Top 10 Trends In Consumer Behaviour

Consumer psychology is changing at a frantic pace. Consumer behaviour is undergoing dynamic alterations every day, especially in what they want and how they want accessibility to the services and products. Especially post-pandemic, consumer behaviour is in a state of constant flux.

Evaluation Criteria in Consumer Behaviour

The evaluation criteria in consumer behaviour include the dimensionality of benefits and features that form the priority for most consumers when they are searching for a solution to a specific problem. The main evaluation criteria in consumer behaviour have to do a lot with customer’s emotions.

Top 10 Trends in Consumer Behaviour

1. Multiple payment options- Consumers expect this as a necessity for completing the transaction

Online retailers are expected to offer a wide selection of payment avenues as people increasingly conduct their shopping online. Various payment options, such as debit and credit cards, PayPal and other modern forms of payment are being presently offered. Who knows..! Maybe the next is Crypto. 

Now the customers are expecting the online retailers to offer time deferred payment systems such as Buy Now Pay Later, which is growing at breakneck speed alongside eCommerce systems. 

The fact that both forms of payment and shifts in payment are growing indicates the primary current of change among the consumers. Fintech start-ups are ruling the roost when measuring the evaluation criteria in consumer behaviour.

2. Shoppers expect everything to be delivered

The last few years have seen new developments in the delivery of products to the home. New trends indicate that things that were hitherto purchased at the store are now being ordered online. Some examples would be eyeglasses, groceries, shoes, and workout equipment. 

The most recent addition to the bulky products now delivered online is the mattress, which was previously considered too large to deliver. When the pandemic happened, the online delivery trend underwent a revolutionary shift. The high point in this trend is the delivery of plants in the online mode too. Companies like Bloom and Wild registered impressive gains in sales when they introduced the online shopping of plants.

3. The increased popularity of sustainable and ethical products

Customers mainly fall into the moderate category when issues of sustainable use and ethical considerations are considered. Environmental responsibility is the key sweeping concern across corporate boardrooms, which do not want to antagonise the woke populations.  

A Harvard report suggests that the average sales growth of sustainable products has increased nearly six times compared to non-sustainable products. For example, bamboo toilet paper with a negligible carbon footprint has become a hit among consumers. Companies have even started delivering bamboo toilet paper to your doorstep. 

Another example would be ethics. Gone are the days of people toiling in sweatshops in third-world countries. Companies mainly in the clothing and accessory sector have displayed support for causes of equity and social justice. They stated that workers make their products in the most human working conditions possible.

4. People want health care at home

The use of telemedicine peaked during the pandemic. Reports suggest that there was nearly an increase of 5000% in the number of doctor appointments taken online. An interesting point to note here is that doctor services are only a part of the whole trend and that health and wellness services now have found a place both in the customer’s psyche and the online space.

The at-home spa treatments have seen immense popularity in recent times; what was once a must-visit-a-physical-location service now had to modify its business plan in the face of digital marketing compulsions. The pandemic offered the necessary impetus for the majority of the health services to go online. Skincare and in-home gyms have been the popular online searching trends related to health during the pandemic. Still, since the service is now open physically too, there is no sign of the decline in the demand of online services. The highlight is – getting your favourite massage at home.

5. Increasing clout of influencers in customer decisions

Product discovery is one crucial area where marketers have trained their thoughts. In the era of the relentless growth of social media, Gen Z and Millennials rely on influencers to buy a product or at least have a subconscious inclination when an influencer recommends them a product. 

The influencer marketing market registered an estimated amount of $14 billion in market cap in 2021 alone. Consumers are also becoming very selective in getting product recommendations. Internet trends show that influencers with small and niche audiences are the most effective in making product recommendations that turn into a sale.

A recent digital marketing report shows that influencers with the following between the median of 1K to 5K subscribers are getting double the relative engagement compared to those influenced with a high number of followers. Micro-influencers trend is now catching on, and companies are keen to hitch their wagons to micro-influencers, with over 40% of the online companies collaborating with them.

6. Increased subscription to monthly services

There is a 90 % year-over-year growth in the monthly subscription service industry. This is because consumers are now more open to paying for premium content. The fear of missing out has enabled a change – getting exclusive content over the freely available one. 

Monthly subscription services have touched a curious group of Internet users that had previously relied on one-time purchases. Online gaming has now entered the recurring payment systems with companies like Sony and Microsoft introducing hundreds of games for a monthly subscription fee, with the Sony Play Station service now having more than 3 million subscribers.

7. Consumers are spending more on pet care

Pet care has become important during the pandemic as working from home enabled owners to spend more time with their pets. Whether it’s Starbucks Puppichinios or Fido’s dog ice cream, the luxury pet market is growing steadily. The medical fraternity is also recommending CBD edibles to dogs thus making the pets and their owners happier.

8. The mindfulness market is booming

The introduction of the revolutionary Halo Sport, a device which deeply stimulates the nerves, has set the tone for a new niche in the mental health care sector. The global meditation market is all set to jump by $9 Billion by 2027 end. Themed or guided meditations help the mind process difficult emotions and increase focus. The use of celebrity voices such as Matthew McConaughey and LeBron James in inducing a state of peaceful relaxation has captured the attention of a niche class of consumers who can pay big bucks for mindfulness workouts.

9. Making home a security hub

Work and living trends across the globe show that in the coming years, most of the human population will spend 90 per cent of their time indoors. With increased home presence comes the responsibility of maintaining state-of-the-art security. Real-time monitoring of the home’s exterior is catching on popularity, with many homeowners using this as a measure to protect their online shopping deliveries. 

10. Seeking self-love has become the general rule

Consumer behaviour in the coming decade will be influenced by inclusion, self-care and acceptance. Those prioritising their happiness are increasing, and this niche group of customers are setting the trends for getting services that make them feel fulfilled, self-assured and authentic.

Final Thoughts

The business landscape is set to undergo a paradigm shift as the world comes out of the throes of the pandemic. The above trends in consumer behaviour are physical and relate to the state of mind and its comfort. Companies are taking into account the consumers’ comfort levels when designing products and creating comfortable experiences when delivering products and services. Keeping pace with and adjusting to future consumer behaviour trends is the mantra of a successful marketing strategy.