Euromonitor International’s Top 10 Consumer Trends for 2020 report forecasts ten trends that they expect to have a significant impact on the coming year. Below we pull out our Top 5 picks from their report and provide examples of products or services that further support their hypotheses.
Inclusion For All – Disabilities in the spotlight Euromonitor International observed that brands are catering to individuals with physical or mental disabilities, unlocking the potential for an ‘Inclusive for All’ business model.
As of 2018, Tom Hilfiger offers a line of adaptive clothing for shoppers with special needs. The line offers innovation modifications to their clothing with hidden Velcro and magnetic closures, such as pants and shirts made to be worn when seated in a wheelchair, and jeans with a magnetic fly and hem opening to accommodate leg braces and orthotics.
Cineplex now has a program in select locations that offers a sensory friendly experience so that people with autism and neurodevelopmental disorders can enjoy new release movies in the theatre. A lower-sensory environment is created by having the lights turned up and the sound turned down
Minding Myself – Mental wellbeing converging with physical The trend report states that consumers are seeking outcome-based goods to address specific mental wellbeing needs and prevent the physiological effects of stress, worry and sleeplessness.
CBD-infused products are gaining in popularity as people seek out more natural solutions to help with anxiety and insomnia.
A wide variety of edible sweets, lotions, oils, and sprays are available. Innovative products such as Vireo Cannabis Infused Olive Oil are also popping up as a tasty way for people to ingest their CBD and reap the calming benefits.
Weighted blankets are another example of a new, innovative offering geared at help people find greater relaxation and calm. Bed Bath & Beyond sell weighted blankets ranging in price from $50-$350 CDN with the promise that the comforting pressure, akin to a big hug, will elicit a sense of calmness and relaxation resulting in a more comfortable sleep.
Multifunctional Homes – A Broadband-connected safe space Thanks to the high-speed internet and innovative goods and services, consumers are able to exercise, shop, work and play, all from the comfort of their homes. Instacart is a delivery app that pairs customers with personal shoppers in Canada and the U.S.A. It offers grocery and alcohol delivery service in as little as one hour. The website lets you order from thousands of products from a wide select of retail partners. The order is shopped and delivered by an Instacart personal shopper.
Warby Parker offers customers in the U.S.A an online service that allows them to pick 5 frames to try out for five days for free. They also offer a helpful online quiz to help you pick out suitable frames without having to visit a retail location. If you like 1-2 of the selections sent to you, you can buy them at any time online and Warby Parker will send you a fresh new pair.
Reuse Revolutionaries – Reuse is the new recycle
Euromonitor International notes that new business models that avoid waste generation are appealing to more ethical consumers who are embracing sustainability through longer-lasting products. This is particularly true for younger consumers.
Adidas, in collaboration with the Parley for the Ocean organization, has created a line of Adidas Ultra Boost Parley shoes that phase recycled water bottles into their footwear. Each shoe repurposes approximately 11 plastic bottles intercepted before they could enter the ocean.
Lush offers customers a free face mask when they return five of the black pot product containers. The pots are then grounded down and remolded into new Lush packaging.
Beyond Human – AI technology is becoming mainstream
The report highlights that people are beginning to accept that certain tasks can be performed by robots or other AI, rather than solely by themselves. Virtual assistants, smart devices, chatbots, unmanned factories and AI-driven applications are penetrating business operations, supply chain logistics and consumers’ lives.
Tesla continues to build its predictive capabilities and self-driving features as hype builds and consumers grow more comfortable with the idea of autonomous driving.
The Google Nest thermostat uses behavioral algorithms to predictively learn from customers’ needs in their home or office. The device includes sensors that detect information about the physical environment and what’s happening in it to be able to anticipate and adjust the temperature, lighting and humidity.
Source: Euromonitor International Top 10 Consumer Trends for 2020