Consumers to show resilience and balance in 2010
CHICAGO — Resilience and balance will define consumer behavior in 2010, according to Mintel International.
"While in 2009 fear played an important role in shaping consumer behavior, 2010 will see a return of confidence and adaptation to overcome the restraints previously imposed on consumers," said Richard Cope, director at Mintel. "Balance has become the new mantra. As consumers find they are able to spend again, we’ll see balanced spending and balanced consumption as key characteristics of next year."
Overall, Mintel named seven consumer trends for 2010:
1) Resilience. Consumers will demonstrate an ability to recover from and adjust to any misfortune or change brought on by the recession. Overall, people will face the next year with better attitudes and increased resolve.
2) Reviewing and re-evaluating. 2009 prompted many consumers to re-evaluate aspects of their lives to look for value and savings. In 2010, consumers will keep doing the same as they continue to look for the best deals and find where they can get by on less. With this, private label brands will continue in popularity.
3) Accountability. Consumer confidence has dropped, and consumers will continue to see an increased demand for proof and results. Transparency is becoming a requirement for brands.
4) Escapism. As many consumers scaled back so much during the past year with "staycations," small indulgences and cooking at home, consumers will start to loosen the restraints and treat themselves to some bigger purchases this year.
5) Social media and networking. Consumers are increasingly into micro-blogging, social networking and interactive media, and people will continue to incorporate new media forms into their daily lives. With this, consumers will question the nature of authority and effective use of advertising.
6) Ethical responsibility. Promoting environmental and ethical responsibility will be important in attracting to consumers, and businesses rebuilding their brands should consider giving consumers an emotional reason to purchase.
7) Stability. Consumers are avoiding big spending binges and will focus on moderation and preparation. They also will stabilize other areas in their lives, including food, diet and beauty.