Four key trends shaping consumer attitudes revealed

Global money transfer company OFX recently released the Where the World’s Moving Global Report, a specially commissioned research study looking at consumer attitudes toward key lifestyle trends that are impacting individuals and businesses now and in the future.

The fieldwork for the study was undertaken online in August 2018 by Kadence International. Over 800 global citizens aged 25-65 years old were surveyed from Australia, China, USA and the UK to measure their opinions about the key global lifestyle trends that are reshaping our world and impacting how we work, live, travel and go about business.

OFX Chief Marketing Officer Rebecca Shears stated, “We commissioned this study because we’re motivated to understand the driving forces that are influencing change across borders, to gauge consumer attitudes towards leading trends that are shaping the decisions of global citizens both today and into the future. This insight is a lens into where the world’s moving and provides thought for how businesses can adapt to such evolving trends in the years ahead.”

The report studied consumer attitudes around key lifestyle and business trends to highlight the trends that are considered to be “immediate impactors” set to shape society and the way we do business globally. The four key trends that emerged from the study as most prevalent to global citizens are:

1) Seamless experiences – Global citizens demand speed and access to personalised products and services at all times from anywhere in the world. The new digital economy and the rapid progress made by technology has resulted in consumer expectations shifting substantially when it comes to speed and personalisation of products and services. Interestingly, over half of the global respondents say they will become increasingly comfortable sharing personal data in return for better, more personalised experiences.

2) Sustainable living  -75 per cent of respondents consciously adapt their lifestyle to be more environmentally sustainable. It’s even driving the decision on where to live, as 60 per cent of respondents agreed or strongly agreed that sustainability is an important factor in deciding their place of residence.

3) Flexible work life  – 68 per cent of global citizens are looking for opportunities to travel – with this trend set to rise in the future. About two in three are choosing places to live and work that will help them avoid long commutes. Many (59 per cent) are preparing to upskill for a changing work environment. Global citizens also continue to change their perspective on why we work; 65 per cent of respondents stated they prefer to work for a business with a purpose.

4) Changing notion of home  – The report shows that modern global citizens have a strong sense of what “home” means to them, and it looks different to a traditional suburban house. 82 per cent of respondents agreed or strongly agreed with the proposition “home means more to me than a physical place”. Two in three respondents identify themselves as “multicultural” and lean on technology to keep them connected with other like-minded people across the world and feel a sense of belonging without being fluent in local languages. The study also showed that the entrenched importance and social norms around owning a home is largely here to stay, though China is leading with a different mindset as 71 per cent of respondents believe co-living arrangements are good for society.

The research also showed that global citizens expect they will soon live in a world of seamless experiences with greater personalisation and increased on-demand access to products and services. Increasingly, consumers crave opportunities to live sustainably and expect brands they purchase from to lead the way on this. A hunger for skills diversification, flexible work lives and global connectivity make for exciting horizons.

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