020, this is the standard of service for consumers, and if not met, they will move to the next option. 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. Moreover, the populations of these emerging regions typically have a lower average age, which is relevant as the
March 2020
demographic with greater online engagement and a higher prevalence to browse daily is usually within 18–44 years.
Authentic channels
Online engagement continues to grow at a global level. According to Euromonitor International’s 2019 Lifestyles Survey, the top four marketing channels ranked as extremely influential and very influential are friends’ social media posts or shares, friends / family recommendations, independent consumer reviews and loyalty rewards programs. The first three registered a positive increase in percentage points from 2016 to 2019, whereas loyalty rewards programmes registered a decline in basis points over the same period.
For consumers in 2020, the marketing channels that appear authentic — friends, family and independent consumers — are the growing trusted sources. Conversely, marketing channels directly influenced by a brand and its service or product rank lower in influence. Increasingly, consumers are turning to trusted sources to help sift through the immense amounts of information available and make decisions quickly. Attention spans are not only becoming shorter, but the Catch Me in Seconds trend is also causing consumers to
be more selective when sifting through considerable amounts of information in a matter of moments.
As consumers seek to engage with brands, products and services in the most authentic way, online influencers are gaining traction as an emerging digital marketing channel. Consumers typically follow influencers with similar values, trusted reviews and content that evokes a positive response. This resulted in a shift from brand-led macro influencers to micro influencers, independent of brands. This channel particularly resonates with users aged 18 to 44 years, especially in regions with younger populations.
Outlook
The instant gratification that consumers feel and expect for quick and relevant content will further propel the cycle of innovation. Sustained growth in smartphone usage, the middle-class population and visual-centric younger generations, particularly in emerging markets, will strengthen Catch Me in Seconds. Today, the trend is visual and multisensory. Over the medium term, expected growth is in voice commerce and artificial intelligence. In a highly competitive market, brands need to offer the dynamic
PERSONAL CARE NORTH AMERICA
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