What are the key trends for the consumer goods industry in 2022? Nikisho recently predicted several key trends that will affect the consumer goods industry in 2022:
Popular consumer goods
Popular consumer products include low-speed juicers (which extract juice from fruits and vegetables by squeezing and grinding at low speeds, as opposed to high-speed centrifugal juicers), robot sweepers and the popular miniature plastic toys Shopkins.
Nikisho predicts that more and more millennials will choose to live with their parents in the future, driven by high housing prices, college tuition and personal debt. Fifty-five percent of the world’s population now lives in cities, up from five percent in 2007. The global median age is 30.1 years, up from 27.9 years a decade ago.
Along with rising incomes, better living standards and better health care, obesity and diabetes are on the rise worldwide, mainly due to high-calorie diets and sedentary lifestyles.
Spend and save
Nikisho believes political uncertainty will be another trend, driven by the Brexit vote and Donald Trump’s election as US President. I think global consumer spending will grow 2.3 per cent year on year next year and the average household will save $3,609.
In 2021, there will be: 3.5 million new Internet users every week, $40 billion spent by consumers, and $146 billion saved.With the US accounting for nearly a third of global consumer spending, consumption habits in the Trump era will shape trends in the global consumer goods industry. Despite the broader economic weakness, China remains the fastest-growing market for consumer spending. Consumer spending in emerging and developing economies will grow more than twice as fast as in advanced economies and countries.
Consumers around the world are shifting from cash to credit cards, the dominant payment method this year. By 2021, credit card payments are expected to rise to 49.1 percent. Thanks to more convenient financial products and services and preferential policies, the trend of using credit cards to spend money in China has surged in the past decade.
It also warned that the widespread use of emerging electronic payment platforms was a potential source of chaos.
In a report, the head of the company’s apparel and footwear department predicted that the future of the fashion industry will face two trends: change and accelerated growth. “Buy now” is set to become more popular next year as young consumers increase their demand for “spontaneous” shopping whenever and wherever they want. Activity on the Internet and social media will spur more brands to launch seasonal collections. Instead of waiting six months for their desired item, the trend allows consumers to buy the same look as the catwalk models immediately after the show.
Light luxury brands will be the trend. The main factors affecting the eyewear industry are eyesight problems and other factors. Vision problems are on the rise due to lifestyle changes, increased consumption of blue-light products (i.e. the use of electronic displays) and an ageing population. In contrast, demand for glasses is more stable in developed countries, with accelerated growth in markets such as India and Vietnam.