Six Trends That Will Shape Consumer Behavior This Year

By: Rebecca Armstrong

Global trends have the potential to influence consumer behavior, and businesses must adapt. Six important trends that took shape in 2014 were: multiplicity, hyper efficiency, the new industrial revolution, escape, mindfulness, and super-personalization. These trends can give businesses opportunities to adjust the way they promote their products and grab consumer attention. Businesses must take these into consideration if they want to be successful and outlast their competition in the market.

Consumers want multiplicity with products and have expectations of experiences. Consumers want to all their senses, giving them a full experience. They want active participation, rather than to be a passive on-looker. Hyper efficiency to a consumer is to have a high-impact product that does the job that it is supposed to do. Some products in this category are diet and fitness plans or products that have many functions for someone who has limited resources or space. This trend can be useful for the health and fitness industry, not only in terms of plans but also equipment. With people’s hectic schedules, having a home gym can be efficient and convenient. With limited space in most homes a way a company can be hyper efficient is having a product that has multiple uses in one. This would take up little space, but have many functions.

There is a rise in the industrial revolution trend. Technology is always changing and improving. More and more people are able to take advantage of this and become interested in the science behind it. Most people are able to use advanced technology due to the fact that the creators make it user friendly. One of the biggest products starting to hit the mainstream is the 3D printer. This is going to have a huge impact on the market. People are now going to become their own manufacturers and have the ability to create what they want when they want.

With the stress of the work world and education, people want to let loose and release their stress. This brings in the trend of escape. Escape, to most people, is to just have fun experiences and not think about the responsibilities of everyday life. This ties into the consumer’s mental health and that could be a big platform for businesses. An escape for consumers could mean having an actual tangible product to use or have some kind of experience to release all that built up tension.

Mindfulness is the fifth trend that has an effect on consumer behavior. People want to have some kind of meaning and want to have a voice. Consumers are looking to make a difference in some form or way, whether it be by buying a product that has proceeds going to a charity or by going out and engaging in an experience to help a community or people. This gives consumers a sense of well-being and a greater good, which can create a loyalty between the consumer and the business.

Finally, there is the super-personalization trend. This is a rising trend and it is seen within many businesses. If a consumer is willing to spend the money on a personalized product, the company is willing to make it for them. This will help address consumer demands and expectations. Some companies or markets that have started to address this trend athletic wear, car manufacturers, and the computer industry. Most athletic wear companies, such as Nike and Under Armor, allow the consumer to customize the colors and styles of the product to match their favorite sports teams or the teams they participate on. Car manufactures build the car that the consumer is asking for with all the extra modifications that fit the consumer’s needs. That is the same idea with the computer industry. They build the computer with the amount of storage needed for the consumer and all the extra applications the consumer wants on the product.

It is crucial that industries keep up with the trends that are forming nationwide and globally. This will allow a better relationship with the consumers and help stay ahead of the competition. Looking at what the consumer is demanding can help the company build a promotion strategy or develop new product that the consumers are looking for.

Reference

Barkworth, Hazel: http://www.forbes.com/sites/onmarketing/2014/02/04/six-trends-that-will-shape-consumer-behavior-this-year/

 

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8 thoughts on “Six Trends That Will Shape Consumer Behavior This Year

  1. zhengyang zhu November 23, 2015 / 8:29 pm

    This a good article. Multiplicity, hyper efficiency, the new industrial revolution, escape, mindfulness, and super-personalization. These all come the consumers’ consciousness. Nowadays, people care more about their life then before. They not only just want to live but also want to have a good life. Enjoy their life. As an entrepreneur, if u cannot grab the psychology of the consumers. Your company will lose in the future. As we know ,consumers is god. We have to know what they want, what they think and what they are worry about. Consumers-centralized model is a key strategy for all companies.

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  2. Jane Paradise November 30, 2015 / 7:14 pm

    I would have to agree that the super-personalization trend is really picking up momentum and increasingly becoming more popular amongst consumers. And the consumers-centralized business model is being adapted by more and more companies. I believe people will probably spend a little extra if the product can be tailored or customized for them in some way. And the Burberry customized products are just one example of how I’ve seen initials show up on the finished product — I’ve also seen this on luggage, jewelry and more. Customers will definitely pay extra to have a product that is unique + different

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  3. Courtney Aznavoorian (@CourtneyGraceAz) November 30, 2015 / 10:03 pm

    I agree that all of those things contribute to shaping consumer behavior. The rise of new technology has had a huge impact on people. Sometimes it is unclear whether people actually buy the latest technology out of a real need, or if they just buy it so that they can have the latest version. Sometimes it is about status instead of necessity. The 3D printers are an interesting concept, but I am not sure about why people would need something like that. It may also be a problem for some companies if people can make things themselves at home and do not need to go buy certain products anymore.

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  4. Melissa Miller December 1, 2015 / 4:04 pm

    I really enjoyed reading this article. I feel that all of these different components do help shape consumer behavior. Working in the technology industry it is amazing to see the new technology that is always available to the public. Technology fits with these different components that are shaping consumer behavior. Consumers want efficent state of the art technology and that is what companies are providing. That is why there is so much money in this industry right now, because companies are producing this technology that meets the need and wants of consumers.

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  5. James Wegman December 4, 2015 / 1:51 am

    This was a very enjoyable article, and can really get you thinking about trends. Everything you listed definitely has an influence in how we the consumer act in the market. I especially agree with super-personalization, a trend that is beginning to show it’s face. It is the customer who personalizes the product under the official brand so the company sees what they want to perfect their actual products later. The way they know what you want is great, just hope it doesn’t backfire in that episode of The Simpsons where Homer designs a car that bankrupts the company.

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  6. Giulia Palombo December 8, 2015 / 8:35 pm

    This was super interesting! Multiplicity, hyper efficiency, the new industrial revolution, escape, mindfulness, and super-personalization are absolutely growing trends with consumers today. I think everyone can agree everyone is time crunched and looking for fast, personalized solutions and products. Mindfulness also obviously seems to be an emerging trend with the rise of health conscious consumers. Our industrial revolution seems to be drastically changing with technology developments, including vast improvements with the cloud. It will be interesting to see the effect of the technology generation has on the upcoming trends of our consumers, as technology continues to develop consumers and our economy.

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  7. Brad Daly December 9, 2015 / 11:21 pm

    This was a very interesting article. A few things really stuck out to me when I was reading this. First, it would be the hyper efficiency as it is definitely true. We as people want the fastest, easiest, and most efficient ways of doing just about anything we can think of, and like the article said, fitness. Second, we have a significant need to let go and get away from the hustle and bustle of every day life and do the things that we enjoy just to refocus ourselves so that we can stay healthy and live the life that we love even for just a short amount of time. The final thing that stood out to me was the want for more meaningful interactions between people. It seems that nowadays we use more informal interaction and think nothing of it. Overall, great article and a very interesting read!

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  8. Zach Pelletier December 10, 2015 / 6:27 am

    As someone who presented on consumer and retail trends for this year, I found this post to be rather intriguing. I agree that many consumers want to feel that they are making a difference, and the money they are using to purchase items will do somebody or something some type of good. Consumer social responsibility is more popular than it ever has been, and I can see this trend continuing to grow in the future. Super-personalization has also took off this year as well. Almost every type of manufacturer (clothing, cars, electronics) allow the consumer to customize their order or product to make it unique to that individual consumer.

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