Consumer Trends (Cont’d from Page 9)
and growing their financial acumen, cannot be un- derestimated.
BestBrightHalfHOUSEtwo.qxp_Layout 1 9/12/18 4:28 PM Page 1 Money management apps that are consumer-cen- tric, digestible, educational and simple stand to benefit in this era of financial democratization. These businesses will build customer loyalty at a time when trust in financial institutions is waning. Retailers and brands should collaborate with fi- nancial service corporations to facilitate alternate forms of payment, such as cryptocurrencies or buy now, pay later. The potential impact of Financial Aficionados, from increasing their investment rates lockdowns caused certain consumers like Thought- ful Thrifters to spend less and save more. Consum- ers turned to apps to make smart money moves. Those with discretionary income became Finan- cial Aficionados, increasing financial literacy and finding alternate income streams, such as invest- ing in the stock market and turning hobbies into businesses. Globally, 15 percent of household dis- posable income was saved in 2019 compared to 17 percent in 2020. Over the same period, global consumer expenditure dropped 4 percent. This in- creased amount of savings and time at home, in parallel with decreased spending occasions, drove consumers to improve their financial position.
The Great Refresh The pandemic triggered consumers to make The Great Life Refresh, resulting in drastic personal changes and a collective reboot of values, lifestyles and goals. Businesses should innovate goods, services and experiences that respond to this once-in-a-gener- ation moment, coupled with marketing that ac- knowledges and embraces the upheaval. Crises can make people analyze and change their values. In the past year, consumers took inventory of their lives and are now actively trying to chart a new path forward. In 2015, only 12 percent of con- sumers prioritized time for themselves, which dou- bled to 24 percent in 2021. Consumers now have a higher appreciation for work-life balance. They are changing careers or leaving the workforce entirely to discover or pursue their purpose. Shaken and Stirred consumers were motivated to think about their passions and potential. Now, The Great Life Refresh represents consumers’ actions to- wards achieving new goals. Change will remain the
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