Predicting future consumers

2021.04.29 / Viewpoint

Predicting Future Consumers

 

2020 is a year of world readjustment. Though in an uncertain environment, enterprises are still actively looking for opportunities. The new generation of consumers' cognition of products and experiences has been redefined. What actions need to be taken to explore consumers' emotional changes, to predict and deliver the products people want in the future.

Though the future is full of uncertainty, we predict four future consumer types based on the directions of "time perception" and "Hope" as reference for the trend of consumers in the next 3-5 years.

 

The New Pragmatists

Characteristics: distorted sense of time, emotional fatigue and economic uncertainty due to external environment change. Companies need to be cautious of New Pragmatists, because they are eager for stability and security and do not want to be interfered with too much.

 

Coping strategies: for this type of consumer, the suggestion would be to focus on activating retail innovation. For example, adopting more advanced in-store technology, developing subscription, pre-order and customized retail, providing weekly discount plans, adopting new discount modes and customer loyalty plan.

 

The New Romantics

Characteristics: the increased workload and the strong need to reestablish emotional connection with customers provide motivation for the new romantics, who are gradually redefining the community. They will be witness to the shift of urban population to the suburbs, the new telework mode and the enhancement of local community awareness.

Coping strategies: develop products, services and social initiatives to help people build a stronger emotional connection between their inner world and the outside world. For example, the use of green renewable energy materials, the provision of sustainable products, the creation of sensory experience moments, the encouragement of ceremonies and the promotion of health.

The New Pluralist

Characteristics: Stemming from anger towards 2020 and the lack of institutional and government assistance, these type of activists will seek to use technology and work to rebuild their confidence base. In 2023, they will gradually step out of the reflection of "cancel culture" and turn to respect diversified opinions and support diversified companies and communities.

 

Coping strategies: focus on inspiring actions, emphasizing continuous progress and long-term change. Develop cross-cultural products, integrate local wisdom, ensure that the enterprise's supply chain is ethical and transparent, and actively develop markets directly for investors.

The New Vanguardist

Characteristics: this group has a high degree of cognitive flexibility. They are multi-dimensional, versatile and always seeking stimulation and sensory input. In the future, they will continue to seek new experiences and high sensory moments, and promote the next wave of "slash" career.

 

Coping strategies: invest in new entrepreneurship, virtual adventure and compound experience, enter the next stage of the Internet, the virtual reality network world supported by AR, VR, 3D and other technologies, and explore the new third space fields of game retail, e-commerce, virtual world and consumer communication, games, shopping, learning and work.

 

Conclusion

This global pandemic has changed the world view and mindset of many individuals, the term “normal” has been completely redefined. Letting us reflect upon the past and face whatever challenges the future might hold optimistically. An open mind, flexibility and careful planning are crucial to the future survival and success of all brands and enterprises. Understanding how people's mindset, demands for new products, and experiences will evolve in the future, and their emphasis on corporate social responsibility will help us provide brands and businesses with the knowledge they need to create future products, services and strategies.

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