INDUSTRY IMPACTS
For brands and policymakers, these trends have different implications, depending on focus and constituents.
Here are some quick examples as thought-starters but of course, the application is really in the details, and we’re available to answer your questions as you think about implementing them for your business.
Consumer Packaged Goods
With trends like “The Power of Trust,” “Conscientious Health,” and “Climate Convergence,” there is continued potential for growth in health-oriented products that cater to this holistic approach, such as functional foods and beverages enriched with mental health benefits like adaptogens or nootropics.
Messaging, however, will need an emphasis on authentic and transparent communication, as there has been a double-digit increase in people who say they are choosing brands that align with their personal values. Other trends suggest a shift towards living in the moment and focusing on personal autonomy.
CPG brands can leverage this by offering customizable products and experiences that cater to individual preferences and lifestyles, promoting convenience and instant gratification. But CPG they also need to help consumers balance the desire for indulgence with a need for healthy solutions – because if we all just live in the moment, we’re never going to solve the obesity epidemic, and the government may eventually step in to regulate it.
Media and Entertainment
The trends provide a roadmap for how media companies can adapt to shifting consumer preferences and societal changes. While companies and platforms should leverage the latest technologies like artificial intelligence and find new ways to improve personalization, they must also address concerns about data privacy and the potential for misinformation.
There’s a tension between a growing focus on personal autonomy and self-expression, and the splintering of societies amidst rising inequality. Addressing social issues through compelling narratives can also engage audiences, but it's essential to understand the different attitudes of your diverse audiences – and then develop strategies, programming and messaging to suit each without alienating the others. This requires a thoughtful balance of portfolio strategy, media planning and targeted messaging that still ladders up to your brand promise.
Financial Services
This sector faces similar challenges to media in terms of the tension between technology and worries about privacy and security, but those worries are much more pronounced in this space due to the higher stakes. Innovation is certainly happening in the industry with robo-advisors and new ways to implement AI for customer service, but while innovation is crucial, maintaining some traditional banking services can appeal to customers who prefer familiar methods. This helps maintain trust, which is often boosted by connecting with another human.
In the tension between local and global, understanding regional market needs can help guide local investments to enhance community ties and build your brand, while identifying the commonalities across segments can help you pinpoint where to create tailored products and services that cut across regions and demographics.
