Pearl’s Picks – Top 3 Consumer Trends for 2021

Euromonitor highlighted a number of interesting global consumer trends for 2021. Below we review our top 3 picks and provide examples of companies, products or services that are delivering well against these trends.

1. Build Better Back

Consumers are demanding that companies care beyond revenues and profit. Protecting the health and interest of the greater world has become an expectation in particular post COVID.  Consumers hope to rebuild the world with a focus on social inequity and the environment.  The top responses in this area are:

  • 72.8% agree that sustainability initiatives are considered critical to success
  • 60.8% agree that companies should balance social and environmental initiative
  • 49.7% agree that companies need to be purpose driven

Here are some examples of companies/products delivering against this trend area:

Patagonia, makes a wide range of apparel including men’s & women’s seasonal fashions. A lifestyle brand, they proudly state they “are in business to save our home planet.” For the last 35 years, they have pledged 1% of sales to the conservation of the natural environment. This practice led to Patagonia’s Founder, Yvon Chouinard, co-founding 1% for the Planet so other companies could make the same contribution to environmental protection. Patagonia has awarded over $89 million to national and international grassroots environmental groups.

More than just an insurance company, Allstate is a consumer-focused, data-driven company that’s constantly redefining what it means to be protected. The company places a strong emphasis on professional development and career planning. Its culture of embracing opportunities and exploration makes it easy for employees to try new things and find out where they want to take their career. Allstate has balanced its’ social initiatives along with implementing numerous efforts to reduce their environmental footprint as a company, from lowering their emissions by consolidating office space and optimizing the use of energy-efficient equipment and systems to finding creative ways to minimize waste.

Ecofriendly cleaning and personal care company Seventh Generation is a great example of a purposeful company. For the past 30 years, they have been a company with strong beliefs about the rights of people and planet. They believe that a company’s values are as important as the products it makes. With a focus on plant-based products that provide the efficacy consumers want and products designed from renewable plant-based ingredients vs ingredients made from petroleum. seventh generation uses recycled materials to design their packaging. The company proudly strongly states that it has “responsibility to this generation and the next seven.”

2. Playing with Time

Consumers have become much more flexible with their schedules. Covid has forced consumers to be more creative with their lives and their time to get everything done. Managing work, family, social and personal lives is both a challenge but presents opportunities as well. Consumers, especially parents, needed to set boundaries when most occasions moved into the home. At the same time, consumers have the capability to multitask more throughout the day, from attending an appointment to dropping children off at school to running errands, at a time that suits their schedule. Consumers are reprioritising home life to have greater flexibility.

The top responses in this area are:

  • 51% of consumers chose “time for myself” amongst their top three life priorities
  • 46% of consumers value online virtual experiences

Here are some examples of products/services delivering against this trend area:

Glo provides online Yoga classes from five to ninety minutes, and members can choose from super physical “body” classes or spiritual or meditative mind and heart classes. The big selling point, though, is that Glo flies in some of the country’s best yoga teachers, so you get access to incredible resources. Start with Austin-based instructor Gustavo Padron—members always leave his classes smiling. Glo members also have access to lectures and workshops by yoga scholars.

As its name implies, Atlas Coffee Club brings consumers coffee from around the world, including “micro-lot “coffees from Tanzania, Kenya, Colombia, Peru and more. Each month, you can choose to receive 6, 12 or 24 ounces of coffee for $9, $14 or $28, respectively, and there are three roast preferences to choose from, too—light to medium, medium to dark or all roasts. Consumers can select a biweekly or monthly delivery schedule, and you can also opt to have their beans ground or whole. The Atlas Coffee Club is an ideal option for adventurous coffee drinkers who want to try international varieties that you otherwise might not find.

3. Shaken and Stirred

The global pandemic has moved consumers to move and rise above adversity. Daily lives have been reconfigured, testing mental resilience and restricting experiences. Consumers have a new understanding of themselves and their place in the world and are in pursuit of a more fulfilled and balanced life. Arts and crafts, musical instruments, sports equipment and online classes are among the industries experiencing significant growth. Even snacks, particularly those that create nostalgia are seeing a resurgence particularly with millennials.

The top responses in this area are:

  • 73% of consumers rate depression and mental health as currently having a moderate or severe impact on their everyday life
  • 70% of professionals predict that an increased focus on lifestyle conditions will have a very influential impact after the pandemic subsides

Here are some examples of products/services delivering against this trend area:

Modern Health an online employee mental health platform states “we see things differently.” Their mission is to destigmatize mental health care, break down barriers to access, and give everyone the tools they need to build resilience, proactively engage in their mental health, and get the clinical support they need when they need it. Modern Health assesses each employee’s need and provides care options.  Employees are guided through a clinically-validated self assessment and additional questions to learn more about the employee. They construct a personalized plan to help employees achieve their goals and build healthy mental routines. Modern Health recommends a personalized plan which usually involves a combination of digital programs, group learning, and 1:1 coaching & therapy.

Calm is a software company (app) that produces meditation products, including guided meditations and sleep stories. The company states their mission is “to make the world happier and healthier.” Calm focuses on the areas of improving sleep quality, reducing stress and anxiety, improving focus and self improvement. Calm offers the products/services direct to consumers and to businesses. They are the #1 app for Sleep, Meditation and Relaxation, with over 100 million downloads and over 1.5M+ 5-star reviews.

Do you want to WIN at innovation contact us at susanweaver@pearl-strategy.ca.

 

Source: Euromonitor Report, Top 10 Global Consumer Trends of 2021

 

2021-09-16T09:23:02+00:00 Innovation, Strategy|