Trends are everywhere. What’s in one day could be out the next. But that’s not the case with megatrends.
So, what are megatrends? In essence, long-term, fundamental shifts in consumer behaviour. They’re intrinsic changes to our values and preferences that substantially influence the business landscape. Megatrends often shape market direction and purchase habits.
You need to know which ones impact your brand and sector. In our white paper, we outline 10 megatrends to watch over the next two decades. Here’s a quick look at each.
Convenience
Quicker and easier. That’s what your customers expect from each touchpoint or transaction. Take entertainment, for example. Instead of heading to a video rental shop, you stream films or shows instantly right from home. And this evolution is happening across industries.
But this megatrend isn’t only about saving time. It’s also about access. Consumers want to get what they need, when they need it. Inventory and information need to be readily available at their disposal.
Digital Living
Technology has transformed our world. Most of us can’t picture our lives without internet access or connected devices. In fact, you’re using both right now to read this article.
Digital advancements will continue at pace—especially around the metaverse and smart homes. Your physical and online experiences need to operate in tandem.
Diversity and Inclusion
Everyone deserves to be empowered. We celebrate and embrace our differences. Social responsibility continues to be a core value.
Consumers expect brands to take action and break barriers. You need to advocate for equality and inclusivity. Holding on to stereotypes will only hold you back.
Experience More
This megatrend is exactly how it sounds. Consumers are putting more value on doing than owning. Some even prefer to spend money on experiences rather than goods. But the user journey needs to be enhanced.
Think about your customer interactions from end to end and how to improve those touchpoints. If you’re a CPG brand, for example, consider your product packaging or features and how those could foster engagement. You should actively search for opportunities to connect with shoppers on a deeper level.
Personalisation
Consumers want products or services tailored to their needs and interests.
Data is a big part of this shift. We have more insight into our habits and health thanks to digital tools. But companies also have more personal information at their disposal.
Brands are tasked with putting the “custom” in “customer.” Bespoke solutions and one-to-one marketing should be a priority if you want to capitalise on this megatrend.
Premiumisation
At first glance, you might think this megatrend is about luxury or high-end items. But that’s not always true (anymore).
Individual priorities shape our perceptions here. Someone who is focused on their health could spend more on high-quality ingredients. But if saving time is important, premium could translate into paying more for convenience.
Regardless, these products must help consumers achieve their lifestyles and align with their personal choices.
Pursuit of Value
Shoppers are savvier, especially during times of economic uncertainty. Price is important but not the only consideration. Cost must also align with other purchase motivators like quality or durability.
Value for money takes precedence here, and that impacts brand loyalty. A clear understanding of what value means to your customers will help you balance those factors.
Shopper Reinvented
From devices to platforms to channels, how we buy goods and services is changing radically. Placing an order requires only a few clicks on our smartphones. And brand discovery can happen anytime, anywhere.
The buying process doesn’t end at the transaction. It’s now about forming relationships before, during and after purchases. You need to be where your customer is, which could mean expanding distribution or exploring new business models.
Sustainable Living
We want to preserve our planet and protect our communities. Everyone—consumers, companies and governments—must take proactive steps to sustain our society.
Environmental and social issues will continue to influence purchase decisions for generations to come. And closing the gap between affordability and sustainability can make these products widely accessible.
Wellness
When you think about wellness, physical and mental health probably come to mind. But this encompasses environmental, financial, spiritual and emotional dimensions, too.
These pillars don’t exist in isolation, either. Consumers want to achieve optimal health and stability across all areas of their lives. Wellness should be viewed as an integrated ecosystem.
More on megatrends
You got a brief overview of the most influential megatrends in this article, but what should you do now? How can you start to use these insights to make informed decisions around investments or innovations?
Download our white paper to find recommendations on where to focus for each. Plus, you’ll learn how to use megatrend analysis in your strategic planning.