Trend forecasts from Euromonitor are based on the “triple bottom line.”
According to Euromonitor International, consumers in 2021 will anticipate purpose-driven projects that support the “triple bottom line”—people, planet, and profits.
The public’s focus shifted significantly last year from more pressing social issues to slower-moving environmental threats.
According to David Mackinson, senior research analyst at Euromonitor, “some US brands posted messages of support on social media after George Floyd’s death last year, while others launched full-scale multi-channel marketing campaigns.” But it’s no longer enough to just say the right thing or show support for one another. Customers want brands to demonstrate their actions, not just lip service.
According to Euromonitor, 30% of consumers actively participate in political and social issues. More than a third of consumers, when asked about their personal outlooks on life in five years, stated they anticipated greater political unrest in their nation and that the world would be a riskier place. About the same percentage stated they would be willing to boycott companies that don’t share their values. their principles and convert to companies that address social and political concerns.
Rising customer expectations that companies should do more for society have been sparked by COVID, according to Maria Coronado Robles, sustainability insights manager at Euromonitor. Many of them no longer see companies as solely profit-oriented organizations. Although they acknowledge that a company’s financial performance is crucial, they insist that businesses assist in resolving social issues.
In 2020, consumers started to demand more empathy from brands that have a strong sense of social responsibility; however, in the upcoming year, environmental concerns will still take precedence over the surge in social initiatives brought on by the pandemic. According to Euromonitor, half of consumers believe climate change will have a greater impact on their lives in 2025 than it does now, and nearly 70% of professionals believe consumers will be more concerned about sustainability after the pandemic than they were before.
In the future, sharing sustainability initiatives will be essential.
“In order to earn customers’ trust and loyalty, businesses must establish a connection with them,” Ms. Coronado Robles stated. Giving them the facts is crucial in order to accomplish that. Companies are figuring out new methods to interact with moral customers, like tracking and sharing their carbon footprint.
In terms of wellness and health, people’s concerns in 2021 will center around mental toughness. According to Euromonitor, 73% of consumers stated that mental health and depression had a moderate to severe impact on their daily lives.
“The worldwide health crisis has upended innumerable lives worldwide, challenging our psychological fortitude and limiting our experiences,” Mr. Mackinson stated. “A lot of customers who are used to treating the signs and symptoms of anxiety and declining mental health are now required to confront the root causes. In an effort to live more fulfilled lives and better themselves, the pandemic has made people reflect more deeply on who they are and where they fit in the world.
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He gave the example of General Mills. During the pandemic, the company witnessed an increase in sales of well-known brands like Pillsbury and Betty Crocker. By reintroducing the original recipes for its Cocoa Puffs, Golden Grahams, Cookie Crisp, and Trix cereals, it also took advantage of the emergence of retro brands.
Mr. Mackinson stated, “Nostalgia is a marketing strategy with consumers less eager to try new products and their confidence shaken.”
According to Euromonitor, more consumers in 2021 will have a recessionary mindset. Due to the uncertain economic environment, consumers will give priority to value-added and health-conscious products as discretionary spending declines.
According to Euromonitor research consultant Radhika Singal, “what this means for businesses is that we’d really recommend them to invest in value for money propositions.” “Any premium attribute in the modern era must be supported by an empathetic story and have a strong connection to wellness and health, or even self-care and mental health.”