WGSN's latest white paper highlights the key consumer sentiments and business strategies to navigate the next 18-24 months in a world post-pandemic.
London, September 21, 2020 – WGSN, the global authority on consumer and design trends, today released The Value Shift, a white paper for executives, marketers and product designers alike highlighting the key consumer sentiments and business strategies to navigate the next 18-24 months in a world post-pandemic.
Carla Buzasi, WGSN’s President and CEO, commented: “None of us will forget 2020. It’s been a tumultuous year, but amid the disruption and destruction of the pandemic, we’ve also seen a unique sense of unity not witnessed in generations. In The Value Shift, we outline the five key global drivers influencing consumers and the corresponding sentiment shifts as they navigate a new world – from financial anxiety to a quest for truth – and the strategies you need to resonate with them and gain market share, whether you’re in fashion, interiors, beauty or food and drink.
“Change can be daunting, but with more than 20 years’ experience as change forecasters at WGSN, we know that it’s also an opportunity to adapt, innovate, perhaps even reinvent. This white paper should provide you with an indispensable guide to do just that.”
WGSN highlights the following five new Consumer Drivers:
- Financial Anxiety: Covers how the tough economic climate will drive low-impact consumerism and a desire for products with purpose and longevity.
- Health Concerns: Wellbeing was already under the spotlight, but add in the fear of physical and mental safety concerns – and with self-care a rapidly growing industry – it’s little surprise that this is a critical consumer sentiment.
- The Loneliness Syndrome: A pervasive issue pre-Covid-19, loneliness has been driven by the switch from physical to digital connectivity and an increasingly desynchronised society. Post-pandemic ‘quarantainment’ will increase, becoming a new multigenerational normal.
- Quest for Truth: Prior to the pandemic, inaccuracies and falsehoods became a battleground in an increasingly partisan and post-truth world. Coronavirus has put a premium on truth. Keeping consumers reliably informed has never been more critical.
- Safety Fears: From social and political unrest to the global pandemic, safety and security is the great demographic and socioeconomic unifier. We are seeing a rise in collective trauma that is making the sanctuary of the home more important than ever.
WGSN identifies the following five Resilience Strategies:
- Add Value by creating not just own-value ranges and affordable lines, but also think multipurpose and multifunctional products – and for beauty and household essentials, go big.
- Deliver Wellness for consumers who are health-conscious and looking for holistic solutions, addressing diet, beauty, fitness and home hygiene.
- Gain Trust for consumers who value truth. Be clear, open and honest about your supply chains. Take corporate social responsibility seriously and show you care.
- Promote Togetherness and inspire community spirit in both the real and digital world, through third-space opportunities and products that bring you closer to your customers.
- Offer Comfort & Reassurance in multiple ways. Recognise the home as the primary focus for work, rest and play. Add protective layers in apparel and beauty for life outdoors.
Bethan Ryder, Executive Editorial Director at WGSN, remarked: ”For each of the five global shifts, the white paper includes key data, engagement strategies and informative case studies from around the world, plus essential insight from WGSN’s industry expert strategists.
“We offer multiple opportunities and solutions for brands, from ways to win loyalty with their consumers in a tough economic climate, to the rising importance of wellness and products that add value with purpose.”
You can download the white paper at no cost at http://bit.ly/wgsn-the-value-shift
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WGSN is the global authority on consumer, lifestyle and product design trends, helping brands around the world create the right products at the right time for tomorrow’s consumer.
WGSN’s trusted consumer insights and product design forecasts power outstanding product design, enabling our customers to create a better future. Our services cover consumer insights, beauty, consumer tech, fashion, food and drink, and interiors forecasting, data analytics and expert advisory.
WGSN is an Ascential company. Visit wgsn.com
Ascential delivers specialist information, analytics and ecommerce optimisation platforms to the world’s leading consumer brands and their ecosystems.
Our world-class businesses improve performance and solve problems for our customers by delivering immediately actionable information combined with visionary longer-term thinking across Digital Commerce, Product Design and Marketing. We also serve customers across Retail & Financial Services.
With more than 2,000 employees across five continents, we combine local expertise with a global footprint for clients in over 120 countries. Ascential is listed on the London Stock Exchange.