Trends in Consumer Behavior

Technology in recent years has brought about several new trends to consumer behavior. We pick out three trends worth keeping a close eye on.

1) Going mobile

Smartphone take up rates all over the world are set to explode. By the end of 2012, there will be approximately 20 million new smartphones users. With the ability to stay connected away from home and the office, online advertising has never been more lucrative. How often do we notice an advertisement board along the street nowadays, seeing that we’re glued to our smartphone screens even while walking.

Given how convenient it is, more and more stuff is bought online.

2) Collective bargaining

Most of us are familiar with deal giants such as Groupon and LivingSocial. There is such an abundance of deals on offer, where consumers, increasingly so, don’t expect to pay the full price for ‘stuff’. The resulting demand for more and more deals means brands will need to integrate these with customer loyalty programs.

3) Participating in the sharing economy

Consumers have become more resourceful in earning extra cash from selling anything from extra room space, to renting out that electric drill just sitting around. In other words, ‘sharing’ is becoming increasingly attractive.

Posted in Collaborative Consumption