Adapting To Consumption Trends

Long-term consumer behavior or attitude has a global impact on multiple industries; for this reason, Euromonitor International -the specialized market studies firm- revealed the megatrends that will shape business and consumers by 2030. This analysis helps us anticipate the evolution of the market and lead the industry’s change. Let us know some of the main trends:

• Focus on experiences: The study concludes that consumers value experiences even more over possessions. It analyzed how, after the global financial crisis, real growth in spending on durable goods declined, and spending on services continued to grow. For future years, spending on services is expected to continue to accelerate. 
• Ethics: New generations pay more and more attention to ethics and moral values. This translates into decisions driven by concerns about the environment, sustainability, animal welfare, production and labor practices. Hence, it is necessary to stay one step ahead in the factors related to awareness, availability, and affordability.
• Shopping reinvented: The way we buy goods and services is continuously changing every day. Access to the Internet has increased new competition, and now consumers have access to purchase from different platforms; it is vital to be prepared to participate anytime, anywhere.
• Healthy habits: Due to different influences, consumers are taking a more holistic approach to physical, spiritual, and mental well-being. These habits are becoming the norm as concerns about obesity, food allergies, and people affected by disease continue to rise. 

After reviewing these market situations, it is conclusive that the food industry’s future is directly affected by international trends, and it is vitally important to take these and other future market changes into consideration.

In other words, placing the consumer as the protagonist of the innovation processes of new products is the key point. This protagonist is emotional and cares about the environment, changes that are due to the social and economic dynamics that we live in, which will directly affect consumers’ purchasing decisions. Are we taking these trends into account when innovating?