What trends will have the biggest impact on your business this year? It’s important for marketers to pay attention to consumer trends to make sure they are giving businesses what they really want. And what do consumers want in 2020? According to Gartner’s Consumer Top Trends, they want to shop green, they embrace repeat experiences, they choose experience over influence, they have a fluctuating concept of money, and they change their online behavior over fear of data breaches. Find out how marketing leaders can use these consumer trends to target what businesses are interested in this year.
What does Gartner Research do?Gartner is a research and advisory company for all major industries. According to their Consumer Top Trends, for 2020 consumers want to shop green, embrace repeat experiences, choose experience over influence, have a fluctuating concept of money, and change their online behavior over fear of data breaches.
Shopping green, for consumers, is more than just choosing products that are non-toxic or made with renewable materials. Consumers are also interested in saving gas and energy. They are even reconsidering some of their buying habits and reconsidering some of their impulse purchases, choosing quality over quantity. However, green marketing messages from businesses can be a slippery slope. Businesses need to carefully prepare their green messages and products by making sure they can back up their green messaging claims with reliable scientific evidence.
Embracing Repeat Experiences
For years consumers were caught in a loop of FOMO (Fear of Missing Out). In 2020 consumers have reached the point where they are overwhelmed by the sheer number of choices available and are instead choosing to embrace repeat experiences. According to a Gartner study, 80-percent of respondents said that they regularly re-watch television shows or movies, and 20-percent re-watched programs daily. What does this mean for businesses? Consumers want stability and predictability, and marketers should highlight how their business provides those experiences.
Choosing Experience over Influence
Consumer trust in big brands is at an all-time low. Consumers are interacting with brands more often than ever, and while more interactions provide more opportunities to build loyalty, it also provides more opportunities to create dissatisfied customers. Companies who focus solely on the bottom line will lose out to companies that are committed to their values, and share those values with customers, values like family, diversity, respect, and innovation. Businesses should evaluate their own company culture and make sure they are highlighting their culture with consumers, creating a brand, and experience that resonates.
Fluctuating Concept of Money
PayPal. Venmo. Zelle. Square. Stripe. Bitcoin. Consumers are embracing a myriad of ways to manage their finances. Between digital currencies, like PayPal, and cryptocurrencies, such as Bitcoin, consumers have a more fluid concept of money than ever before. Gen Z consumers are leading the movement, and marketing leaders need to be paying attention to the payment preferences of their customers. According to Gartner’s research, a majority of Gen Z consumers already view digital currency platforms as equal in importance to bank accounts or cash.
Changing Online Behavior
Data breaches are becoming more and more frequent, and consumers are taking note. While some data breaches are due to external factors, consumers also realize that some brands share their data in ways that they deem out of bounds as well. These internal data threats to consumers often result in worse fallout than an external breach. In response to concerns over how businesses handle personal information, many consumers are becoming more wary of how and where they share information online.
Consumers are sophisticated, and they are using their knowledge to thwart data collecting activities and taking back control of their online presence. Sometimes it can be as simple as a consumer tweaking their social media profiles to change the composition of their feeds and businesses with whom they are interacting. Businesses need to take proactive steps to assure customers they can be trusted with their personal data. Businesses should be transparent about the data they collect and give consumers the option to provide consent or have their data removed.
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