Nine Trends Shaping Retail

Ann-Marie Vazzano

Dunnhumby recently released a report in its 2020 Consumer Trends Series called “Nine Trends Shaping Global Retail.” Here’s the rundown and some key highlights from the report:

• Convenience: “Consumers are looking for quick, easy and simple more than ever before.”
• New Value: “An entire generation has seen their attitudes towards spending shaped over a decade. It is now not only socially acceptable to be frugal; it’s a way to gain social status among peers.”
• The Social Economy: “The Internet allows people to communicate with far broader groups than has ever been historically possible.”
• Younique: “Increasingly, consumers want products and services that are tailored to them personally and communications that target them directly.”
• Cultural (Con)fusion: As people move around the globe, cultures and traditions move with them.”
• Online, All the Time: “The physical and virtual will become increasingly intertwined and channel convergence increasingly complex.”
• Health and Wellbeing: “Consumers expect food manufacturers and retailers, rather than governments, to support them in leading healthy lifestyles.”
• Families, Reformed: “The concept of what it is to be ‘old’ is changing” and “most major life events are happening later” (marriage, children, buying a home, etc.).
• Ethical Consumption: “We are inclined to look more favorably on products and companies with solid CSR (corporate social responsibility) credentials.” GP