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Consumer Trends 2020

by harsh raj about a year ago in economy

Markets have shifted from being product-centric to customer-centric today. Following is a list of Consumer Trends that will drive innovation in 2020.

Markets have shifted from being product-centric to customer-centric today. Businesses, irrespective of the industry, have been adopting frontier technologies like Data analytics, AI, ML, etc, to harness big data, expedite market research, extract insights on changing consumer behaviour and needs, seize potential business opportunities, avoid costly errors, etc.

Following is a list of Consumer Trends that will drive innovation in 2020.

#1. Personalized Healthcare

Consumer expectations have increased across almost all industries. Healthcare is no exception. The new age of personalization has made the healthcare industry look for a standardized way to provide personalized care for every one of their patients/ consumers, on both clinical and non-clinical side. Furthermore, the rise of direct-to-consumer health brands and the increase in the temporary population has pushed telehealth into the limelight.

#2. Frictionless shopping experiences

Millennials and Gen-Z’s account for more than half of the global population today. Consumers from these generations want to be treated uniquely and expect brands to offer them products/services that fit their personal preferences. Most of all, they look forward to quick payments and delivery. All that matters to Millennials and GenZs when it comes to shopping experience is convenience and experience. Hence, it is extremely important for businesses to explore new models that will enable them to provide hyper-personalized and frictionless shopping experiences.

#3. Consumer Privacy

Consumer concerns regarding their privacy is growing as fast as big data. Privacy breaches in the past years have made consumers more conscious about the usage of their data. Nearly 95% of Americans are concerned about businesses using their personal data without their permission (SecureSwissData). The rise in privacy concerns among consumers has put businesses in a tough spot, as consumer data is key to innovation and success in today’s customer-centric world. However, companies and governments are collaborating to deal with the situation positively. The emergence of regulations like the California Consumer Privacy Act is a result of consumer privacy concerns. In fact, organizations have begun to consider data regulations necessary to gain consumer trust and improve reputation in the digital age.

#4. Mindfulness culture

Poor mental health and related illness is one of the worldwide epidemics in the 21st century. In fact, the cost to the global economy due to all mental health problems is forecasted to touch $16 trillion by 2030 (Weforum). Anxiety and Depression are becoming as common as cold or fever now. As a result, consumers have made mental wellness and self-care one of their top priorities. Wellness and Meditation apps have witnessed an increase in usage in recent years. For example, Calm, a relaxation app, hit a $1B valuation in 2019 (Forbes). Growth is likely to continue in the mindfulness/wellness category owing to consumers’ increased attention towards their mental health.

#5. Next Generation meat: Lab-grown meat for meat-lovers

Constant increase in health issues due to food habits and lifestyle has increased the levels of conscious consumption among people. Not just vegans, 30-50% of people are eager to cut back on animal proteins (Forbes). Growth of companies that leverage cellular technology to create alternatives for existing animal protein, is on the rise, as traditional meat-lovers are looking for alternatives beyond plant-based options. An alternative that will satisfy them like real meat. The emergence of companies like Beyond Meat, Impossible Foods, etc, is proof for the rising trend of lab-grown meat.

#6. Accelerated adoption of AI and Robotics

The acceptance and trust with AI and robotics have increased to an extent where ‘Beyond Human’ has become the new normal for consumers. The desire for a simpler and sophisticated lifestyle has made consumers adopt smart home appliances and virtual assistants enthusiastically to perform household chores and organize schedules. Furthermore, the increased comfort offered by voice activation and control functions is likely to accelerate the adoption of AI and Robotics in 2020. As a matter of fact, the global AI-enabled kitchen appliances market is expected to reach $600 million by 2024 and grow at a CAGR of more than 49% between 2018 – 2024.

harsh raj
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