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January 18, 2022

Euromonitor: Consumer Priorities Are More Personal

Posted In: Retail Articles
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Global market research firm Euromonitor International has released its Top 10 Global Consumer Trends 2022 report, which suggests that the year ahead will require adjusting to consumers who have rapidly diversifying preferences and priorities.

Euromonitor designed the report to define the trends motivating consumer behavior and challenging business strategies, it stated, and identified those by type:

  • Backup Planners. Consumers find creative solutions to purchase their go-to products or search for the next best options as supply chain disruptions continue causing shortages.
  • Climate Changers. Eco-anxious consumers drive environmental activism for a net-zero carbon economy.
  • Digital Seniors. Older consumers become savvier tech users and look for virtual solutions tailored to their needs.
  • Financial Aficionados. Consumers empowered by democratized money management strengthen financial literacy and security.
  • The Great Life Refresh. Consumers focused on personal growth and wellbeing, making substantive life changes that reflect their values, passions and purpose.
  • The Metaverse Movement. Immersive, 3D digital ecosystems begin to transform social connections for adopters.
  • Pursuit of Pre-love. Secondhand shopping and peer-to-peer marketplaces flourish as consumers seek unique, affordable and sustainable products.
  • Rural Urbanites. Consumers relocating to safer, cleaner and greener neighborhoods.
  • Self-Love Seekers. Authenticity, acceptance and inclusion are at the forefront of lifestyle choices and spending habits for consumers embracing their truest selves.
  • The Socialization Paradox. Fluctuating comfort levels create a conflicted return to pre-pandemic life for consumers, especially the 76% who reported taking health and safety precautions when leaving home in 2021.

“Businesses need to transform alongside rapidly evolving consumer preferences,” said Alison Angus, head of lifestyles at Euromonitor in introducing the report. “Reverting to a pre-pandemic playbook will not likely generate the same results moving forward.”

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