Consumer tastes change with the wind. What’s the hottest item one day later becomes just another fad.
But it’s on retailers, designers and restaurants to predict what consumers will be drawn to next. And the most nimble of companies will react first, taking advantage of the newfound popular items or trends.
Euromonitor International has tried to make a few predictions with its annual look at consumer trends this year. And while some, like personalization and wellness, aren’t new, they’re evolving beyond their original iterations and forcing companies to adapt.
Here’s how these new trends look this year and what that could mean for retailers, manufacturers, designers and even restaurants.
Americans want to stay active. Americans are aging, which has turned the longevity market into a $7.6 trillion opportunity.
But older Americans aren’t acting old. They’re running marathons, competing in triathlons and looking to work well past retirement age. Products are marketing to 55-year-olds who want to “live like 25,” says Marshal Cohen, a retail analyst at NPD Group.
Nike (ticker: NKE) focuses marketing on 55-year-olds that are striving to be as active as they were at 25. New Balance, on the other hand, targets older Americans as a way to fix ailments — like sore feet — so they can compete like they’re 25, Cohen says.
[See: 8 Ways to Get Kids Interested in Saving Money.]
Young children have a voice in buying. Young children have more power in purchasing decisions than ever before.
“Parents seek their kids’ opinions about all kinds of once-adult decisions, including where to go for dinner, what kind of car to buy, even what to wear,” says Euromonitor consumer trends consultant Daphne Kasriel-Alexander.
Retailers are adapting to this by playing up their kids’ sections. If the children want to shop in the store for their clothes, then there’s a greater chance the parent will also see something they want to buy as well.
No longer a one-size-fits all world. The days of a one-size-fits all approach to shopping have ended. Consumers realize that just because they’re smaller, larger, wider or thicker than the average customer, it doesn’t mean that they shouldn’t have clothing that fit them correctly.
And it’s a growing customer base, as Euromonitor predicts nearly 43 percent of people over age 15 will be obese in North America.
Clothing and accessory makers must show they have the “ability to be able to feel as if this product is the right product for me,” Cohen says. He cites Levi’s Jeans, which now allows customers to buy custom-fitted denim.
Faster shopping experience goes into hyperdrive. Amazon.com ( AMZN) is developing same-day drone delivery, while supermarkets are working to develop ways to provide food orders in less than 24 hours.
The speed in which consumers order products and expect it in their hands has quickened to a whirlwind pace.
Amazon is now testing a brick-and-mortar grocery store at its headquarters in Seattle where shoppers link to the store with their phone. When they’re ready to leave, they just walk out the door and the phone captures what the shopper took with her. No checkout needed.
[See: 6 Things to Know About Mark Zuckerberg’s Manifesto.]
Personalization moves closer to predictive. Companies are increasing the amount they know about specific consumer actions, tastes, wants and needs. “This ability lets brands target communication on an individual basis and offer products tailored for each person,” Kasriel-Alexander says.
While this isn’t new, the ability to hone in on specific needs and wants — and in some cases even predicting — will be the key to personalization moving forward.
And brands, like food ordering service HelloFresh, are using personalization to cater to customers. In HelloFresh’s case, it’s compiling customer feedback on food preferences to deliver specific meals personalized to the individual’s tastes.
Staying with the customer, post purchase. A downside of the growth of online retailers has been the seeming reduction in customer service after the money is spent.
When seeking returns, customers are often dealing with a computer and when needing help they’re often struggling to find the answer through an email. But that’s changing, as the post-purchase process has become just as important as the experience of buying.
Some fashion brands have begun to offer styling advice, for instance, Kasriel-Alexander says. It all gets back to the importance of building a brand relationship with customers. Brands are realizing that includes being there for customers, after they buy.
Brands must prove their authenticity. It’s not new that consumers want authentic experiences, but it’s new in that they’ve become skeptical of organizations using authenticity to sell them something.
This is seen in the food space, as the call for organic, naturally fed and sustainably grown food is backed by the need to prove that the makers are truthful. To show this reality, restaurants are making it a “part of the everyday conversation,” Cohen says.
Panera Bread Co. ( PNRA) promotes its 100 percent wholesome food, with initiatives to prevent unhealthy kids’ meals.
Wellness becomes a status symbol. Health and wellness products have gotten a boost over the past few years because of the success of Fitbit ( FIT) and smartphone apps, which allow for constant tracking of movements.
This is still showing impact in today’s environment, as athleisure remains at the top of mind for many wanting to look fit and healthy.
[See: 10 Ways to Live Healthier and Save Money Doing It.]
But it’s not just to ensure a healthy mind. Consumers are “prioritizing wellness concerns and their passion for the trappings of healthy lifestyles” by wearing certain products or donning the latest technology, Kasriel-Alexander says. This bodes well for wearables, even if the actual results remain in question.
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8 Ways Consumer Tastes Are Changing originally appeared on usnews.com
