Consumption Trends Review from Marketing and Branding Agency FINE Development Company: AI, Blockchain, IoT, Kyiv, Lviv, Odessa, Dnipro, Vinnitsa, Ukraine

Consumption Trends Review from Marketing and Branding Agency FINE Development Company: AI, Blockchain, IoT, Kyiv, Lviv, Odessa, Dnipro, Vinnitsa, Ukraine

 

It is becoming increasingly important to analyze trends in emerging markets, especially the food market, in the context of enterprise innovation.

Current changes in the structure and style of consumption imply the need to adjust the supply structure in accordance with the need (demand) for specific goods. In this regard, the food market has great potential for development.

 

Modern megatrends in consumer behavior from FINE marketing and branding agency

 

The processes of globalization and the associated technological progress, a variety of lifestyles affect the market behavior of consumers, forming a new attitude towards the act of consumption and consumed products. In general terms, a megatrend is defined as "a social, political or technological change that affects all areas of life over time." Looking at the changes in consumer behavior that have taken place over the past decade or so, there are three main directions of transformation. The first is the structure of buyers' needs, the associated system of values, attitudes and preferred lifestyle. The second direction concerns the changes taking place in the market environment of enterprises, determining ways to meet the needs of consumers. The final area of ​​transformation is shopping habits, as well as the widely understood drivers of shopping decisions. Certain trends in consumer behavior are based mainly on such prerequisites as maintaining health, comfort in life, the desire for luxury, individualism, willingness to share with others, sustainable consumption. Changes in consumer behavior are leading to - different from previous - megatrends in consumption.

 

Among the trends observed are:

 

  • Change in consumption patterns,
  • Consumer hedonism,
  • Ecological consumption,
  • Ethical (responsible) and sustainable consumption,
  • Smart shopping - smart shopping,
  • Others (like virtualization).

 

Green consumption, also called green or sustainable consumption, is the deliberate effort to minimize negative impacts resulting from the consumption of consumer and investment goods by rationalizing resource use and reducing the production of post-production and post-consumer waste. This form of consumption is associated with the desire to obtain consumer goods in a cheaper and healthier way, and to replace perishable food with durable products that can fulfill their tasks in a longer, rather than a one-time consumption cycle. The goal of ecological consumption is also the economical use of raw materials, consumer goods, the wider use of ecological goods (especially food) obtained by natural methods, and the limitation of the use of goods that are harmful to the environment.

 

One of the new forms of consumption is joint consumption, also referred to in marketing as “consumer cooperation.” Collective consumption is a consumption model based on the sharing, resale, exchange and rental of goods and services for free and for a fee. The meaning of this idea is saving on buying new products, their more rational use, flexibility in meeting recurring needs, and environmental friendliness. There are signs of shared consumption on the Ukrainian market, but in a limited amount.

These include, in particular:

  • buying and selling used items,
  • joint (group) purchases (for example, machinery, equipment for agricultural production),
  • offer of seats on car trips,
  • rental of luxury items or unique items (eg car, branded clothing).

Another trend is smart shopping, which is "a tendency for consumers to spend significant time and effort searching for promotional information to save money." Smart consumers look for products with a suitable price-performance ratio, taking into account many factors in the decision-making process besides price.

 

Outcomes:

 

Taking into account the changes taking place in consumption patterns (from “selfish” to “prosocial” consumer) and using the potential of marketing, it creates the opportunity to adequately adapt the company's product offer to the current and potential needs of consumers, and allows to create innovative products with an attribute of ethics, bringing tangible benefits for both companies and consumers. In order to order a marketing or branding strategy adapted to your business and current market trends, please contact our marketing and branding agency FINE Development Company: AI, Blockchain, IoT, Kyiv, Lviv, Odessa, Dnipro, Vinnitsa, Ukraine

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