NOT too long ago, millennials – and later on Gen Z—were every marketer’s focus, dream, and biggest challenge. How does one, after all, reach out to a segment that represented the largest population group apart from baby boomers? How do brands entice a generation—boosted by technology and changing attitudes and values – so different from the rest?
The pandemic changed all that, revealing their financial vulnerability. And suddenly, it was back to Mom and Dad, Ate and Kuya, and in extended families Tito and Tita to stabilize family finances and spending.
That the past two years have changed our lives is an understatement. It has given many of us pause, made us rethink our priorities, and in some cases, even caused lifestyle changes.
Change, after all, was the only constant over the past two years, says Retail in Asia in an article Top 10 Global Consumer Trends in 2022 to Watch. “Resilience and adaptability were tested in 2021, forcing consumers to relinquish control, and embrace ambiguity,” it says. “This year, consumers are taking back the reins and paving a path forward based on their passions and values.” And this cuts across all age groups.
Here, Retail in Asia reveals the emerging and fast-moving trends and personas that are expected to gain traction in 2022 based on Euromonitor International’s Top 10 Global Consumer Trends report.
We hope marketers in PR pros will find these useful in planning their post-pandemic campaigns.
Climate changers
The devastation brought about by recent disasters like Supertyphoon Yolanda and last year’s Typhoon Odette have made us very much aware of our vulnerability in the face of climate change. And the government and businesses have created sustainability programs to address what appears to be inevitable.
This eco-anxiety and environmental activism is shared globally. In 2021, 67 percent of consumers all over the world tried to have a positive impact on the environment through their everyday actions. They expect brands to step up and are taking action through the products they purchase.
In response, businesses are tapping into the growing market for carbon neutrality. Companies are adjusting their portfolios to meet consumer demand for products with a lower planetary and ecological footprint.
Backup planners
Supply chain shortages—not to mention soaring oil prices—are forcing businesses to pivot and provide new solutions for customers to access products and services. With this, we are looking into more localization and optimization.
Customers, on the other hand, are seeking creative solutions to purchase or search for the next best options. In 2021, 28 percent of consumers tried to purchase locally sourced products and services.
Digital seniors
Asia Pacific is home to the largest number of older people in the world today. The population in Asia Pacific aged 65+ is said to grow a massive 95 percent between 2021 and 2040 to reach 767 million by 2040, says Retail in Asia.
The survey reveals that digital seniors in Asia Pacific are more motivated to buy online due to product information, comparisons, and reviews at their fingertips. This was a key motivating factor for one fourth of respondents compared to 19 percent in North America.
In the Philippines, lockdowns and the convenience of deliveries during times when seniors were homebound has also drawn them to go digital.
With this, businesses have the opportunity to tailor their digital experience to target and meet the needs of this expanded online audience.
Financial Aficionados
The uncertainty and instability of the times, as well as lockdowns have caused what can be called “Thoughtful Thrifters” to spend less and save more.
Working from home and more time on their hands to research has also prompted the rise of what can be called financial aficionados—those with discretionary income with increasing financial literacy who are finding alternate income streams, including home-based businesses. It is said that more than half of global consumers believe they will be better off financially in the next five years.
With consumers becoming more money wise as they are able to access money management tools through banks, businesses are capitalizing on this newfound financial freedom and are responding with resources that give consumers more control and confidence. With this, it is recommended that retailers and brands collaborate with financial service corporations to facilitate alternate forms of payment.
Great life refresh
Many consumers have learned to focus on personal growth and well-being during the past few years. They are making drastic life changes that reflect their values, passions, and purpose.
With this, consumers now have a higher appreciation for work-life balance. They are changing careers or leaving the workforce entirely to discover or pursue their purpose. Companies catering to this trend stand to be seen as partners, helping consumers adapt to a new way of life.
The metaverse movement
Although lockdowns and strict social distancing requirements kept many of us physically apart during the past two years, consumers learned how to stay connected. Think zoom meetings and the surge of delivery services.
More than that, consumers are embracing immersive, 3D digital ecosystems to socialize with communities. Global sales on AR/VR headsets grew 56 percent from 2018 to 2021, reaching $2.6 billion last years. Brands and retailers are, on the other hand, leveraging social platforms such as Tiktok to outsource content and designs, promote products, and train associates on how to build followings.
Pursuit of the preloved
This goes beyond collecting antiques or retro fashion which the elite reveled in for many years. This time, secondhand shopping has gone mainstream as consumers seek unique, affordable, and sustainable items.
As customers move on from an owning to experiential mindset, it is said that one-fifth of customers will consider increasing purchases of secondhand items in the future. This trend has been in practice in the apparel industry for many years—think ukay-ukay —but is expanding into other fast-moving consumer goods.
Rural urbanites
Lockdowns and work-from-home arrangements—not to mention to lesser property costs—have made many set their sights on relocating to suburban and rural communities that offer more spacious housing and greener scenery.
While this was viewed as something temporary in the past, this year so-called rural urbanites are making this move permanent. Those that prefer to remain in the cities are nevertheless looking for green spaces near homes and faster, cleaner communities.
This mass relocation would result in new business opportunities and brands need to adjust their strategies to retain customers. It is said the businesses the strengthen e-commerce distribution, expand sustainable product lines and cater to rural urbanites will emerge as winners.
Self-Love Seekers
Consumers today invest in taking care of their bodies and minds, splurging in ways that match their lifestyles. These include eating healthy food, working out, and watching one’s mental health.
With this, products that evoke physical, emotional, and spiritual well-being will enhance of these self-love seekers, resulting in better customer loyalty.
The socialisation paradox
The Socialisation Paradox is a behavioral phase influencing consumer habits. Consumers want to socialize but demand a flexible approach—some are eager, while others are hesitant, to resume their normal activities. Businesses should be receptive and provide a seamless experience with innovative and adaptive solutions.
In today’s world, customers are moving like never before. Businesses must move with them or risk losing them. They need to evolve as quickly to meet consumers on their terms, and should consider partnerships with other players across sectors to share resources, expand reach and achieve objectives beyond their current operational capabilities.
PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman.
We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.a
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