Jun

24

New opportunities present fresh challenges which are exciting but does bear risk. Information guides decisions that mitigate risk, and the right information can be valuable. In making the most of new opportunities, especially in business, taking note of key consumer trends will be vital in gaining the advantage over competitors.

Here are 11 trends to watch out for this 2011.

1: Family comes First. Families have become more connected than ever. Parents maintain a longer and increasing amount of influence and support within their children’s lives. Young adults will increasingly draw upon parental and familial support.
It is important to note that the “value” of family is particularly highlighted in times of economic downturns.

2: More Personal Control. Consumers are gaining control over their personal finances. Banks have responded by providing “Personalized Financial Planning,” offering customized financial options based on client’s needs.

3: Press Play. Playtime for exercise or entertainment has become more important in people’s lives. Electronic gaming has become the world’s most valuable entertainment industry in terms of revenue. Significant proportions claim to play video games at least once a week, and “social gaming” via social networking profiles place games at the heart of online social interaction.

“Gaming on the go” has become a widespread activity, enabling consumers to fill moments of unproductive downtime with constant stimulation.

4: Cautious Shopping. Consumers everywhere have become dramatically sensitive to price and now look for value in the products they buy. A majority will be on a wait-and-see mode, rationalize their needs and wants before spending their hard earned money.

5: What’s the Deal? The Internet has powered communities to create sites to swap and share products and services. Aside from bargain hunting, there’s the increasing popularity of item swapping or barter between groups and individuals.

Collective purchasing and group discounts are facilitating “Team Buy,” a phenomenon that originated in China and has slowly spread throughout the globe due to the novelty and nobility of the idea. Social Buying has gradually reached the shores of the Philippines as well.

6: Realistic Green. Companies can give consumers the green light for green consumption by creating offers that can in some way deliver (either in the short or long-term) money-saving benefits, and that can provide consumers with immediate feedback of their own eco-friendlier actions.

Fifty to sixty percent of consumers in countries with lower per capita income, like the Philippines, say that price is still more important than how green a product is, and it is their belief that going green is more of a corporate responsibility than theirs.

7: Concierge Brands. The availability of concierge services was once entirely confined to the gilded world of the affluent elite, celebrities and only the most senior of corporate executives. But enhanced service offerings are now burgeoning in the mainstream landscape, becoming one more weapon in brands’ arsenal to satisfy the demands of the exacting, maximizing and budgeting consumer in 2011 and beyond.

8: More and More Mobile. The further embedding of social networking into the fabric of the Internet and the continuing flight of Internet activities to mobile devices are key drivers that will drive the Internet beyond its current limits.

Though still a niche trend globally, more Internet usage will migrate onto mobile devices, especially with the latest generation of smart phones and tablet devices that allow people to carry out virtually any kind of activity wherever they are.

9: Lure of the Shop Floor. Faced with increasingly competitive home shopping networks, cheaper Internet shopping and a global economy threatening to remain uncertain in many areas into the decade, the bricks-and-mortar retail world has come under sustained pressure to offer engaging and attractive offers.

Retailers evolve their locations into havens of technological interactivity and experiential treats, shopping locales will become genuinely alluring leisure destinations, complete with unique in-store activity and, crucially, seamless connectivity with the technologies and networks consumers can readily access.

10: Pragmatic Luxury. Consumers demand luxury, but luxury has become more about individual expression. This demand for luxury is tempered by pragmatism. The world does not revolve around brands anymore, particularly among younger consumers. They have learned to incorporate cheaper pieces together with the expensive. Pragmatism and the search for a good deal is no longer limited to the masses, but increasingly among the middle class too.

11: Owning Time. The commodity that runs short is the most precious: Time. The pace of life is increasing.

Consumers want to control how they spend their valuable spare time with increasing conscious effort and focus. For example, urbanization and time demand of working in Business Process Outsourcers has brought about a “Work-Life Balance” hungry workforce in the Philippines.

There is always the feeling of needing more time to do what we consider as important, more time for family and self.  People are more than ever looking for increased convenience to do the things that really matter.

Full Time Experts Outsourcing – Consumer Trends Watch Philippines

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