Shopping is fast-becoming a universal activity that takes on different meanings across the world, some more pertinent than others, but it is generally accepted as a premier act of consumption, and to many also takes on the role of entertainment, for the entire family. This is true in countries like Indonesia, where the tropical climate and lack of public parks in the major urban areas are bringing people enmasse to the malls. Not necessarily to shop, although new “palaces of consumption” are sprouting across the vast archipelago, and retail figures suggest otherwise. But the main attraction is dining and simply “hanging out”, catching some chilled aircon air that makes killing a few hours with the whole family a breeze than frying in the mid day scorching sun.
I stumbled upon a piece on retail trends that caught my eye… (as appeared in an article by Joep Meijsen in Jos de Vries Retail Consulting.
Datamonitor, the leading research office, has identified ten mega trends that our products have to fulfil if they want to remain successful. The trends vary from ease to gender confusion and individualism. Manufacturers and supermarkets that take proper advantage of these trends are set for the future according to Datamonitor.
Consumers are looking to save even more time. 82 percent of consumers in both Western Europe and Northern America list timesaving as a priority. The consumption of ready-to-eat meals is expected to double in the next ten years.
Nearly every consumer sees health improvement as an important aspect. This is why companies that produce functional food have a future. But consumers are also looking for health in pure products, which makes the use of organic ingredients increasingly important. The annual growth in these segments exceeds 10 percent according to Datamonitor.
Older consumers are acting younger every day, whereas young consumers would prefer to grow older as quickly as possible. Manufacturers who develop products that take advantage of the consumers’ age aspiration have the future in hand. Young consumers more often have a larger independent budget and develop brand loyalty at an increasingly young age. Older consumers want products that support a society in which old age is denied.
4. Phase in Life
The traditional family as a basis for consumption is vaporising at a rapid pace. People are more often on their own, live a lot longer and more and more children return to live at home, after their studies for example. This is changing the consumption patterns.
An increasing number of consumers with a low disposable income has become used to buying luxury products at a low price. Well-to-do consumers have become just as price conscious. Top brands with a top quality at a low price are set for the future.
Consumers are increasingly on the look-out for products that support their personal lifestyle. They are buying more and more products that they can also enjoy. Manufacturers will have to aim their future products at smaller target groups and give consumers more of a say in taste and volume.
Consumers are looking for products that offer a more intensive experience. They are therefore prepared to experiment more with new products.
Consumers are increasingly often using food articles as a way to escape the pressures of everyday life. The majority of consumers uses so-called ‘comfort food’ as small temptations to enjoy life for a moment.
Despite the hunger for individualism, the consumption pattern of many consumers is actually looking to join a certain group with standards and values that attract them. This results in an increase in sale of ethnic products.
Trend 10: Gender
Men are after healthy food at an increasing degree and are leaving behind the traditional macho behaviour. On the other hand, the sale of typical macho products, like beer, is going very strong. By now, both men and women are attaching a lot of value to health improvement through a change in their food pattern.
Inspiration: Jos de Vries Retail Consulting