2010 Consumer Behavior Predictions

CHICAGOOn the heels of the new year, Mintel predicts seven consumer behavior trends for 2010. According to Richard Cope, Director of Foresight at Mintel, renewed confidence will replace the fear that plagued consumers in 2009, and consumers will begin spending again. The companys seven predictions are as follows:

1. ResilienceIn 2010, Mintel expects consumers to demonstrate resiliencean ability to recover from and adjust to any misfortune or change brought on by the recession. People will face next year with better attitudes and strengthened resolve, learning new skills like cooking, meal planning and DIY repair to cope with the New Economy.

2. Reviewing and re-evaluatingThe past year gave consumers cause to re-evaluate every aspect of their lives, looking for value and savings. Value initiatives are important and theyll remain so. However, consumers will purchase more expensive products if they are convinced of the products value. Brands that engage consumers effectively stand to be successful next year despite price barriers.

3. Prove it accountabilityBecause consumer confidence worldwide took a hit this year, 2010 will see increased demand for proof and results. People are tracking more areas of their lives through online forums, comparison sites and micro-blogging sites, so transparency is no longer a differentiator for brands; its a requirement.

4. EscapismWhile consumers have become accustomed to staycations, small indulgences and cooking at home, Mintel predicts theyll start occasionally breaking free from the tyranny of value in 2010.
Escapism will resonate both in and outside the home as consumers splurge on big purchases.

5. Media evolutionMicro-blogging, social networking and interactive media have exploded into consumers lives, and as confidence in usage grows, people will incorporate new media forms more into their daily lives. Companies must work harder next year to truly engage, attract and interact with consumers, as media quickly evolves.

6. Ethical responsibilityEthics will play a large part in rebuilding brands. For businesses to rebuild brands through ethical efforts, theyll need to connect with consumers, giving them an emotional reason to buy. As consumers demand more from the companies they do business with, theyll want ethical responsibility to be a chief concern, creating more scrutiny on ethical claims than ever before.

7. StabilityAs people accept the economy as it is now and embark on more balanced spending, theyll also stabilize other areas of their lives: food, diet, beauty. Brands can capitalize by giving consumers multiple product options at different price and benefit levels.