Euromonitor's top trend predictions for 2021

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Euromonitor’s top trend predictions for 2021

30 Jan 2021

Commercial Baking Staff

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As the ripple effects of COVID-19 wear on, consumers will look to food manufacturers alike to make life more convenient and safer, inside and out. These new driving forces must also take into consideration the major changes in consumers’ behavior, consumption and spending habits triggered by the pandemic.

Moving forward, Euromonitor predicts that people will seek holistic, adaptable and resilient solutions derived from more thoughtful consumption and look for ways to fight back as they advocate for a better future.

Euromonitor outlined its top trend predictions for 2021.

Build Back Better. As consumers look back at the chaos of 2020, there’s a bright light in 2021 that offers a second chance to build a better future. “Better” will include new expectations regarding how the world might be reshaped in a more sustainable way, shifting from a volume- to value-driven economy. Social responsibility will become a permanent consumer demand, resulting in greater empathy for brands demonstrating how to make the world cleaner, healthier, and more resilient and equitable.

Craving Convenience. In a COVID-19 world, convenience means the need to adapt operations to develop a resilient customer experience while maintaining ease of use. The advent of reduced impulse occasions and more scheduling required to complete tasks means a predicted acceleration in the adoption of digital. That said, what’s considered convenient differs by the generation. Younger consumers are comfortable with digital interactions, while those older than 60 prefer speaking to a human customer service representative.

Outdoor Oasis. Fear of the unknown will find many choosing outdoor venues for leisure and recreation. The movement also includes an exodus from densely populated cities to less-populated rural areas. The opportunities to reconnect outside the home safely also incorporate a desire to support mental and physical wellbeing, a craving to reconnect with nature and a pull toward rediscovering the simple things in life.

Phygital Reality. The collision of the physical and digital worlds will integrate virtual processes into physical spaces. To achieve a seamless integration of new habits around working, learning, exercising, shopping and socializing, there will need to be an associated delivery of virtually enabled at-home experiences to drive ecommerce sales and gather data. Younger consumers already embrace this concept, seeing little distinction between the physical and virtual, but not all consumers embrace a virtual-centric world.

Euromonitor outlined its top trend predictions for 2021.

Playing with Time. With more consumers working and schooling from home, there is more freedom to switch up daily schedules. That flexibility still finds many people looking for ways to find an effective balance between work and play at home. To maximize time, consumers need solutions that offer increased flexibility through products and services that address this desire.

Restless vs. Rebellious. Americans have witnessed numerous forms of civil unrest, and people are angry with leadership and the status quo. A growing distrust in leadership is becoming increasingly prevalent across the world with a growing crisis of confidence in those who are in charge. Ongoing distrust of misinformation and the sources that supply it will lead to more social pressure as consumers look seek a collective voice.

Safety-obsessed The pandemic unleashed an unknown virus and its related — and often unexplained effects — making safety the newest wellness movement. A desire for less contact and more hygiene finds consumers choosing contactless payment methods over cash, using click-and-collect and delivery and a continuing rise in the preference for ecommerce over in-person.

Shaken and Stirred. The pursuit of a more fulfilled, balanced and self-improved life finds consumers looking for safety and sanity in a world that seems increasingly upside down. In seeking ways to rise above adversity and ambiguity, consumers are looking for products and services that help support resiliency for mental wellbeing, promote self-improvement and offer lifestyle balance.

Thoughtful Thrifters. With an eye toward the future, some consumers are thinking with a recessionary mindset, anticipating a decline in discretionary spending. Practicing cautious, frugal spending includes prioritizing value-added and health-conscious products and services but with no sacrifice on quality. Sales of products with premium attributes can be reinforced with an empathetic story and a tie-in with self-care or mental wellbeing.

Workplaces in New Spaces. As more companies embrace work from home and hybrid models of work and office, it will be important to recreate the office environment remotely, unique to the individual. New environments will also trigger new buying habits, for instance fewer opportunities for on-the-go occasions and increased snacking. Consumers in new workspaces will also need to find a personal balance between professional and personal priorities.

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