Consumer Lifestyles in 2022: What You Need to Know
Consumer lifestyles have evolved significantly since the onset of the pandemic. It is crucial for businesses to comprehend the factors that shape consumer attitudes, behaviors, and spending patterns. Euromonitor International has identified the top five trends that will influence lifestyles in 2022.
Spending Squeeze: Navigating Economic Challenges
After the initial post-lockdown surge in spending, consumers are now faced with new economic and financial challenges, including rising inflation. This has resulted in more cautious spending habits and increased budgeting, particularly for fuel usage, energy, and food. The ongoing conflict in Ukraine has also added complexities to product sourcing, supply, and distribution across Europe.
In this cash-strapped environment, businesses must respond with innovative strategies to alleviate the pressure on their turnover and boost profits. This includes investing in marketing programs that address consumer concerns, reducing dependency on third-party vendors, and implementing creative pricing and packaging strategies.
Image: Spending squeeze challenges consumers (source: Euromonitor International)
No More 9-5: Embracing Workplace Flexibility
The pandemic brought about a significant increase in workplace flexibility, which resonated well with employees worldwide. This shift towards flexible working conditions is expected to become permanent. However, it has also disrupted traditional household routines and habits. Fixed meal times, for instance, are harder to maintain as family members now follow their own schedules.
According to Euromonitor International's Voice of the Consumer: Lifestyles Survey 2022, 24% of respondents prioritize personalized and tailored shopping experiences, while 32% are motivated to shop online due to its convenience. Consumers expect individualism and flexibility in all aspects of life. To cater to these demands, businesses must offer products that support individual needs, review their operating hours and delivery services, and reach new audiences.
Setting New Goals: Meeting Consumer Aspirations
The pandemic prompted many consumers to reevaluate their personal lives and professional careers. This led to a surge in demand for products and services that can help individuals achieve their new objectives, ranging from purpose-driven experiences to recreational hobbies.
The education sector has witnessed an increase in enrollments for further education and training courses as people redefine their career goals. Companies must provide existing employees with upskilling opportunities and the necessary support to achieve their new aspirations.
To ensure alignment with their customers, businesses of all types should promote their own corporate values and goals.
Trust Matters: Transparency and Promotion of Values
Euromonitor's Voice of the Consumer: Lifestyles Survey 2022 reveals that consumers consider extensive product information sharing, transparency, and the promotion of values crucial in building strong bonds with businesses.
While traditional sources such as labels, reviews, and personal recommendations still matter, consumers are increasingly turning to social media influencers and online sources for information. Successful brands like H&M, Sony Corporation, and Hasbro are actively ensuring their visibility and adopting transparency measures.
Image: Transparency and trust play key roles in consumer decision-making (source: Euromonitor International)
Bringing Back the Good Times: Embracing Social Experiences
Pandemic-fatigued consumers are yearning to live in the present and regain a sense of normalcy. Rebuilding social lives and indulging in a variety of out-of-home experiences and activities are top priorities for many. According to Euromonitor's Lifestyles Survey 2022, 50% of consumers prefer to enjoy life without worrying about the future, and 32% prioritize spending time on their favorite activities.
As the demand for hybrid in-person and virtual experiences grows, businesses can achieve greater success by providing unique virtual experiences, offering the option to "try before you buy," and using augmented reality to inform buying decisions.
To access the full report on the Voice of the Consumer: Lifestyles Survey 2022: Key Insights, click here. For more information about our analysis and data on Consumers and Lifestyles, please reach out to us.
Remember, understanding consumer insights is crucial for business success in today's ever-evolving landscape. Stay informed and adapt to meet consumer needs.
