Renew Membership | Contact Us | Print Page | Sign In | Register
Marketing News
Blog Home All Blogs
Search all posts for:   

 

View all (259) posts »
 

Foresight Factory's Consumer Trends for 2018

Posted By Foresight Factory, Wednesday 24 January 2018
Updated: Tuesday 23 January 2018

Foresight factory Trending 2018

Global Consumer Trends 2018

Foresight Factory's summary of the new global consumer trends themes that promise to impact the consumer experience in the year ahead and thus demand our clients’ attention.

Ranked best 2018 Trends Report by Forbes Magazine!

Trending 2018 The Report

Nearly ten years on from the 2008 crash, we’re living in a world of #NeverNormal. Where despite the unprecedented abundance of information, the consumer remains harder to understand and predict than ever.

Yes, in reality, trends refuse to fit neatly into calendar years (trends analysis is, after all, a continuous, and not a once-a-year, process) but what promises to rise in 2018?

Read on to discover more about three of the nine themes set out in our global consumer trends report.

Meabh Quoirin, CEO & Owner at Foresight Factory will be speaking at DMX Dublin on 14th March 2018.

 

Zeitgeist: Welcome to the #NeverNormal

A decade ago, Foresight Factory recognised that the then rapidly-unfolding drama of the Global Financial Crisis would have a long-lasting impact on the B2C landscape.

In the New Normal (2009), we summarised the consumer response: cautious and careful, yes, but refusing to be victimised in volatile times, using new smart tools and approaches to budget finances, maximise purchases and favour “cheap treats” as priorities shifted.

We foresaw a coming decade of consumer empowerment, a New Normal in which the commercial landscape would need to creatively innovate (via price, via customer experience, via new business models) to retain consumer affection.

 

A new manifesto of B2C disruption

How to characterise the next decade of B2C experience? Certainly, many of the trends we monitor will retain a presence in consumers’ lives. And the core needs they carry – for recognition, for wellbeing, for cost-effective living – will remain just that, core.

#NeverNormal describes a world in which so many of the things once considered fixed, immutable, certain… face serious disruption from fresh forces stalking lives and markets.

Expect a decade of disruption – to trends, to business models, to established truths.

Upon one thing we can rely: the consumer’s ongoing refusal to be victimised by the end of certainty. An ongoing opportunity exists for commercial partners that promise to protect their interests in novel ways.

 

Forces driving #NeverNormal

 

 Engineered Empathy

Prediction: Cold brands = given the cold shoulder

Emotional intelligence – an ability to empathise and engage on a human level – will become a core and advocacy-building consumer expectation, as well as a valued everyday life skill demanded by workplaces and personal relationships alike.

Engineered Empathy will be boosted by new drivers in 2018: an intensifying battle to perfect scalable AI bots with EI sensibility; a growing ability and freedom to capture/share emotion; desire for human interaction in tech-saturated times; and calls for greater empathy in polarised times.

 

Expecting a warmer, human embrace in the digital space

DATA: 56% of global consumers are interested in using an online shop assistant that I could talk to for advice as I was browsing products online.

 

Next generation: sharing to show how they feel

DATA: 36% of US Gen Z social networkers “share posts on social media to show how I am feeling” (same is true of 18% of GB Gen Z).

 

Voice interfaces: requiring human sensibility?

DATA: 1 in 3 global consumers have used voice commands on their smartphone/

wearable/tablet (e.g. Siri, Alexa, Cortana).

 

New ways to signal our emotions = new triggers for real-time emotion-reflective messaging?

34% of global consumers use emojis every day as shortcuts for emotional expression. In September 2017, Apple announced that iPhone X owners can use “animojis”: customised, animated emojis that use the device’s FaceID functionality to track the user’s facial movements, enabling them to “share and express whatever you want to express”. In response, the possibility of emotion-based programmatic ads has been raised by the advertising sector.

 

Custom at all Costs

Conversational POS triggers price elasticity

Price sensitivity remains a key and determining feature of the consumer landscape, and recent years have seen much price elasticity innovation to appeal to consumers (even the relatively well-off) engaged in a daily battle against unnecessary largesse in the aisles.

In 2018 and beyond, anticipate further dismantling of RRP and a growing tendency to permit flexible, time-sensitive, lifestyle- and lifestage– personalised, progressive pricing models to differentiate and entice.

 

Supporting Trends

Price sensitivity remains a key and determining feature of the consumer landscape, and recent years have seen much price elasticity innovation to appeal to consumers (even the relatively well-off) engaged in a daily battle against unnecessary largesse in the aisles.

In 2018 and beyond, anticipate further dismantling of RRP and a growing tendency to permit flexible, time-sensitive, lifestyle- and lifestage– personalised, progressive pricing models to differentiate and entice.

 

Professionalised budgeting

An uncertain economic climate prompts a control-seeking approach to household finances. Appetite for non-conventional pricing, especially where the customer stands to gain, is buoyed in this context.

 

The Me me World

A one-size-fits-all approach to consumer engagement is rapidly being dismantled as loyalty programmes, messaging and interactions of all kinds are revitalised with one-to-one activity.

 

Recommended action: Personalise and contextualise price

Some brands will balk at the prospect of endangering a hard-won premium positioning with newfound pricing flexibility. But we suspect that more will warm to offers that complement fixed prices with innovation that: invites a pricing dialogue (on- or offline); that, using collected data, proactively respects the customer’s particular context or lifestyle circumstances; that allows the buyer to avoid headline prices in favour of a pay-as-you-use approach (as explored in Latchkey Loyalty).

 

Download Trending 2018 THE REPORT on ForesightFactory.co

 

Download the full Trending 2018 report to discover more about all nine critical consumer trends themes, plus data, analysis, predictions, examples of innovation and recommended action for companies, brands and their agency partners.

 

Meabh Quoirin, CEO & Owner at Foresight Factory will be speaking at DMX Dublin on 14th March 2018.

 

ABOUT FORESIGHT FACTORY

We’re the consumer trends and data expert. We help household name companies, brands and their agencies own the future through turning complex consumer data into actionable intelligence.

Our expertise is understanding what consumers worldwide want now and in the future and translating this into recommendations for brand management, product development, loyalty, customer service delivery and other key touch points on the consumer journey.

Foresight Factory publishes 300 pieces of content every month, made up of reports, innovations, data charts and commentary from our network of Trendspotters to our trends platform FFonline. Subscribers get a dedicated client analyst team, as well as access to Foresight Factory’s proprietary data. Ready to talk to us about how Foresight Factory could help your business?

This post has not been tagged.

Share |
Permalink | Comments (0)
 

©2018 The Marketing Institute of Ireland CLG. All rights reserved.