Consumers across the globe have become more opinionated and increasingly outspoken, while at the same time becoming less patient. They are digitally savvy, have high expectations of retailers and value experiences and personalization. From a high-level perspective, global consumer trends can be distilled into the four areas of age, immediacy, experience and technology.

Age

The median age across the world is now 30.1, up about three years from a decade prior, and 2017 ushered in the first year that approximately one quarter of the global population exceeds 50 years of age. The population is aging, and with age comes a revised consumer perspective.

Being termed the “longevity market,” the over-fifty population has significant spending power, with the American Association of Retired Persons (AARP) reporting the market worth about USD $76 trillion. Business and products geared toward making the lives of this demographic easier, longer and, in essence, “younger” will be successful in 2017 and beyond.

This group, on the whole, wants fashionable clothing designed with their lifestyles in mind, foods that promote health and cater to dietary needs, technology that is cutting edge yet simple to use and in-home products that make life easier. Think in terms of fashionable shirts with easy-open closures, packaged foods that are gluten or dairy free, apps that are intuitive and easily sync with other technology and robots that perform household tasks.

Immediacy

Purchasers want things immediately, whether ordering in store or online. The ease of ordering and returning on sites like Amazon have spoiled users for outmoded online experiences where returning is a hassle and shipping takes any longer than two days.

Digital natives, without an alternative form of reference, will continue to push product distributors to deliver quality products quickly and with ease. Brands and products that embrace location-aware technology and fully capitalize on the knowledge of user preferences and search patterns tap into this demand for immediacy.

Experience

Today’s buyers crave individuality through unique experiences with an authentic feel. These experiences can come in the way of travel, food and even retail products that offer a sense of experience or are viewed as integral to taking part in an experience. “Bespoke” is the buzzword of the day.

Technology

Technology laced clothing, equipment and in-home devices are standard fare, even among the “longevity” set. The current population with earning power are buying wearable fitness trackers, home safety cameras, wearable baby monitors, smart clothing and voice controlled entertainment systems. And for the next generation of earners, these items won’t be new or novel, but necessary and indispensable.

Cornfield & Partners can help you appraise global market trends and assist you in strategically capitalizing on them to produce revenue results.
For information, contact info@cornfieldpartners.com or call us on +44 (0) 20 7692 0873.

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