As consumers reassess their priorities and increasingly ask themselves what they truly value, a host of major consumer trends have emerged: from the sharing economy to the preference given to experience over possessions, to frugal innovation and trading up and down. This shift towards new priorities, which we have christened “The New Consumerism”, is impacting across a multitude of industry sectors and has the power to transform even the most established markets.
The eight trends which are combining to form the New Consumerism are:
- The sharing economy: this is all about supply and demand. Connecting people and businesses with the resources to those that want them. It removes market inefficiencies, empowers consumers and has disrupted, or has the potential to disrupt, a wide range of sectors.
- The circular economy: one where everything is reused and nothing is wasted. It is the antithesis of the linear “build, buy, bury” model of a one-way stream of raw material to factory, to user, then landfill. It has the potential to completely transform the way in which we do business.
Read The New Consumerism: Redefining Ownership, Values and Priorities by Sarah Boumbphrey at Euromonitor International.