Euromonitor International recently released their 2018 Top 10 Global Consumer Trends list, which are listed in the chart below.
We found all the trends interesting, but we especially liked two trends that we also follow closely - the shift to access over ownership and the rise of entrepreneurship.
Key quote from the report summary:
Consumers of all ages want and need less. Ownership is under question, and flexible, minimalist living is gaining popularity, with consumers sharing everything from clothing, household items and pets through to cars and living spaces. Rejecting commitment also plays out in the workplace, as consumers say no to corporate 9–5jobs and instead choosing entrepreneurial lifestyles on the road.
Their 3rd trend - The Borrowers - covers the continued growth of the sharing economy.
They point out it's not just 20 something Millennials who are embracing the sharing economy. It's also "beginning to impact older generations: previously materialistic Baby Boomers are looking to downsize and simplify their lives."
Trend 5 is called Adaptive Entrepreneurs. Key quote on this trend:
Consumers are increasingly seeking flexibility in their lifestyles, and are prepared to take risks. Millennials especially have an entrepreneurial nature, shifting away from the “traditional” 9-to-5 career towards one that affords more freedom. Euromonitor International’s 2017 Global Consumer Trends Survey shows that nearly 50% of respondents across all generations aspire to being self-employed. Taking out Baby Boomers, amongst which this desire is lower, this aspiration increases to 56%, clearly showing the growing trend towards this Adaptive Entrepreneurial lifestyle.
As we've often pointed out, when people are asked if they want to become self-employed, many more say yes than will actually take the plunge and become self-employed.
We've found in our work only about 5%-7% of those who say they are likely to become self-employed over the next 2 years do so.
But having half of all consumers saying they aspire to self-employment is still impressive and shows the broad appeal of being your own boss.
One of the reasons we follow Euromonitor's research is their global perspective.
Being based outside of the U.S. and working across geographies gives them a perspective often missing from trend analyses from U.S. based organizations.
The full report is well worth reading (it's free, but registration is required).