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As consumers are becoming increasingly aware about ethics, the environment and health, their decisions are undergoing change. This is in turn driving businesses to alter their tactics. Here is what we learned this year about consumer trends through these 8 studies.
1. Carbon Emission Food Labels Work
Food labels that show the carbon footprint can drive more sustainable consumer choices, says a study published in Nature Climate Change.
2. Indian Consumers Want To Choose Sustainability
In a report by Indian corp Mahindra, Indian consumers want to make sustainable lifestyle choices but are blocked by lack of accessibility and affordability.
3. Asian Consumers Welcome Lab-Grown & Plant-Based Meat
A study published in Frontiers in Sustainable Food Systems assessed consumer interest in plant-based and “clean” laboratory-cultured meat in the United States, India and China. While all three countries exhibited high levels of acceptance, significantly greater levels of approval were observed in Indian and Chinese consumers.
4. 7 Trends Will Drive Consumer Spending In 2020s
According to the Mintel report, these anticipated trends include wellbeing, surroundings, technology, rights, value, identity and experiences.
5. People Are Buying Sustainable Across Every Goods Category
The Centre for Sustainable Business at NYU analysed purchasing data on sales of over 71,000 products and found that sustainability-marketed products were responsible for a 50% of sales growth among all packaged goods. This was consistent across every single consumer goods category.
6. But It All Comes Down To Price
A University of Chicago study conducted in Japan found that people are more persuaded by economic incentives than moral reasons when it came to committing to energy-conserving behaviour.
7. Elite Chinese Consumers Prioritise Making A Positive Impact
According to a new report by HSBC Jade, Chinese elite consumers say personal growth and making a positive impact on earth is more important than wealth.
8. Generation Alpha Want To Save The Planet
An analysis from Wunderman Thompson Commerce finds that 67% of 6 to 9 year olds say that saving the planet will be the central mission of their careers in the future.
Lead image courtesy of Freepik.
