14Jul/100
Jennifer Wong’s Macro Trends
Wow - my last post for Shopper Insights in Action and IIR. It's been a great ride and I appreciate the opportunity! I look forward to hearing from my new connections and will return the favor, too!
The last keynote was given by the awesome Jennifer Wong, founder of Muse. She gave us her view of eight macro trends which are definitely food for thought as we go back to our jobs now that this conference is over!
- New Normal. Is there one? Have we stabilized? Currently, there is a pradigm shift from corporate to consumer heavyweight which is disturbing to big corporates. These days, most things are consumer driven: social media, DIY, mass customization, new definition of values and new definition of value. These consumer driven activities shape how we act and behave. This means that brands must nurture relationships with customers, must provide social connection, must pledge transparency and yield itself to consumer control.
- Pocket Shopping. This is the dawn of e-tailing, co creation and app mania. Consumers want frictionless payment and we should expect more untethered nomadic retail. Though consumers like their phones, the by product is ADD and short attention spans which is supported by the localization of contextual information (e.g. Foursquare and offers on Foursquare). This means that there is a blurring of selling channels: traditional, social, etc.
- Cocoon 2.0. Shelter is home instead of house. There is new interest in space and purpose of space. Case in point, gardening has become extremely popular because of the recession and various food scares (19% increase in food gardening). Also, people are entertaining more. This suggests a focus on simple pleasures and the product and brand facilitate that connection.
- Sizing Up. We are both a little taller and a lot heavier. 64% of adults in the US are overweight/obese. We've got to step in to help reverse this trend.
- Wellbeing and Relaxation. People are finding happiness in a healthy body as opposed to a healthy bank account. There is more attraction to natural and / or holistic remedies for what ails us. As she joked, Red Bull is out and Slow Cow is in. As we are stepping off the hamster wheel to reexamine our personal needs, companies need to be cognizant of this attitudinal shift and adjust products/messaging to reflect his new healthy lifestyle.
- Curated. This is about humanization over hype. People are choosing products and experiences designed for sharing. Everyday basics can and should be beautiful e.g. Michael Graves' design work for Target. There is also a shift from flashy to subdued. The big bold brand names all over our clothing are passe. There's now a return to valuing craftsmanship and substance over style. This means that there are now higher creative standards for brands and products. It's not enough to have a logo - we have to demonstrate the value we bring to the consumer.
- Less is More. Similar to curated, we are streamlining our living and we're combatting overconsumption and overstimulation (our cell phone addictions notwithstanding). We're gladly streamlining how we live and downsizing. She called it creating silent spaces which I found interesting. This means we should respect limits and not overwhelm.
- Next Decade. We're in a shift away from me first to community and sharing. Similar to less is more, we are volunteering to simplify and relish it ("small is the new big"). We are rethinking what's essential and reducing what we buy but making a purchase a quality purchase. We're also supporting our communities more by buying more products locally. This means that social is really social - online and in very real, personal ways.
It was fascinating and I really enjoyed it! Thanks again for reading these posts and please do reach out to
me!
Parissa Behnia
Idea Chef
678 Partners