Report, Marketing and Advertising News, AND BrandEquity

The feelings of precariousness and financial insecurity both created and exaggerated by the pandemic mean that consumers seek a sense of control. At the same time, the continued spread of disinformation makes it more difficult for consumers to conduct the research necessary to make informed decisions.

Mintel announced three trends expected to impact global consumer markets in 2022, including analytics, insights and recommendations focused on consumer behavior, market shifts, innovative brands, and business opportunities and brands to act over the next 12 months

In control

In uncertain times, consumers seek a sense of control over their lives. Brands can provide the information and options consumers need to feel like they’re in control, according to the report.

Therefore, consumers need clarity, transparency, flexibility and options to make decisions tailored to their changing needs and circumstances. They want to know the ingredients, both what is excluded and what is included, and why. But also on the effectiveness to be sure that the products keep their promises.

Forty-eight percent of Spanish consumers say their finances are one of their top concerns. 44% of Indian consumers say they would expect a brand offering “healthy” food or drink products to be completely transparent about the ingredients used on the label. 43% of Brazilian consumers say they often search the internet first when they have questions about household care.

Matthew Crabbe, Director, APAC, Mintel Trends, said: “Brands will need to redouble their efforts to provide reliable information and balance censorship and authenticity. The race for the fastest delivery will evolve to focus on greater flexibility, giving consumers more control over when products arrive to fit their schedules or to meet their other specific needs. The desire of consumers to know the potential outcomes will be manifested in the development of predictive technologies that can anticipate adverse events. From illnesses to probable death dates to relationship outcomes using compatibility profiles, technology will evolve to give consumers the power to plan with peace of mind.

Fun everywhere

After enduring the lockdown, consumers are eager to step outside their limits and explore, play, and embrace new experiences, both virtually and in the “real” physical world.

Consumers seek sources of joy as the continuing pandemic and other local and global crises – from political turmoil to environmental threats – have caused them anxiety and stress. After the pandemic, many may feel a sort of “survivor guilt”; therefore, consumers must allow themselves to feel the much-needed joy and happiness.

Forty-six percent of UK consumers planning to go on vacation in the next three years say that once the COVID-19 pandemic is over, they plan to spend more on vacation than before the pandemic. 36% of Thai consumers agree that in the past six months, during the extended period of stay at home, they craved comfort food (e.g. ice cream) more often. 23% of Brazilian consumers who have used makeup products in the past 12 months say they have fun experimenting with new products by looking at home.

Ethics control

While many brands have made their voices heard on controversial topics, consumers want to see measurable progress against their goals.

Seventy-one percent of ethically-minded Canadian food and drink consumers agree that ethical business practices have become more important to them since the start of the pandemic. 68% of Brazilian consumers agree that it is important to research a company’s business practices before buying from them.

Sixty-six percent of U.S. consumers who have ordered from a restaurant in the past three months think creating diversity, equality and inclusion committees / programs for restaurants is important. 61 percent of Chinese consumers believe that being transparent about products and production information contributes to good brand / company impressions.

What is happening now?

Consumers trust businesses, governments and institutions less than ever, and are less likely than ever to take brands at their word when they say they’re doing the right thing.

Forty-eight percent of UK consumers who work remotely find it difficult to cope with the limitations of work and play at home. 31 percent of Canadian consumers who have completed a home improvement project in the past three years have done so to make their homes more efficient.

Comments are closed.