centreforfuturestudies strategic futures consultancy
Date: 28 October 2010
Consumer Trends for 2011 CFS digest of Mintel report:
While consumers are still reeling from the aftershock created by the global economic crisis, lessons have been learned, behaviours changed and consumer adaptability has created a new way of life. With that in mind, Mintel predicts nine key consumer trends for the year ahead, examining how long term behaviour has been impacted. In 2011, consumers are living for the long term with attitudes inspired by a changed value set.
According to Mintel, The effects of the global economic crisis have had long reaching implications and it is not just consumer behaviour in the short term which was affected. These consumer trends for 2011 are a legacy created by economics, but now gathering their own momentum and are set to influence the global consumer mindset for a long time to come.
1. Prepare for the Worst
With a heightened sense of what economic collapse looks like thanks to the global recession, a renewed emphasis on prevention will drive consumers to think defensively. In the UK, 43% of consumers say "trying to add to my rainy day savings/emergency fund" is a priority for this year, up 15% from last year. In the US, a third of consumers say they're using debit rather than credit, and debit transactions are forecasted to rise nearly 60% between 2000 and 2010. Consumers want to know what they're getting themselves into: no loopholes, no hidden costs and no pricey upgrades. So, 2011 may see the need for brands to demonstrate how a product or service delivers long term benefits or prevents problems down the road.
2. Retail Rebirth
With online experiences developing rapidly, for bricks and mortar retailers, discounting is a no-win battle against the internet. In the UK, 47% of consumers are only buying clothes on sale, offer or promotion and 35% say their choice of store is determined by special offers or discounts. In the US, 35% say their choice of store is determined by special offers or discounts. In 2011, brands may need to get more creative to lure consumers into stores, offering more than just retail and be a venue, not just a shop. Service may extend into advice and demonstrations, while exclusivity and environment may also be key aspects to engage consumers with real life, not virtual, shopping experiences.
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