Euromonitor International: The Top 10 Global Consumer Trends for 2014

Trends include an overwhelming desire globally to indulge in luxury goods, download more apps and document experiences visually through social media. However, consumers are also struggling with work-life balance, maintaining an eco-friendly lifestyle and eating better. These trends are sure to change the way brands appear and interact with consumers and in turn, brands will need to work harder to maintain customer loyalty.

1. A Narrowing Gap Between Interest and Purchase

As consumers are looking for instant gratification with various products, brands are looking for ways to harness customer impulse buying. Most recently, MasterCard announced a partnership with publisher Conde Nast in an app called ShopThis, allowing digital consumers to instantly buy items they see in a magazine ad or an item of clothing worn by an actor in a film.

2. Eating Right

Interest in eating right goes beyond the obesity statistics – many are aware that healthy eating can improve quality of life and extend longevity. Also, many are discovering food sensitivities and are looking to purchase “free-from” products. According to Euromonitor International’s 2013 Global Consumer Trends Survey, online consumers are willing to pay more for food items with specific benefits, such as added nutrients.

3. Eco-Worriers and the Blooming of Social Conscience

Consumers are increasingly looking to connect with brands, business models and products that do not associate with negative environmental or social impacts. A new lifestyle platform called SHFT is aiming to convey a new, more sustainable approach to the way we live. Created by actor Adrian Grenier and producer Peter Glatzer, SHFT believes “Sustainability should be folded into the fabric of our lives… and nudge us further towards the sustainable direction in which we’re inevitably headed.”

4. Home Base: The Importance of Home and Community

A homebody is not just a person anymore but also a state of mind as consumers are centering more of their entertainment in the home. According to Argentina’s newspaper, La Nacion, “You can get a professional chef to cook for you, host a band for an exclusive show in your living room or attend a play in your garden.” Consumers are also members of multi-generational households, due to rising costs of childcare, housing and eldercare. Multi-generational living is important in terms of purchasing, as a mix of generations will influence buying behaviors for food, holidays and technology choices.

5. Frustrations with the Lack of a Work/Life Balance

Read more here on Euromonitor's site>>