Consumer Trend Analysis 2020: A New Decade, A New Consumer

The 2010s have been a whirlwind of iconic milestones, some that are leading-edge, and some that are just leading us to the edge. From the frustrating to the groundbreaking, to the humorously absurd, and every one of them has been intensified by the digital inauguration. As the decade comes to an end, businesses will need to look at how these historical events have shaped the mind of society’s consumer. This insight will discuss the advancing evolution of consumer behavioural patterns and what brands should be preparing for as the new decade unfolds.

As the 2020’s draw nearer, society will continue to be confronted with a variety of global modifications. From the growing concern of the planet’s resources; to the rejuvenation of the working world. Our current daily lifestyle of civilisation will become short lived by the end of the decade. Aided by the advancement of technological, environmental, and cultural change; the optimistic youth of tomorrow are barrelling towards a cultural revolution, and they are not afraid to drag society with them.

So as traditional institutes move towards extinction, and new-fangled communities emerge, consumers will be seeking a new sense of belonging and purpose in this radical terrain of civilisation’s next chapter. They will be looking towards brands who can successfully navigate the consumer landscape of 2020 and offer them guidance and kinship. This insight will also explore the surface of value shifts, future mindsets and the growth of the digital world. Understanding these factors will allow you to employ a variety of tactics to connect and engage with the consumer of tomorrow.

Value Deviation

• Over the next decade, you will see a mass decline in kindred communities due to global integration, yet a rise in alienation in the West as nations retreat inwards. There will be a slight abandonment of smartphone narcissism and increased anxiety on the state of the environment.

• Consumer’s desire for real value and engagement increases, they seek brands that work with a diverse range of cutting-edge talent and implement every service and product with seamless agility and convergence.

• A variety of industry landscapes could see a radical funding adjustment for entrepreneurs and start-up companies due to a change in consumer behaviour. People want to invest in smaller brands that share similar ideologies and values. As brand advocacy increases, the consumer will invest in brands that will consider them more as a partner rather than a customer.

Tomorrow’s Mindset

Here are the four major up-and-coming mindsets that companies will need to prepare for by 2020:

1. A global increase in the focus on mental health and the rise of non-medical treatments.
2. Society is shifting from individualism culture to more collective ethnology.
3. A new society perspective on the definition of masculinity.
4. An enhancement in proudly defined national identity emerging into markets.

• Mindful consumerism will monopolise the next decade. Authenticity, excellent craftsmanship and cultural storytelling will increase in demand as we return to more local sourcing and manufacturing. Social responsibility and creating a positive global impact will become the primary industry actions, as business and individuals strive towards practising ‘Betterness’ in business and daily life.

• The belief that ‘The Good Life’ is reliant on consumption will be challenged; as a society, we will seek new ways to achieve a more fulfilled life. Brands will become more successful if they encourage their team to embrace a more mindful approach through work and daily life.

Digital Growth

• By 2020 over 30 billion devices will be connected, and the digital world will only grow as the decade evolves. As ‘Deep Learning‘ technology develops, we will see the likes of augmented reality and artificial intelligence, such as ‘Neural Networks‘, become more integrated into our lives; enabling opportunities in all areas of society: health, educations, politics, media etc.

• Cloud intelligence will become an essential component in the advancement of the health industry. As a society, we have already integrated health tracking into our digital lives, but this will only increase over the next few years. Current healthcare professionals are becoming involved with the development of more complex healthcare software, so throughout the 2020’s the likes of mobile diagnostic and intuitive biofeedback are set to explode.

• As big data merges with social content, we will see a mass increase in data collection. An advancement in strategic software will go beyond aiding the prediction of consumer behaviours and buying habits, and it will begin to focus on the value of the consumer’s data. Currently, the use of data management and social analytics to measure data value is only benefiting large organisations. However, the average consumer will begin to learn they have valued shares in the data too, and within the next decade, the demand for their share will rapidly increase.

Brands should continuously be adapting their marketing strategy to coincide with the cultural direction of society, especially if they want to be an influential voice in their industry.

With a new decade commencing in just two years, it is vital to gain an understanding of the key predicted trends that will affect every business globally over the next decade – do not underestimate the idea of it not affecting your own business.