One of Mindshare’s recent studies, Let's talk Shop, identified the ten most important global consumer trends and how shopping is perceived and experienced around the world. The marketing agency describing its findings as the “10 Cultural Dynamics”, which are “patterns in social behavior and attitudes that capture the prevailing spirit of the times.”
Cutting to the chase, Mindshare states that “culture informs media and media drives culture” as they are intrinsically linked together. The best way to understand the different areas of our culture, they say, is to look at trends.
That’s why we list in the following the major ‘Global Consumer Trends’ the agency considers to be a powerful influence on culture besides explaining how Mindshare expects the trends to manifest themselves in today’s shopping world:
1. Me Nation gives rise to Custom Made: Everything centers on the consumers and it is no longer only about the sales approach, but the entire purchasing process - from beginning to end.
2. Maximizing Moments result in Buying Sensations: Today’s consumers are used to multitasking, which in turn impacts the purchasing process. Shoppers are looking for experience in the store, not only products.
3. Power Play brings forth Play to Gain: The shopping process becomes a game, both in the retail stores and eCommerce or social media. Geolocation and Realtime Gaming make shopping a challenge and bring at the same time fun.
4. Visualization leads to Shop at First Sight: Appearance and design are important quality factors. Now come seductive elements, such as art installations or augmented reality, which are added in the stores.
5. Seeking Authenticity results in Pure Shopping: For consumers, consumption is increasingly a question of trust and sustainability. The ethical behavior of companies is coming more to the fore and becomes essential for purchasing decisions.
6. Simplification leads to Smarket: According to many consumers, new channels and shopping devices have made the purchasing process too complex. New technologies should therefore be used to streamline and simplify purchasing processes.
7. Snacking involves Shop & Go: Today people prefer media consumption bit by bit, like having some small snacks instead of a big meal – that’s why media use is generally kept short but takes place frequently. This behavior is swapping to purchasing, which means shopping is done on the go, fast and hastily.
8. New Networking leads to Social Shopping: Communities are mobilized by individuals with common interests. In the future these groups will come together to jointly achieve better prices and deals.
9. National Celebration gives rise to Made in ...: Consumers are aware of their origin and want to support local initiatives. The purchase of local products will therefore become a global movement.
10. New World Order causes Disruptive Retail: In a globalized world, traders sell products from around the world. International brands will have to respond to this trend and must offer different regional variants of a product.
The complete study with the detailed explanations of global trends and their impact on trade can be read here.