Euromonitor International Report: 'Top 10 Global Consumer Trends 2020'
By: Eddy Goldberg
Published: January 23rd, 2020
A new, 80-page report from London-based global market research company Euromonitor International identifies the “Top 10 Global Consumer Trends 2020.”
“Two main themes are evident in 2020’s top global consumer trends – convenience and personal control. Consumers must strike a balance between the two, and that’s not always easy,” write the authors, Gina Westbrook, director of consumer trends, and Alison Angus, head of lifestyles research at Euromonitor International.
The 10 consumer trends here were compiled from research and input from Euromonitor’s 15 global offices:
Each of the 10 trends is hashed out in detail, complete with graphs, statistics, examples, analysis, and thoughts from Euromonitor’s industry and country experts. Beyond the numbers, here are four high-level conclusions from the report:
- Convenience and personal control will be the big themes in 2020. Sometimes these are complementary desires, but they may also conflict with each other.
- Consumers are being given the chance to engage on an equal level and have their cultural identity respected. They want to have an impact on the changing physical environment and are beginning to value their own mental well-being.
- To achieve greater convenience, consumers may be required to relinquish personal control. They are looking for the advantages that technology can bring to everyday life, even though these might not be fully realized yet. Consumers want shorter, personalized content, which means they must trade their data privacy. The amount of data and privacy consumers will exchange for these desirable benefits will vary by culture, territory, and individual.
- Brands must find the right balance between building trust, providing security, and delivering products and services that add value to outweigh consumer concerns in the year ahead.
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