Marketing intelligence agency Mintel has revealed the seven core drivers of consumer behaviour.
The analysis of these seven core drivers help predict how the global markets will be shaped over the next ten years.
Director of Mintel Trends, EMEA, Simon Moriarty explains the seven drivers and how they will impact markets, brands and consumers over the next decade:
“Wellbeing is no longer about simply wanting to look after oneself in broad terms… a holistic approach is becoming a key motivator of consumer behaviour, underpinned by convenience, transparency, and value,” Mr Moriarty said.
“While the mass-market and ‘one-size-fits-all’ approach will still have value, we will see further adoption of bespoke solutions.
“Clean air and water will become selling points… conscious movement and mindful exercise will become as important as physical fitness.”
“The increased global population and climate crisis are forcing people to reduce their consumption, waste, and energy use.
“Over the next ten years, social tensions will increase as competition for resources rises.
“There will be greater pressure on cities to continue to expand, encroaching into remaining wilderness and rural farming areas, exacerbating the cost of producing food.”
“Mobile technology continues to blur the lines between time, travel, and location for work, learning and leisure.
“Elements of virtual and augmented reality (VR/AR) will revolutionise industries like tourism and entertainment, while virtual esports will rival physical sports in popularity.”
“Over the coming decade, consumers will push back against cashless payments and fully unmanned stores, demanding more privacy and seeking more ‘human’ interaction.
“We’ll also see technologies developed to mitigate the effects of climate migration and displacement, amidst the broader challenges of economic inequality and an ageing society.”
“’Cancel culture’ is growing as consumers feel increasingly empowered to call out companies, brands, and people they disagree with.
“Youth activism will take the lead in drawing public awareness of causes and will push legislative leaders to develop and enact ideas to make real change.
“Looking ahead, blockchain technology will change data ownership, empowering consumers to put the control back in their hands by determining who has access to their information online.”
“Consumers are moving away from the rigid definitions of race, gender, and sexuality, and a movement is emerging toward more fluid, self-selected identities.
“While people are more connected today than ever before, feelings of loneliness and isolation are on the rise and will reach epidemic proportions by 2030.
“Expect to see companies, brands, social organisations, and governments create technology-based solutions to help combat this.
“In the future, people will increasingly be living with members of their ‘tribe’ – dictated by their mindsets and hobbies – rather than their family.”
“The current era is one of excessive and unsustainable consumption. Social media’s ‘swipe up’ culture has perpetuated the chase for buying more and buying better.
“While consumers are in search of a more mindful approach to their spending, they also desire something that is authentic and unique to them.
“Rapid urbanisation will shrink available space in the home, office, and shared environments, demanding consumers buy less ‘stuff’.”
“While the demand for stimulation is not new, the role it plays in consumer decision-making is evolving.
“… consumers are experiencing powerful emotional connections to brands that are creating a point of differentiation.
“Looking ahead, collective experiences will gain more and more popularity. This will include the experience of doing nothing as people make more mindful decisions about what to do with their time.”