In 2017, Euromonitor International identified 20 “megatrends” that help define what is shaping consumer behavior. This week, the firm released a “State of Play” report on eight of those trends and found that while the trends identified remain relevant, the pace of change shaping them is accelerating.
The megatrends examined include “shifting market frontiers” experiential activities, the “retreating” middle class, ethical living, healthy living (and wellness), the reinventing of shopping, the connected consumer and “premiumization.”
Researchers at Euromonitor said as consumer behavior changes, the emphasis continues to be “placed on experience over possessions” along with a growing interest in “healthy and ethical living.” The drivers influencing this behavior include shifting economic forces, population change and environmental “shifts and pressures” as well as technology and an overall change in values.
In regard to healthy living, the authors of the report said that technology and data collection, as well as changing personal values, have fueled the “healthy living megatrend.” But the trend is evolving.
“Healthy living was previously limited to diets and exercising, whereas now consumers value mental health, sustainability and ethically sourced foods as equally as important, if not, more,” researchers said in their report.
With ethical living, the focus is on brands and packaging as
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