Consumer Trends Beyond 2011

In the first decade of the millennium, consumers were filled with a sense of optimism and trust in the economy and splurged out (and maxed out).

Without sparing a thought for the “what ifs” and rainy days, young and old consumers alike spent largely outside their means to enrich their lives with everything from clothing and jewellery to consumer electronics, cars, holidays and homes.

In the first decade of the millennium, consumers were filled with a sense of optimism and trust in the economy and splurged out (and maxed out).

Without sparing a thought for the “what ifs” and rainy days, young and old consumers alike spent largely outside their means to enrich their lives with everything from clothing and jewellery to consumer electronics, cars, holidays and homes.

Enter the 2008 economic crisis in the last quarter of the decade. Consumer attitudes, habits and trends were forced to change overnight. As we move away from darker times in the economy, consumers learn a valuable lesson from the past, yet still want to enjoy life and continue to consume products and services.

So how will consumer spending trends change in 2011 and beyond?

1.       Altruism

Consumers no longer want, or need their favourite brands and companies to spend millions of dollars marketing their products and services – and pouring good money into advertising. They want a company that feels real and contributes to society.

In a bid to win consumers over, companies are giving gifts and prizes away to their consumers, donating to charity and heading up charitable causes worldwide.

2.       Urbanomics

Cities are already bursting at the seam, but the masses keep on coming.

The number of urban consumers willing and interested in new products and services is expanding everyday. The good news for companies is that it will become increasing easier to target large masses of consumers according to their locality.

3.       Online shopping frenzies!

It’s no secret, anything available on the street for an un-negotiable price, the same or similar product or service is available to consumers online, and at a discount.

To encourage consumers to buy, and buy now – websites launch last-minute sales and specials.

4.       Made in for China

Emerging economies such as China, India and Brazil represent a massive chunk of global consumer spending power.

More and more companies are tailoring their products and advertising campaigns to suit these vast markets.

5.       Online culture

We’re as proud of our Facebook and Twitter pages as we once would have been smug to show off a shiny sports car. Watch out for more sites and applications that allow consumers to wear their nerd-badges proudly, and prominently.

6.       Health before wealth

Consumers are looking for new ways to be entertained while doing (good for you, though boring) exercise.

Technology and physical activity now go more hand in hand than ever. Whether its portable music devices, electronic massage machines and even computer games that make us exercise – we won’t sweat alone anymore.

 

7.       Word of mouth

You used to have to be Paris Hilton to be considered a socialite. These days, anyone with 300 or more active friends on their social network can be considered a valuable social-lite.

Brands beware: tread carefully, treat consumers with care or prepared to be tweeted out.

 

8.       Generation G(enerosity)

The new millennium is all about giving. Consumers stand by products and services that give, donate and sympathise. No one wants to side with a greedy taker.

Consumers are using their dollar to vote – and if they won’t obtain their products from organization A, trust there is an organization B.

9.       Flash mobs

Consumers want to know what’s happening around them and right now. And if it so takes their fancy, they’re going to act on invitations and announcements on social media channels and simply, show up.

10.   Green washing

Whether companies like it or not, consumers have pushed, and won the big guy’s resistance against (costly) going green. Consumers want everything from cars, cosmetics, buildings they work and live in to everyday materials to be environmentally friendly.

In addition to that, they want companies to treat employees with respect and recognize their social responsibility for working and living standards of the small people in small places who produce and manufacture their products.

Read the full story at TrendWatching

 Liz Zuliani

EconomyWatch.com