Business: Luxury Good and Global Consumer Trends Essay

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Top 10 Global
Consumer Trends
For 2014
Daphne Kasriel-Alexander

Not to be reproduced without permission

TOP 10 GLOBAL
CONSUMER TRENDS
FOR 2014

Daphne Kasriel-Alexander
Consumers Editor at Euromonitor International

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CONTENTS

1

INTEREST AND PURCHASE: A NARROWING GAP
The fit between impulse shopping and being online
Turning followers into buyers
In tune with culture, generation and the right time to buy
Appealing to ideals

4

EATING RIGHT
Interest in eating healthy becoming more mainstream
Anti-obesity drives getting creative
Getting kids to eat better
The consumer passion for “free-from” foods and optimal nutrition 7

ECO-WORRIERS AND SOCIAL CONSCIENCE
Keeping green and ethical issues in mind
Green food and finance
Socially-aware learning
Ethical fashion and the green carpet

10

THE IMPORTANCE OF HOME AND COMMUNITY
Longing for the warmth of home and local networks
Smart home and the internet of things
Multigenerational living and homeowners as hoteliers

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Con te n ts

13

FRUSTRATIONS WITH WORK/LIFE BALANCE
The perils of poor work/life balance
Convenience and simplified lifestyles to the rescue
MOOCs and meaning

16

LUXURY FOR MORE CONSUMERS
A bit of luxury for me please
Beyond bling
Luxury discounts

19

PEOPLE’S CHOICE
Huge consumer engagement with online reviews
A social chorus
Fashion and trends: the playthings of the blogosphere

22

POST-RECESSION COPING: A NEW NORMAL
The thrift lifestyle
There’s always credit
Wellbeing via shared ownership and beyond the new

25

THERE’S AN APP FOR THAT...
The app-based lifestyles of digital natives
Shopping to go
Are apps culture-specific?
What next?

28

VISUAL CRAVING
The selfie and the insurgency of imperfection
Teenage dream
Brands riding the visual wave

31

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In 2014, consumers epitomise contradictions. They show a desire to indulge in luxury and instant gratification, expressed by the need for an even smarter smartphone, a passion for apps, a faster route to purchase and a craving for the visual. However, in parallel are struggles for better work/life balance, the concerns of eco-worriers, an appreciation of frugality and imperfection and a longing for the authenticity of home and community. Other dominant consumer trends include the importance of eating right, the “people’s choice” ruling the online world and a set of adaptive post-recession consumer coping strategies that have become the new normal for many.

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INTEREST AND PURCHASE:
A NARROWING GAP

In 2014, consumers are buying faster as the gap between first being interested in a product or service and actually buying it contracts. Brands, of course, are keen to encourage this quest for instant gratification, with a host of enticing
Pinterest-style visuals and tools to make self-treating more tempting, and faster payment options to prevent caution getting in the way of impulse buying.

The fit between impulse shopping and being online
Brand initiatives aim to take consumer convenience and impulsiveness to new heights, allowing consumers to buy what they covet on the spot. In October
2013, MasterCard announced a partnership with publisher Condé Nast in an app called ShopThis, allowing digital consumers to instantly buy items they see in a magazine, ad, or soon, an item of clothing worn by an actor in a film.
Such developments seem a natural extension of a culture that has immediate access to information. “The whole world right now is about instant gratification,” says Matt McKenna, founder and president of Red Fish
Media, a Miami-based digital and mobile marketing agency. This push for immediate retail gratification is occurring as delivery wars…