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As experts in what consumers want and why Mintel is best suited to accurately predict the future of consumer behaviour and what that means for companies and brands. Announced early in November, Mintel is taking a bold approach with its predictions about the future of global consumer markets by incorporating seven key factors that drive consumer spending decisions:

  • Wellbeing: Seeking physical and mental wellness.
  • Surroundings: Feeling connected to the external environment.
  • Technology: Finding solutions through technology in the physical and digital worlds.
  • Rights: Feeling respected, protected, and supported.
  • Identity: Understanding and expressing oneself and one’s place in society.
  • Value: Finding tangible, measurable benefits from investments.
  • Experiences: Seeking and discovering stimulation.

Here, Matthew Crabbe, Director of Mintel Trends, APAC, explores the seven drivers and how they will impact markets, brands and consumers over the next decade.

Wellbeing

“Wellbeing is no longer about simply wanting to look after oneself in broad terms, nor is it about the extremes of a total lifestyle change. Instead, a holistic approach is becoming a key motivator of consumer behaviour, underpinned by convenience, transparency, and value. Over the coming 10 years, there will be opportunities for brands to become wellbeing partners with customers. While the mass-market and ‘one-size-fits-all’ approach will still have value, we will see further adoption of bespoke solutions. Clean air and water will become selling points, while conscious movement and mindful exercise will become as important as physical fitness.”

Surroundings

“The increased global population and climate crisis are forcing people to reduce their consumption, waste, and energy use. They are learning to share limited space more efficiently and to work more collaboratively. Better and more affordable telecommunication technology allows for flexible work conditions, as consumers increasingly become digital nomads. Over the next 10 years, social tensions will increase as competition for resources rises. This could result in greater stratification of society and failure to tackle the need for more efficient use of resources and better urban planning. There will be greater pressure on cities to continue to expand, encroaching into remaining wildernesses and rural farming areas, exacerbating the cost of producing food – making even basic products more expensive for most people.”

Technology

“Mobile technology continues to blur the lines between time, travel, and location for work, learning, and leisure. Elements of virtual and augmented reality (VR/AR) will revolutionise industries like tourism and entertainment, while virtual esports will rival physical sports in popularity. Over the coming decade, consumers will push back against cashless payments and fully unmanned stores, demanding more privacy and seeking more ‘human’ interaction. We’ll also see technologies developed to mitigate the effects of climate migration and displacement, amidst the broader challenges of economic inequality and an ageing society.”

Rights

“‘Cancel culture’ is growing as consumers feel increasingly empowered to call out companies, brands, and people they disagree with, greatly shifting influence into the hands of the collective consumer. Youth activism will take the lead in drawing public awareness of causes and will push legislative leaders to develop and enact ideas to make real change. Meanwhile, a more human-centric approach to data is emerging, empowering people to control how their personal data is collected and shared. Consumers are beginning to realise the true value of this data and they are demanding more for it. Looking ahead, blockchain technology will change data ownership, empowering consumers to put the control back in their hands by determining who has access to their information online.”

Identity

“Consumers are moving away from the rigid definitions of race, gender, and sexuality, and a movement is emerging toward more fluid, self-selected identities. But as the movement grows, rising feelings of loneliness and isolation are making people feel like they are, in fact, losing their identity. While people are more connected today than ever before, feelings of loneliness and isolation are on the rise and will reach epidemic proportions by 2030. Expect to see companies, brands, social organisations, and governments create technology-based solutions to help combat this. And as identities change, so too will socialising. In the future, people will increasingly be living with members of their ‘tribe’ – dictated by their mindsets and hobbies – rather than their family.”

Value

“The current era is one of excessive and unsustainable consumption. Social media’s ‘swipe up’ culture has perpetuated the chase for buying more and buying better. However, with climate change as one of the defining issues of modern society, consumers are taking a closer look at their own consumption habits. While consumers are in search of a more mindful approach to their spending, they also desire something that is authentic and unique to them. Expect to see a move towards slower, minimal consumerism that emphasises durability and functionality. Rapid urbanisation will shrink available space in the home, office, and shared environments, demanding consumers buy less ‘stuff’.”

Experiences

“While the demand for stimulation is not new, the role it plays in consumer decision-making is evolving. No longer should ‘the experiential’ be diminished as a mere marketing tool or a fad; instead, consumers are experiencing powerful emotional connections to brands that are creating a point of differentiation. Technology is driving experiences, but the constant connectivity is also causing demand for offline interactions to become more extreme and boundary-pushing. Looking ahead, collective experiences will gain more and more popularity. People will start to redefine what experiences they want as individuals. This will include the experience of doing nothing as people make more mindful decisions about what to do with their time.”

The Coca-Cola Company announced that it is fundamentally reshaping its approach to packaging, with a global goal to help collect and recycle the equivalent of 100 % of its packaging by 2030.

This goal is the centerpiece of the Company’s new packaging vision for a World Without Waste, which the Coca-Cola system intends to back with a multi-year investment that includes ongoing work to make packaging 100 % recyclable. This begins with the understanding that food and beverage containers are an important part of people’s modern lives but that there is much more to be done to reduce packaging waste globally.

“The world has a packaging problem – and, like all companies, we have a responsibility to help solve it,” said James Quincey, President and CEO of The Coca-Cola Company. “Through our World Without Waste vision, we are investing in our planet and our packaging to help make this problem a thing of the past.”

The Company and its bottling partners are pursuing several key goals:

  • Investing in the planet: By 2030, for every bottle or can the Coca-Cola system sells globally, we aim to help take one back so it has more than one life. The Company is investing its marketing dollars and skills behind this 100 % collection goal to help people understand what, how and where to recycle. We will support collection of packaging across the industry, including bottles and cans from other companies. The Coca-Cola system will work with local communities, industry partners, our customers, and consumers to help address issues like packaging litter and marine debris.
  • Investing in packaging: To achieve its collection goal, The Coca-Cola Company is continuing to work toward making all of its packaging 100 % recyclable globally. The Company is building better bottles, whether through more recycled content, by developing plant-based resins, or by reducing the amount of plastic in each container. By 2030, the Coca-Cola system also aims to make bottles with an average of 50 % recycled content. The goal is to set a new global standard for beverage packaging. Currently, the majority of the Company’s packaging is recyclable.

World Without Waste is the next step in the Company’s ongoing sustainability efforts, building off success in replenishing an estimated 100 % of the water it uses in its final beverages. The Company achieved and exceeded its water replenishment goal in 2015, five years ahead of expectations. These efforts are part of the Company’s larger strategy to grow with conscience, by becoming a total beverage company that grows the right way.

“Bottles and cans shouldn’t harm our planet, and a litter-free world is possible,” Quincey said. “Companies like ours must be leaders. Consumers around the world care about our planet, and they want and expect companies to take action. That’s exactly what we’re going to do, and we invite others to join us on this critical journey.”