9 Key Consumer Trends for 2011

By Rieva Lesonsky

Consumer research firm Mintel recently released its 9 top consumer trends for 2011. Here’s a closer look:

1. Prepare for the Worst: Consumers will be thinking defensively. One-third of U.S. consumers say they’re using debit, not credit cards. Consumers also want to know what they’re buying upfront and make sure it doesn’t have hidden costs or drawbacks—so be prepared to explain your product or service with true transparency.

2. Retail Rebirth: Bricks and mortar retailers can’t compete against e-tailers when it comes to discounting. In the U.S., 35 percent of consumers say they choose where to shop based on special offers or discounts. To get customers in stores in 2011, retailers will need to offer more than just “shopping” and create an experience—complete with demonstrations, advice and a unique or exclusive environment.

3. Where It’s App: Sales of smartphones in the U.S. increased 82 percent from 2008 to 2010. As smartphones take over, smart businesses will harness QR codes and app technology. Location based services, promotions and solutions will be increasingly important. QR codes will be used to explain product offerings, provide exclusive content and expand relationships with customers.

4. No Degree, No Problem: Consumers are questioning higher education’s ROI, meaning alternative channels for learning will gain credibility. Learning by doing and DIY education will gain traction as an option, and companies will invest in employee education and training as an alternative to salary increases or other benefits.

5. On Her Own Terms: Remember “metrosexuals”? In 2011, Mintel predicts a “masculinization” of women, who are earning and learning more than men. Brands will need to change how they market to women in sectors such as financial services, automobiles and sports. And men are taking on bigger roles around the house, which means new marketing avenues for household products companies.

6. Retired for Hire: By 2014 nearly 20 percent of Americans over 65 will be working. In 2011, this group can be an untapped market for advertisers. Food and beverage companies will need to market vitality, longevity and energy; health and beauty products companies will focus on anti-aging products and nutraceuticals and use older models.

7. The Big Issue: Healthiness and indulgence have always battled for supremacy, and it’s no different in 2011. Some 34 percent of U.S. adults are obese, and companies will cater both to those seeking to lose weight (with exercise plans or portion-controlled foods) and those who flaunt their size (with large-sized clothes or products to salve chafing skin).

8. Garden State: Interest in home gardening for food is growing, creating a market for seeds and other products that help people raise their own food. Rural tourism and travel packages like working on farms during your vacation could also get a boost.

9. Who Needs Humans? Machines have replaced cashiers at many retail establishments, and in 2011, they’re starting to take on new roles in libraries, hospitals and at home. In 2011 some service jobs may begin to disappear permanently.  Reacting against this trend, consumers will likely show preference for “hyper-personal” service from small businesses.

Image by Flickr user Paul Downey (Creative Commons)

This entry was posted on Friday, January 14th, 2011 at 10:30 am and is filed under Small Business. You can follow any responses to this entry through the RSS 2.0 feed.


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