Page 18 - Retail World March 2021

INDUSTRY INSIGHT CONSUMER TRENDS TO WATCH IN 2021 AND BEYOND With consumers redefining their priorities, Mintel presents the key consumer trends it believes brands and marketers will need to plan for. GBy Mintel Trends Analyst South-East Asia Melanie Nambiar. lobal shutdowns. Recessionary conditions. Environmental and political shifts. Not to mention a global pandemic. 2020 was a year of multiple crises, with events shaking the world like no other in recent memory. People (and brands) have been forced to adapt to new realities and ways of doing things, forming many new habits that look set to last. These new habits will have profound implications on consumer spending and brand activity. For 2021, Mintel has identified seven macro consumer trends that are set to impact global consumer markets. All these trends are embedded within Mintel’s system of the seven trend drivers, which include wellbeing, surroundings, rights, experiences, value, identity and technology. We’ve centred our predictions around the now (the next 12 months), the next (18 months-plus) and the future (five years-plus). Health undefined The pandemic caused consumers to redefine what wellbeing encompasses. Beyond the masks and other forms of physical protection from the virus, a greater sense of holistic wellbeing has come into focus. People are seeking products, services and brands that can help them achieve these holistic wellbeing goals, whether those are optimising their mood or establishing healthy financial habits ahead of a looming recession. Across Asia Pacific, 76 per cent of surveyed consumers say they are actively seeking ways to reduce stress. Broader, emerging wellbeing motivations are putting the consumer in control of their own personal ‘why?’ versus relying on legacy motivators, such as working out for the sole purpose of losing weight. It will be worth it for brands to ask themselves how they can connect with and support consumers through the new, more personalised wellbeing journeys they intend to take. Central to this connection and support will be technology. With the home being the centre of wellbeing in the years to come, convenient, seamless solutions that enable consumers to measure and maintain healthy lifestyles will be highly sought after. Further into the future, technology will give consumers immediate access to wellness information and support via AI- based services. Mintel also predicts that the advance of health tech could make healthcare more accessible for underserved consumer groups across the region. Sustainable spaces Driven by the trend driver ‘surroundings’, consumer consciousness of sustainability will evolve beyond recycling and carbon emissions into a more holistic, longer-term view. Hyper-localism has come to the forefront as consumers’ concept of ‘local’ has shrunk, and they increasingly look to support their local communities and economies. Indeed, in the Asia-Pacific region, 66 per cent of surveyed consumers say that, as a result of the Covid-19 pandemic, they are willing to buy more from local businesses. From a focus on localism and supporting communities to nudging consumers towards incrementally better habits that combine to great effect, the range of tactics brands have at their disposal to create sustainable communities is widening and ever evolving. Beyond 2021, the climate crisis will be impossible to ignore, and consumers will look to brands to help them live in an increasingly unpredictable environment. Consumers will seek from brands climate-resilient tech solutions that allow them to be self-sufficient while cooperating with brands locally to reduce waste and build more equitable, ethical economies. In the longer-term, and as people live longer, their needs will change, as will their demand that brand offerings include more localised urban farming, respect sustainability, reduce waste and promote circular economies. Collective empowerment The past year highlighted many of the social inequalities within our respective countries and communities. Consumers have found more connection with their local communities and are demanding that brands be agents of positive change for the benefit of the underserved and disadvantaged. In Asia Pacific, three in five surveyed consumers say they are prepared to boycott companies that behave unethically. While consumers have become louder than ever, their voices aren’t always negative. Instead, they are looking to support the causes and brands they believe in and feel serve their communities. Consumers will continue to call on businesses and regulators to make truly systemic changes, responding to community needs with a sense of urgency. This is already 16 RETAIL WORLD MAR, 2021