CONSUMER SPECIAL ....Consumers and Society In 2018

Consumers and Society In 2018

Ford’s Anurag Mehrotra on the numerous impulses driving consumers and the ones that make them
anxious

The Quest For Trust

Across the world, people are overwhelmed by changes. Trust in institutions continues to crumble. People don’t know who to trust or in whom to place their hope. The result is a pervasive sense of unease, polarised opinions, a deep questioning of leadership and identity. Consumers are hungry for inventive ways to cope and adapt. Despite an unprecedented increase in information, finding information that’s objective and factbased has never been more difficult. The Quest for Trust and reliance ONLY on people or brands you trust will continue to rule.

The Rise Of Individual Activism

Thanks to the culture of polarisation, people are being jolted out of complacency — and galvanised into action, in some cases over-action and reaction. Having an opinion is one thing but now expressing it is also becoming important – just the sheer increase in the number of blogs is a sign of self-expression gaining ground. Conventional wisdom and expectations are being toppled as individuals “debate” the change. As the gap between these perspectives grows, consumerism is taking on tones of activism, self-expression, purpose and introspection – making brands answerable for everything they do or stand for.

Mending The Mind

Slowly, consumers and institutions realise that you cannot have a healthy body unless you have a healthy mind. Anxiety and depression are at unprecedented levels the WHO describes it as an epidemic with over 350 million people now suffering. Compare that to about 26,000 people killed by terrorists in 2016 (Statista). Now compare the proportion of discussion being had on these two topics. Among the explanations for this distressing shift is the theory that digital connectedness is prompting us to be less connected to each other. According to research, an average person touches their phone 2600+ times in a day and the extreme person does so 5400+ times! Whatever the reason, mental health and well-being is coming to the forefront as an issue that individuals, governments and companies need to address.

Retail Therapy

Many consumers are on the endless hunt for something new and different — seeking material goods or experiences that bring us happiness. But do they? How do products elevate our sense of happiness? Are online purchases as fulfilling as in-store ones? As “time-saving” services proliferate, consumers find that they can buy the one thing that was never for sale — time. And brands are finding new ways to fill up that time — and lure consumers in.

Technology’s Tipping Point

Virtual reality, artificial intelligence and autonomous technology — long far-fetched notions — are here, and they’re already embedding themselves into our lives. This is giving us a glimpse of what’s to come — the good, the worrisome and the bizarre. Across the globe, humans are asking — what does the onslaught of intelligent technology mean for us as a society — and will it make a more positive impact than we thought? And those who are empowered to create the technology feel an extraordinary responsibility to augment people’s lives, rather than disrupt them.

Big Plans For Big Cities

Today, 54% of the world's population lives in urban areas — and that number is expected to rise to 75% by 2050. However, to capitalise on the full potential of cities — to keep them happy and healthy places to live — we must be smart and mindful of planning. To stay sustainable as they grow, cities must address the need for mobility, prosperity and wellness — that means creating affordable housing, establishing or preserving green space, and developing an infrastructure that allows people to move freely.

BE10JAN18