The world is rearranging itself and so is the way people shape their lives. Fundamental reforms in everyday life motivate consumers to make conscious, mindful and ambitious decisions. The drive seems stronger than ever before. People long for lasting experiences, redefine themselves and want to make effective decisions. The barrier to risks has declined and is being lived for now. These changes are reflected in consumer behavior. New trends challenge companies to react agilely to the spirit of the times.
We looked at Euromonitor's top 10 global consumer trends and discovered 6 exciting trends that are defining today's market. In a multi-series series, we will introduce you to what these developments mean for companies and how we are taking a pioneering role at Kitchen Stories and other brands. Perhaps one or the other will even discover themselves in it.
The events of recent years have triggered a change of perspective among consumers. People began to reflect and redefine their values. This not only led to drastic personal changes, but above all to a social restart of values, lifestyles and goals.
Companies are faced with the challenge of adapting to consumer needs and consumers prefer brands that are in line with the spirit of the times. Change and personal growth will remain the dominant trend. Marketing must be designed in such a way that it recognizes and supports the new lifestyle.
What does this mean for brands?
Empathy and sensitivity are required: The focus is on developing products and experiences that have a positive effect on the mental and physical health of end consumers. We want long-term and value-adding companions, not a short, ill-thought-out conversation.
Who are the pioneers?
The metaverse — a collective 3D space that combines virtuality and reality and is already regarded as the future of the Internet. Consumers who use online games and social media with video functions for streaming and social contacts are laying the foundation for the metaverse movement. Digital spaces are used to create a digital identity and to explore virtual worlds together with users with the help of avatars.
The opportunities for brands in the metaverse lie less in conveying messages and more in creating experiences. Companies have the opportunity to interact with consumers in completely new ways while promoting the brand's internal capabilities and creativity.
Brands need to have constructive conversations about the metaverse itself—what exactly does it mean? Where are the opportunities for the company and where are they not? As with all new technologies, brands can only find out where the true potential lies by looking at the big picture.
What does this mean for brands?
It is time for companies to adopt a test and learn mentality, be open to metaverse experiments, and develop a presence.
Who are the pioneers?
People are more aware than ever of their individual contribution to climate change, meaning that green activism and a low-carbon lifestyle are very popular. Brands are expected to be more agile and engaged. Transparency creates trust. Companies should increasingly ensure that climate-neutral products are clearly labelled to make the decision-making process easier for consumers.
Environmentally conscious consumers are taking sustainable measures. Their climate awareness and intent to act are closely linked.
Millennials and Generation Z in particular want to make a difference through their buying decisions. The more climate-conscious consumers' expectations match brands' products and services, the more feedback and interest is created.
What does this mean for brands?
Greenwashing is being exposed — transparency and initiative are required.
Who are the pioneers?
This famous quote from the Greek philosopher Heraclitus has lost none of its validity even after two and a half thousand years. Time seems to be the best teacher. When companies are able to consciously perceive changes and react to changes in an agile way, new, innovative opportunities can arise for brands and consumers.
At Kitchen Stories, we work with over 70 experts every day to provide our community with a unique cooking experience and encourage people to cook every day. In doing so, we have created a unique platform where people feel comfortable, collect information and share knowledge.
For companies, this means a particularly receptive, native environment. Would you like to place your brands, products and stories close to target groups? We would be happy to advise you on our suitable business solutions.
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Additional resources: Euromonitor
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