Five consumer trends that can emerge in 2022

Highlights

• Over the previous year, consumers found themselves locked within their homes amidst lockdowns, making online shopping a new normal.
• Social media is a powerful tool for companies to advertise themselves to a mass population of users at a time.
• Increased focus on ethical practices, the rise of subscription delivery services and an improvement in brand transparency could be some recurring consumer trends of 2022.

The COVID-19 pandemic has sparked off a new generation of tech-savvy consumers, who have a diverse taste palette for goods and need everything quickly. While being confined within their homes during lockdowns, most consumers turned to online shopping to fulfil their needs. In fact, the new generation of consumers, who have emerged from the pandemic, has prompted retail companies to modify their business models accordingly.

Keeping in line with the ever-changing nature of the virus, consumer trends have also been swiftly changing ever since the pandemic ensued. For companies, this has meant a new wave of opportunities to capitalise on. In this backdrop, let us take a closer look at some consumer trends that are here to stay in 2022:

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1.    The supremacy of social media

Social media has become a growing craze for some time now, to the point that it cannot just be dismissed as being a fad. It is not only a powerful tool to connect with loved ones online, but also a great way for companies to advertise themselves to a mass population of users.

A single ad on a social media platform can garner millions of views within a single day. Such immense is the power of social media. Since the largest proportion of the population actively engaging on social media is that of millennial and Gen Z users, companies can easily market their products that reach out to the younger generation. Companies are expected to continue leveraging the benefits of social media this year to act in accordance with consumer choices and tap additional markets.

2.    Increased focus on ethical practices

It will be wrong to assume that the modern consumer does not want to know what goes into the production of their favourite goods or how their preferred brands conduct operations. An average consumer has become much more aware in terms of sourcing ethically produced products.

Consumers are preferring brands that give them assurance that their employees are well-compensated and have their rights preserved. This trend is expected to stay in 2022 as well.

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3.    The rise of subscription delivery services

The usage of subscription services is likely to increase in the coming year, allowing companies to tap a larger number of consumers and minimise their losses. Subscription services have already emerged as a popular trend among software companies, TV networks and publications.

The subscription services have allowed companies to plan well for supply-side glitches throughout 2021. Moreover, if companies have learned anything from 2021, it is that supply-side challenges can be as hampering as disruptions on the demand-side.

4.    Improving brand transparency

Brand transparency is another trend that is fast catching on. Consumers attach a sense of loyalty to companies that maintain a higher degree of authenticity and honesty about their products. However, some companies have taken unfair advantage of this growing trend, leading to the emergence of greenwashing. Greenwashing is the practice of marketing products as being more environmentally conscious choices than they are.

Consequently, this quickly growing trend has an attached drawback of companies being falsely advertising themselves as green producers.

5.    Shifting to newer forms of payments

The rise of digital currency has taken the markets by storm over recent years. 2021 was a phenomenal year for cryptocurrencies, as most of the cryptos saw significant gains during the year. This has led to a booming requirement for blockchain-backed payment systems, even among retailing companies.

Corporations are coming up with their digital tokens that can be used for the payments on their platforms. Thus, a move towards more digital forms of payment could be a growing trend across consumers goods this year.

For 2022, companies have much to look forward to as their audience becomes increasingly aware of the products floating in the market. The upcoming consumer trends can be game-changers for the retail industry.

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