Top Global Consumer Trends of 2021
The top global consumer trends of 2021 became the products of a pandemic. When the coronavirus hit in 2020, a global crisis accrued. Stay-at-home orders and social distancing quickly became the norm. Businesses were forced to change tactics, and the habits consumers have picked up during 2020 are going to be here to stay. People will expect increases in activism from brands they promote, new options for digital services in their daily lives, and more help in achieving mental and physical wellness. Though some of this year’s trends are directly related to Covid-19—like heightened safety concerns and demand for more open-air spaces—these shifts will continue after the pandemic wanes.
The coronavirus pandemic in the beginning of 2020 has not only slowed down the economy, but set the world into a period of change. With social distancing regulations, and stay-at-home mandates, consumers are purchasing more products virtually. Various trends have been picked up in the process and are predicted to stay for the future.
The Info Race
There is no question that wealth equals power. Those born into noble statuses and upper classes tend to hold more value in their opinions and obligations. Though wealth holds power, knowledgeable assets can also raise an individual higher on the social ladder. In the medieval times, social class was determined at birth and near impossible to get out of. Today, due to technology, it is easy for people to become wealthy influencers. According to Credit Suisse, there are 18.6 million millionaires in the United States, and 80 percent started with nothing and self-made their millions. The 21st century makes information readily available to everyone allowing growth and eventually wealth. By understanding the information and finding unbiased sources, it is easy to get ahead of the game in life.
Data is not only an asset for individuals seeking wealth but businesses as well. By leveraging data to better understand customers and clearly improve decision making, businesses are able to outperform everyone else. Data needs to be protected, analyzed, and secured to ensure it can not be interfered with or stolen. If other companies are able to get the information, they can gain an edge over the consumers and increase their revenue.
Why People Buy
Understanding the needs of consumers and why people buy the products they do can help a business flourish because demands are fulfilled. Businesses understanding the supply-and-demand relating to the current trends is important for business. Without understanding the supply-and-demand basics, companies will crumble at the seams. Supply is what the business is willing to sell at a given price during a certain time. Demand is what the consumers are willing to buy for a certain price at a certain time. A business paying attention to ongoing trends and demands of consumers works smarter and not harder. Not understanding the trends and products linked to them, businesses can crash because there is not demand for the stock they have. Ideally, there should be a balance between the supplies and demands.
Logistic and Parcel Delivery
Due to the pandemic still being widely spread, it is predicted the logistics market is predicted to reach 12.2 trillion dollars by 2022. The logistics and parcel delivery companies have played a large hand in consumer consumption over the years, and the business is only going to continue to grow. Online ordering has become a large trend over the years and has only continued to grow since the beginning of 2020. When large groups of people in the same area order multiple packages, the carriers’ income-to-expenditure ratio is greater than if one person from an area bought an item. The trend of purchasing products online is one of the few businesses who prospered and grew during the pandemic.
Online shopping was not widely trusted before the pandemic, but due to the closure of in-person stores and malls, consumers were forced to get out of their comfort zone and try it. Now a majority of consumers are overbuying on products. It is like the United States’ joke about Target: “If you go to Target with a list, you will end up leaving the store with everything but what you needed.” Online companies draw consumers in to buy more with the lure of free shipping; whereas, in-store purchases may depend on how much the consumer can carry instead. The endless accessibility to new product options has consumers excited about purchasing unique items they may not have thought about earlier. The convenience of online shopping has led to the continuation of consumers choosing to pursue this method instead of revisiting stores. Online shopping trends can be seen world wide because more businesses are choosing to close brick and mortar retail stores and moving to focus services all online. The digital era is forever increasing and growing without an end in sight.
Health and Hygiene
Before the pandemic, physical contact with most strangers was normal in the form of handholding, handshakes, and hugging. Now social distancing is required, and physical contact of any kind is kept at a minimum. Businesses are starting to utilize safety as the main theme of selling points. Sanitizing services are at a competitive edge to gain business from clientele. Stating why their products are safer and better than any other the other helps gain business. Health and hygiene products received a vast consumer demand in the past, but the sales have skyrocketed due to the pandemic. After the world is back to being as normal as it can be, health and hygiene will still be a main priority for businesses, as clientele will still be weary of germs and health.
Social media marketing agencies are agencies focusing on generating sales for businesses through leading platforms. As stay-at-home orders were put into place, the majority of the population picked up their technology and partook in leading social media platforms. TikTok, Instagram, Snapchat, and Facebook are all prime examples of leading platforms. Understanding the demographics of each platform and the age range gives companies a competitive edge as brand deals are sent out to influencers with a large fanbase. Due to the pandemic and businesses transitioning online, social media marketing agencies are working hard to make online advertisements largely scene.
As the digital era continues to grow and become widely more popular, the increased online advertisement trend is only going to grow stronger as new apps and platforms will be created as well. The cycle will work simultaneously with each other in a loop until technology starts to fade out; however, plans for a technology blackout are not in the works for the future, as new products are created every day.
Businesses not only desire quicker productivity, but they want safety for all employees. With the pandemic still ongoing, businesses want to ensure social distancing and essential work for workers in order to limit the risk of exposure. The best way to limit exposure is to ensure workers are staying at home. By moving to automotive machinery to help speed up production time and limit the amount of people working during the day, safety increases. However, as businesses thrive off making the most while spending the least, the automation trend could be here to stay. Companies are able to create products faster thus gaining the most revenue while paying the least amount possible for employees because the autobots are able do the work an employee would have done before. Businesses are talking about continuing on with automation for quicker and effective production.
As the pandemic continues to grow, consumers are still forced to abide by new changes and trends. However, through research and data analysis, it is clear the top global consumer trends of 2021 are here to stay. Consumers have found reliable, convenient alternatives to in-person tasks, and online shopping has become a top trend. Snowballing off an increase in online shopping, businesses have begun to transition to online as well by collecting data and utilizing it as an asset. By doing so, social media has become the platform for a majority of advertisements. Being stuck at home has led social media to blow up and become the biggest trend for consumer consumption beings as it is a safe platform to connect while social distancing. Companies are able to advertise on social media signs and have the advertisement seen by a larger database. 2021 is a period of change across the globe and will allow for new developments in the years to come.
The new developments and trends are not always received in a positive light. With the pandemic in full swing, a large portion of the population has concerns over the outcomes of certain aspects. According to Deloitte, 34 percent people fear unemployment, 54 percent have health concerns, and 31 percent fear the day everyone is allowed to return to in person work as normally regulated. Understanding the safety and health of people is required even when the pandemic is resolved, shows how business trends being faced are going to be continued after 2021. Health standards are going to be higher and consumer consumption has permanently changed as well. By collecting data and statistics, businesses are able to understand consumers and profit in new ways.