Many of the new consumer habits formed during the coronavirus pandemic are here to stay, and thus important to take into consideration when formulating an internationalization strategy for any brand. According to the Euromonitor report, resilience, and adaptability are the driving forces behind the below top global consumer trends of this year.
BETTER BUSINESSES, BETTER WORLD
The pandemic provided us a second chance to create a better future. According to consumers, companies should no longer perceive businesses only as profit-driven entities. Companies should have a social commitment: they are expected to care beyond revenue and help consumers achieve more sustainable lifestyles.
Impulse occasions have been severely reduced due to the pandemic. For business owners, reducing the anxiety of a consumer whilst they undertake their planned outings is the new ‘convenience’. This is an important aspect to consider both your retail space and an omnichannel strategy: consumers are craving reduced queuing, social distancing, QR codes, tap-and-go options, and helpful, compassionate customer care.
Time spent straddling physical and digital worlds is what Euromonitor calls "phygital reality" - a hybrid where consumers seamlessly live, work, shop, and play both in-person and online.
Offering new ways for consumers to combine digital and physical capabilities - say, personal-shopping appointments via video conferencing - will be necessary for businesses to boost sales (and collect data on their customers)
PLAYING WITH TIME
Newfound flexibility provides consumers with more time, but finding the best use of this time can be difficult.
Staying home more has pushed consumers to be more creative with their time and more deliberate in organizing their daily schedules as they juggle their work, family, and personal lives.
Consumers now are expecting businesses to offer more flexibility, as well, and are likely to demand a 24-hour service.
RESTLESS AND REBELLIOUS
Many people are distrusting of leadership and government, and bias and misinformation are feeding a crisis of confidence. This pushes consumers to rebel by placing their own needs and wants first, which drives "revenge shopping,".
Affordable luxuries like alcoholic drinks, indulgent packaged food, and video games are also on the rise.
In 2020, 37% of consumers shared their data to receive personalised and targeted offers and deals. More precise marketing on social media and via gaming will be key for a company navigating 2021. Online virtual experiences will remain relevant, and businesses will be at a loss if they do not consider these avenues for growth and branding.
The fear of infection and increased health awareness drive demand for hygiene products and push consumers towards contactless solutions to avoid exposure. Safety and health will be at the forefront of consumer behavior.
Concerning e-commerce, it will be widely adopted where unnecessary human interactions are minimised.
Job insecurity and reduced household incomes will cause consumers to reassess their values and priorities as well as embrace new consumption habits. Consumers are budgeting more cautiously and purchasing value-added and affordable products and services.
Brands should find innovative ways to regain value and enhance the price-value equation. Convenience, increased online penetration, fast last-mile delivery or add-on services are ways companies can achieve this.
A focused, insights-driven, locally tailored promotional plan will enhance your return on investment.
If you would like to have some strategic advice on how to expand your brand successfully in Asia, email us at email@example.com for a complimentary consultation.
For further insight on 2021 trends, check out our article The Future of Retail in Asia: 3 takeaways for 2021