Top Global Consumer Trends for 2021
2020 was a crazy year for the retail industry thanks to the pandemic and the shutdowns that occurred because of it. Thankfully, things are slowly starting to come around and now there are certain global consumer trends that emerged this year. More consumers are demanding that their favorite brands not just focus on profits. Instead, consumers want brands to do more to protect their health and safety. Consumers are also interested in brands that promote long-term commitment to sustainability. Here are more global consumer trends for this year.
Phygital Reality
Consumers are also embracing the phygital reality trend. This is a hybrid of the comforts of the in-person shopping experience while still embracing the convenience of the digital world. According to various studies, consumers do a lot of their shopping online, but still like to shop in the stores. And among customers who visit the stores, they'll use their mobile devices while there to compare prices or seek out the latest bargains. The good news about phygital marketing for business owners is that they gain access to those who prefer online shopping and those who prefer the in-person experience.
Rise of Revenge Spending
Some consumers are engaging in revenge spending this year. Those who accumulated disposable income during the shutdowns are now ready to spend it on all kinds of things. According to Bloomberg Economics, Americans have saved an overall amount of $1.7 trillion and when you add the stimulus payments, unemployment benefits, and upcoming child tax credit payments, revenge spending will continue to occur. Some economists say that the bulk of consumers' purchases will be luxury or leisure items.
Increase in Home Improvement Purchases
Because so many people are staying home a lot more these days, you'll see an increase in home improvement purchases this year. Consumers are buying more furniture, home decor items, and supplies needed to renovate certain rooms. Some of the most popular home improvement projects include the kitchen, bathroom, and bedroom.
Accelerated Trend of Contactless Payments
The pandemic has also increased the use of contactless payment methods by consumers. They've been using mobile wallet services such as Apple Pay and Google Pay. According to a study from Visa, 54% of consumers say that they would change retailers if those retailers offered contactless payment services. The study also stated that millennials are the most likely to use these services and that 70% of the participants are using less cash for purchases
Online Gaming's Popularity Explodes
The pandemic caused many casinos to shut down, and this meant that more consumers turned to online gaming. More people have moved beyond gaming as a hobby and now they're seeking to do it professionally. Mobile gaming is also becoming popular this year and beyond. Thanks to artificial intelligence, there will be the development of and increased demand for a more realistic and interactive online gaming experience.
These consumer trends will change the way the world does business for years or even decades to come.
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