The consumer market in India is driven by more than 440 million millennials and 390 million Gen Z shoppers. As per Goldman Sachs report states India’s consumer story will be one of the world’s most compelling in the next 20 years.
No doubt, consumers across the globe are now more demanding of products, services and brands than ever before and are using digital tools to articulate and fulfil their needs. As per Euromonitor report titled, ‘Top 10 Global Consumer Trends for 2017’ 2017 consumer is harder to characterise, not least because identity is multidimensional and in flux, with shoppers more likely to have a hand in defining themselves and their needs.
Here are top ten global trends that are ruling the world.
AGEING: A CHANGING NARRATIVE:
AGING COMES WITH BENEFITS
It’s time to change the story about ageing. It’s time to look at the bigger picture, too, and demand. In 2017, almost a quarter of everyone on the planet will be over the age of 50, a record number. These consumers are transforming what it means to be older in terms of lifestyle and are more demanding in their consumption needs, creating what is increasingly referred to as the “Longevity economy”. It is being suggested brands focus less on millennials and more on customers over the age of 50.
According to AARP, a US lobby group for seniors, the annual economic activity of the longevity market in the US is worth US$7.6 trillion. The visibility of older role models in fashion campaigns continues in 2017, as creative directors such as Gucci’s Alessandro Michele recognise that teen Instagram stars may not impact a wider demographic. He picked theatre doyenne, Vanessa Redgrave, 79, for Gucci’s current Cruise ad campaign. In an industry known for celebrating youth, some see this as a shift. Mainstream celebrities like actress Renee Zellweger have been outspoken about the demeaning “body shaming” of older people in the public eye. The first London 50+ Fashion Week in 2016 saw models Daphne Selfe (87) and Marie Helvin (63) lead the catwalk.
CONSUMERS IN TRAINING:
CHILDREN CHANGING THE GAME
Owing to parents wordwide are struggling in establishing a balance between work and personal life, family demands are launching youngsters into consumption at an earlier stage. The success of KidZania( as mentioned on their website) allows kids between the ages of four to twelve to do what comes naturally to them: role-playing by mimicking traditionally adult activities is significant.
A late summer 2016 Bloomberg Businessweek article, looking at US discount retailer Target’s involvement of kids in planning 2017 clothing aimed at them, is entitled “Target’s future will be decided by kids”. As per the survey, 82% of Latin American survey responses said that children aged 3–11 had considerable input or complete control of purchasing decisions.
NOW OBESE MEANS BEAUTIFUL
“Special sizes” for “real bodies”, both young and old, are emerging as a sales opportunity in the fashion world. In 2017, Euromonitor International forecasts that the obese population (BMI 30 kg / m2 or more) will represent 42.7% of the population aged 15+ in North America and 19% in Western Europe. The global plus-size market has an annual turnover of around US$18 billion, according to market-research firm Plunkett Research.
Going with the trends “Healthwear” is an emerging apparel niche that adapts the techniques and trends of fashion and applies them to the challenges created by illness and disability. Healthwear Apparel that applies fashion trends to challenges created by illness or disability.
IMMEDIACY IS NEW PHILOSOPHY
Now consumers want services yesterday and real-time virtual dialogue with their brands. For an example, Internet shopping giant Amazon is working on delivering packages to people’s homes in under 30 minutes through the use of drones. Amazon customers in France can already buy SEAT Mii city cars from the shopping site, delivered to their home within 72 hours.
Next-day delivery is being overtaken by ever-faster delivery possibilities for the shopper in a rush. For example, UK supermarket chain Sainsbury’s launched one-hour delivery of food and groceries by bike in parts of London in September 2016, the first UK supermarket to do so. It is doing this via its Chop Chop app, competing with Amazon’s Prime Now and Deliveroo. Several designer labels are adopting this “see-now, shop-now” trend, letting consumers buy or order new fashion items they see on Instagram almost immediately.
Moreover, Jean-Claude Biver, president of the watch division at LVMH Moët Hennessy Louis Vuitton, explained that the brand began production of TAG Heuer watches in 2016 that are set to unveil at the 2017 Baselworld show, for immediate delivery afterwards.
“Once people see it on Instagram, do people want to wait six months? No way!
GET REAL: THE ALLURE OF AUTHENTICITY
MATTER OF BEING REAL
Just like Twitter’s blue tick badge signifying that the accounts of high profile individuals are verified as real; authenticity has been identified as the key word helping sell items. For example, in a research eBay finds that ‘trust’ is the important factor in influencing sales, when looking at the most lucrative words used by sellers. On Facebook, the 3,500 members of “Le Greenwashing et les cosmétiques faussement naturels” expose cosmetics falsely labelled as “natural”. Photoshop-fail stories are shared among millions; these include an image of models Kendall Jenner and Gigi Hadid in miniskirts but without visible knees. Moreover, a number of brands are identifying consumers’ own photographs and incorporating them into their marketing material to make it seem more authentic and relatable.
Even if we look at food trends, particularly green-tinged ones, are a useful indicator of the focus on authenticity, with many revolving around what constitutes “natural”. They are part of consumer eagerness to make more considered purchasing decisions, buying from “responsible” brands that sell them quality products with real value.
Read the next five trends in the upcoming article…
To be continued……………………..