By Clara López, member of the Baud team.
Consumer products have complex casuistries and diverse targets and are moving in an environment of growing change and complexity, accelerated by the covid crisis. However, there is a common reality: if it connects with the end consumer, it works.
This seemingly simple statement hides a high degree of complexity that must be resolved on a case-by-case basis. At the same time, however, there are trends that are generally of interest to the entire consumer products sector.
Macrotrends
Macro trends are relevant not only for the consumer sector, but for all sectors. The well-known old ones are digitalization, sustainability and the promotion of diversity.
Those that have acquired new relevance in recent months have to do with the accelerated and real incorporation of the previous ones and also with health and safety, resilience in a chaotic era and, finally, entertainment and humor. In an atmosphere of desolation and tension, with exquisite sensitivity, entertainment and humor open the window to the positive emotions we all need to move forward.
Consumer trends
We can highlight five more particular trends for the heterogeneous consumer goods sector.
1. The digital consumer
The world continues to open up to new technologies and new sales channels. This leads to a scenario of global competition that increases complexity in areas such as costs or differentiation, but also leads to a multiplied demand. A global digital consumer to whom we must provide a unique value that manages to connect with him and maintain that connection over time. The challenge for large companies will be not to fail and to manage failure. For medium-sized companies, a good strategy of private and public partnerships, such as territory brands or Regulatory Boards, and the precise segmentation and monitoring of their campaigns. The challenge for both is to turn online shopping into a complete experience.
2. Programmed durability
Consumption is accelerating its movement from possession to experience. In both cases, there is an increasing demand for authentic, high-quality goods, new but also second-hand, in line with the environmental awareness and conscious consumption of the new generations.
3. Human functionality
Also called 'new pragmatism', consumers are looking for the goods they buy to be useful, without missing any functionality, but not too much either. Satisfying, no more, no less. At the same time, it is important to understand this satisfaction from a very human point of view, relating to functional needs, but also to emotional needs.
4. Alternative currency
Alternative currencies, that is, the primarily digital evolution of the traditional loyalty card, are emerging as an option for brands or brand partnerships, alleviating financial stress for brands and consumers, and boosting their loyalty relationship.
5. New influences
In order to understand and enhance personal identity in a hyper fragmented society, new generations are looking for new references and find them in social networks and in their unknown peers. Everyday influencers who provide valuable content 24/7 through paths as different as retro or K World.
We are drawing the future together today, and companies will have to make the decisions that will allow them to move towards it from their uniqueness and vision. Betting on some of these trends or on others, but always moving forward.
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