According to Euromonitor, the top 10 global consumer trends for 2018 are:
- Clean Lifers
- The Borrowers
- Call Out Culture
- It’s in the DNA – I’m so Special
- Adaptive Entrepreneurs
- View in My Roomers
- Sleuthy Shoppers
- The Survivors
According to Euromonitor, a new wave of companies aims to provide consumers with genetic findings related to their general health, fitness and nutrition, with the market growth being global and competition in the largely unregulated Chinese market particularly intense.
“The consumer market still faces hurdles, such as country-specific regulations. Companies will need to be clear and upfront with consumers about the limitations of findings, or risk losing their trust,” noted report author Alison Angus, who is Euromonitor International’s head of lifestyles. “However, things are improving on the regulatory front and with the market continuing to evolve, it is likely that further innovative start-ups will invest in new technologies.”
With augmented reality (AR) having a wide range of applications in various industries, the potential in the mainstream consumer space is vast, bringing the benefits of in-store shopping into the home, said Euromonitor, which forecasts that global internet retailing value sales will increase by a further 3% in 2018.
“Augmented reality improves the consumer experience, providing a more life-like view of the items and facilitates operational efficiencies for businesses by potentially reducing return rates,” noted Angus. “Online captures consumers’ interest with the convenience of the hassle-free, anytime, anywhere shopping they crave. The ability to see and touch products before buying is a bonus. This is, in part, why the in-store shopping experience remains appealing, and in 2017, 88% of global sales in value terms were still made in-store.”
“In 2018 consumer expenditure is expected to grow at its strongest rate since 2011. Overall 2018 will see consumers continuing to question their values, priorities and purchasing decisions; deepening their engagement in the brands and issues that matter to them,” concludes Angus.
According to Euromonitor, people’s growing curiosity about their genetic make-up and a rising interest in personalized health and beauty are fueling demand for home DNA kits. Target consumers range from the “worried well” and those curious about their origins to hard-core fitness and nutrition fanatics. Companies such as 23andMe, DNAFit and AncestryDNA map genetic code via simple blood or saliva samples and explain what it all means.
More companies aim to provide “I’m So Special” consumers with genetic findings related to their general health, fitness and nutrition. The likes of FitnessGenes, DNAFit, Orig3n and Nutrigenomix identify genes that effect muscle mass, endurance, fat burning ability and metabolism.
Beauty is another area in which genomics has made an entrance, according to Euromonitor. UK company Geneu, which maintains that skin aging is 60% gene-influenced, offers customers a same-day DNA testing service from Selfridges in London. Customers receive a personalized prescription for anti-aging serums formulated based on their DNA and lifestyle questionnaire.
In terms of retail, in 2018, “View in My Roomers” will increasingly look for immersive “try before you buy” online shopping experiences, bringing the benefits of in-store shopping into the home, said Euromonitor.
More retailers are releasing apps for their online shops, due to pressure from customers for more streamlined mobile shopping. Those that incorporate AR technology should expect an uplift in online traffic. Consumers will look for AR apps that test cosmetics in a selfie-style format, try on clothes in digital dressing rooms and choose glassframes from the comfort of their sofa. To be able to capture and share their purchases or get feedback online from peers adds another “wow” factor to the process.