Forerunner Ventures is one of the most successful consumer industry-focused venture capital firms.
They were early-stage investors in many well-known consumer brands, including Warby Parker, Bonobos, Dollar Shave Club, Jet (now owned by Walmart), and others.
Forerunner recently released a consumer trends report they call The Dinner Party.
Their premise is that the past several years dislocations have resulted in consumers needing to deal with mounting uncertainty and personal and societal adversities.
Key quote from the report:
"The consumer has been upended by the change in every aspect of life and is facing mounting adversity. We are all searching for varying degrees of purpose, direction, and resilience to get back to solid footing and a path towards a brighter future."
The study identified eight psychographic consumer personas, which Forerunner calls "consumer archetypes".
They also identify six broad consumer trends. These are:
- Sick-care Evolves to Well-care
- Money Matters
- Choice is The Future of Work
- New Age Activism
- The Need for Community is Real
- Sustainability Moves from Transition to Table Stakes
All are supported by interesting data from their consumer survey and well worth reviewing.
But one set of data jumped out at us.
As the report chart below shows (click to enlarge), 61% of their survey respondents said they prioritize money over convenience, and 66% said they prefer DIY vs. paying to outsource.
This is a significant consumer shift away from the past decade's on-demand service revolution that provided consumers - for a price - the ability to outsource many aspects of their lives.
Key report quote on this shift:
We imagine this marks the beginning of a pendulum swing to a place of balancing price and value with urgency and convenience ... opportunity exists to provide relevant tools and resources for people who are now actively looking to do more with less, or re-engage in activities and experiences that help harken back to a simpler life.
While we like most any trend description that includes the word "harken," this trend is a major shift in consumer thinking - and a trend we fully agree with.
Forerunner has a strong track record of spotting, and successfully monetizing, shifts in consumer behavior. Because of this, we pay attention to their trends' work.
See the report for more details on the consumer archetypes and trends.
