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Euromonitor outlines top global consumer trends for 2014

By Michelle Yeomans+

15-Jan-2014

In its official Global Consumer Trends Survey, Euromonitor forecasts what consumers will be favouring and investing in across various sectors including that of cosmetics over the next twelve months.

According to the market researcher, brands offering instant gratification in 2014 will draw consumers as the gap between first being interested in a product or service and actually buying it gets shorter.

Analysts say brands, of course, are keen to encourage this quest with a host of enticing Pinterest-style visuals and tools to make self-treating more tempting, and faster payment options to prevent caution getting in the way of impulse buying.

"Initiatives aim to take consumer convenience and impulsiveness to new heights, allowing consumers to buy what they covet on the spot."

Efforts to turn followers into buyers will continue to be successful...

By now the concept of utilising the social media platform to reach consumers is nothing new to cosmetic brands, and Euromonitor says that this will continue as brands strive to turn followers into buyers by using it in place of events to launch products for example, an approach that has been called “social unveiling".

Research shows that consumer engagement with brands via social networking positively impacts their attitudes and buying behaviour,” the survey states.

In terms of ecommerce and online shopping, the market researcher says the greater use of smartphones will only enhance the shift to purchasing on that platform.

"More consumers armed with their smartphones are now taking comparison shopping into high street stores where they are 'showrooming,' browsing in shops, using apps to check out competing shopping options and buying later online," they inform industries.

Consumers still willing to invest in luxury

The trend survey also indicates luxury goods sales as continuing to grow as high-net-worth consumers maintain their lifestyles, they want some luxury in their lives, and of course, the ubiquitous luxury item could be the smartphone.

Chinese consumers were the world’s biggest tourism spenders in 2012, according to the United Nations World Tourism Organisation, but they have also eagerly embraced the discount luxury trend whilst travelling in the US and abroad.

In fact, Euromonitor predicts a significant number of consumers to decrease their spending over the next year, but are not willing to sacrifice consumption. Instead, they will look at other routes to reduce spending such as bargain shopping.

To check out the entire version of the forecast, please see here.

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