The need for security is supporting a return to the Trademark industry, but with clear differences from before. New open-air, digital and high-tech experiences are also favoured
For those who predict market trends, this current phase certainly isn’t an easy one to interpret. Having said that, after 2020’s features, unprecedented in the last hundred years, some reliable trends are beginning to emerge for the year that has just begun. The analyst Euromonitor predicts that consumers will continue to be very safety conscious and seek out outdoor living events. On the flip side, they’ve got used to the phygital experience and ‘playing’ with free time. Most importantly, there’s an ambition to not return to ‘business as usual’ but try to build a future that’s different: 64% of international consumers are aiming to reduce plastic consumption, 61% are concerned about climate change and 60% want to reduce food waste.
Towards new lifestyles
Euromonitor also say that the open-air trend will initially lead to lots of outdoor activities that previously only took place indoors and, later on, to creating more natural, almost ‘rural’, urban environments. These changes will mainly affect the large metropolises where housing is a significant part of consumption, such as London (between 30 and 35%), Moscow (around 25%) and New York (just over 20%). In terms of the phygital experience, the analyst points out that 87% of consumers own a smartphone. Of these, an increasing number engaged with augmented or virtual reality last year, particularly younger people: 60% of those aged 15-29, about 55% of those aged 30-44 and just over 30% of those aged 45-59, while among the over 60s, use is around 20% .
As for consumption habits, research conducted in Italy by McKinsey reveals that among FMCG manufacturers, eight out of ten (79%) business leaders believe the health crisis will have a lasting impact on customer needs over the next five years. For consumers, staying at home and prolonged physical distancing has encouraged a ‘mobile’ consumer mindset with 80% looking for safe, easy and affordable experiences through direct to consumer (DTC) channels. Finally, McKinsey reports a worldwide brand renaissance as consumers are largely choosing brands they can trust completely (55% of consumers in the US; 48% in Germany and 52% in the UK; 89% in China and 77% in India).
Technology as an enabler
The year just gone also witnessed the unstoppable advance of foodtech. According to Talent Garden’s report The state of global Foodtech, there are more than 5,300 companies and 4,500 staff across the sector. Plus, with an annual growth rate of 42%, it’s raised €65 billion in funding in the last decade, €17 billion of which came from 2020 alone. The best performing market segments are agritech and delivery: agriculture is the area with the highest level of innovation, the report shows, but delivery is has the greatest fund raising capacity, with 31.5 billion euros (48% of the entire foodtech sector).