5 Consumer Trends That Will Shape the Next Decade
We’ve got the low down on the five consumer trends that are expected to define brands in the next ten years according to expert sources, Stylus and Marketing Dive.
Me, But Better
People nowadays are craving more control over their lives. Because of this, brands are expected to give opportunities for self-optimization. Brands are not merely solutions providers, they are expected to become strong pillars of support in a consumer’s undying pursuit of betterness. People don’t want products and services alone, they seek deeper brand experiences to help them get to where they want to be.
For example, many brands have included mental health efforts in their campaigns in the past few years. Free virtual yoga classes, meditation videos and low-cost counseling has been offered in an effort to help people ease stress and anxiety. While these were very much appreciated, these offers won’t be enough to keep them engaged.
Brands are urged to start thinking outside the box. To take a unique and holistic approach to weave wellness with brand experiences. But more importantly, brands should ditch traditional and make every effort more far-reaching.
According to the experts here are ways certain brands can use this trend to your advantage:
- Beauty brands - Focus on uplifting consumers with integrative health. Make sure that they look and FEEL better about themselves.
- Family-centric brands - Be proactive in supporting children’s mental and social well-being through imagination-stirring and socialized play.
- All relevant brands - Strengthen your safe spaces. Consumers should turn to your product, service or content to seek respite from the toxicity of daily life.
There is evidence that this trend is becoming more apparent as the following product lines are gaining traction: plant-infused wellness products, recreational weed, responsive clothing & spaces, and neuromodulation devices.
Next-Gen Loyalty Dynamics
It’s time to redesign loyalty. In order to keep people locked in, brands should reward people beyond sales. Customers expect rewards for daily habits or when they advocate for your brand.
With that said, brands, especially those with mobile apps of their own can level up rewards through custom milestones. Custom milestones is an app feature where customers are rewarded by meeting a series of activities or conditions. We’re talking about conditional spending, following a social media page or leaving a product review. Once conditions are met, brands will reward the customer with a customized offer. This approach is effective in attracting sales, expanding the reach and strengthening loyalty & engagement.
The forecast shows that aside from these goal-oriented incentives, value-packed paid memberships and brand collaborations are expected to run the show in the years to come.
Gaming For All
Gaming is no longer for gamers. Consumer trends show that gaming is now for all. With gamification seeping into the world of ecommerce, brands should take a step back and see how they can maximize innovative mediums like the Metaverse. 83% of consumers show interest in making a purchase in the meta. This shows that people can no longer be kept within the confines of real life with analogue experiences.
Experts advice that:
- Brands should prepare for the next phase of metaverse adoption by creating digital assets that travel through virtual worlds and even explore tying luxury brands into gaming.
- Marketing to the gaming market is not one size fits all. This market should be seen as a diverse group with varied niche interests.
- Brands should reduce distractions and effectively embed brand campaigns into the gameplay for a seamless experience.
Ever-changing Consumer Cohorts
Brands should recognize that consumer cohorts now vary by a mile. It’s no longer the concept of young and old. In this day and age, it pays to market by segment. What would work for Gen Alpha wouldn’t work for Gen Zs, same with Millennials who are entering their mid-age against the preferences of the Xs. Each cohort has varying cultures and exposure which strongly translates to varying buying behaviors.
The consumer trends forecast shows that practicing consumer co-production can keep modern consumers engaged with the brand, rather than bombarding them with ads. People like to be involved in product development and brand growth. This gives them a deeper sense of purpose and a stronger affinity with brands their values align with.
Likewise, the current market appreciates brands that dispel the stigma surrounding prevalent social issues. With that said, brands should offer lifelines of support through ads, service concepts and buying experiences.
Omnichannel Is The Gold Standard
Whether in retail, marketing and beyond, an omnichannel approach is expected. Brands should continue pushing boundaries in reducing friction between virtual and real life. Aside from frictionless interfaces, brands must present more immersive experiences. For example, through multisensory and tactile tech-like gloves that enable users to feel their way around the metaverse.
Brands should think and act like a futurist if they wish to succeed in this economy. In order to do so, here are six habits anyone can cultivate a futurist marketing culture:
- Be always on the lookout - seek new perspective even if it doesn’t make sense as of now.
- Watch out for early signals - pay attention to the weird, the awkward and to all the changes surrounding your niche.
- Look within - reflect on your own views and assess them.
- Look for exclusions - Ask yourself “who are we missing out on?”
- Go global - always think outside your local market. Opportunity is always there, you just have to seek it.
- Get uncomfortable - comfort is a very dangerous place to be. Welcome problems and challenges and be amazed by what you can achieve.
We hope that this gave you useful insights for your upcoming strategic planning so you can start thriving and selling in this competitive landscape.