Consumer expenditure is expected to grow at its strongest rate since 2011 this year, according to a new report released today.
Market research company Euromonitor International revealed its predictions for the future, as well as the top 10 global consumer trends for 2018.
According to the report, ‘Top 10 Global Consumer Trends for 2018’, consumers’ growing curiosity about their genetic make-up and a rising interest in personalised health and beauty are fuelling a global market expected to soar by 2022.
A new wave of companies aims to provide consumers with genetic findings related to their general health, fitness and nutrition, with the market growth being global and competition in the largely unregulated Chinese market particularly intense.
“The consumer market still faces hurdles, such as country-specific regulations. Companies will need to be clear and upfront with consumers about the limitations of findings, or risk losing their trust,” said report author Alison Angus, Euromonitor International’s head of lifestyles.
“However, things are improving on the regulatory front and with the market continuing to evolve, it is likely that further innovative start-ups will invest in new technologies.”
With Augmented Reality (AR) having a wide range of applications in various industries, the potential in the mainstream consumer space is vast, bringing the benefits of in-store shopping into the home.
Euromonitor International forecasts that global internet retailing value sales will increase by a further three percent in 2018.
“Augmented Reality improves the consumer experience, providing a more lifelike view of the items and facilitates operational efficiencies for businesses by potentially reducing return rates,” said Angus.
“Online captures consumers’ interest with the convenience of the hassle-free, anytime, anywhere shopping they crave. The ability to see and touch products before buying is a bonus.
“This is in part why the in-store shopping experience remains appealing, and in 2017, 88 percent of global sales in value terms were still made in-store,” she adds. “In 2018 consumer expenditure is expected to grow at its strongest rate since 2011.
“Overall 2018 will see consumers continuing to question their values, priorities and purchasing decisions; deepening their engagement in the brands and issues that matter to them.”