Name: Future Trends: Keeping pace with Changing Customers in a Post-pandemic world
Uploaded: 2022-09-23T12:55:31.909Z
Duration: 1443.7
Description: Customer preferences are rapidly changing towards more health conscious, natural products--especially after Covid. Companies are trying to catch up to the trend in order to maintain or enhance their market shares. Justin Coates, Consumer Insights and Marketing Leader at Eastman, goes through the market trends in a post Covid environment, backed up by global consumer surveys.

Future trends_ Keeping pace with changing customers in a post-pandemic world.vtt

English

My name is Justin Coates and
I'm the Consumer Insights and

We're actually monitoring
trends across multiple areas.

And so what we've been able to do is
to leverage those insights and actually

What things are we seeing across
categories to identify for cross

industry global consumer trends
that we believe will accelerate

The first trend that we'll
go into detail on today is

So we see that both economic
and financial concerns and

environmental concerns have
really hit an inflection point.

And as consumers have had some time
during the lockdowns to think about

what matters to them and what they
want to consume and who they want to

buy from, they're looking to invest
in products, in companies, in services

that create a better world, not only
for themselves and their family,

So when it comes to fix the future,
there's really two elements.

This trend, the first is our
environmental view of this.

And so we have seen anxiety
around the environment and global

warming, these concerns have
really hit an inflection point.

You've got gen Z who are actually
worried about the world that

they're going to be living in,
for the next 60, 70, 80 years are

And they're trying to do things
to create wider awareness

And force companies, force
governments to make change.

At the same time, you've got older
generations boomers who are worried

about the world they're leaving
behind for their grandchildren.

Or millennial parents who are
worried about the world that

And all of these generations
are looking to invest in

companies and products that
make the world a better place.

And we've actually seen this
trend occur around the world.

And one area that has been
particularly surprising is in China.

So in China, as you'll see in a moment,
the government, as well as companies

have really accelerated consumer
adoption of sustainable practices,

What we're seeing in China is, again,
governments and companies have really

For sustainable habits and they can
be really bucketed in the three areas.

So at home, what they use or what
they bring to a store, things around

So recycling has become a new thing
in China, um, as well as donating old.

And then energy saving with the
electric vehicles and appliances

So even though the government has
really been the catalyst for a lot

of this with, with companies as
well, this has really accelerated

consumer habits and environmental
habits and really shown people how

they can create a better world for
themselves and also their families.

We also see this trend in the
U S and in Europe as well.

So even though the plastic issues
have kind of taken a back seat

to the COVID-19 pandemic, these
are still real concerns that

So we actually see that more than 90%
of consumers in the U S and Europe are

You've got consumers of what we call
plastic haters that think all plastics

Also what we call single use
haters who say, okay, durable,

But you know, single use
plastics are horrible and,

And then what we call our plastic
pragmatists, who say, okay, you

However, more needs to be done
to promote reuse and recycling.

So consumers kind of recognize that
that plastic provides a lot of benefits

in the products that they use each
and every day, certainly since the

pandemic, but they also are hungry for
solutions, to help with end of life,

And they're really pushing on both
governments as well as companies

So we're seeing companies across
industries actually start to

offer products and services that
really meet the consumer need

So Target in April of last
year launched their ever spring

So these products are more natural,
more sustainable in terms of

They don't have all those bad chemicals
that are on Target's chemical of

concern list, but they also are
sold in 50% recycled packaging and

available at a price point that's
about 20% lower compared to other

So Target is making a big stake
in this movement and saying,

not only are we going to provide
products that are better for you,

for the environment, but also
we're going to make it affordable

Another great example of
this is the growth in the

So according to Euromonitor
international, over the next

five years, alternative protein
is projected to grow by about

And it has had some fantastic
growth, particularly two companies.

Impossible Foods, which
is home to the Impossible

So the Impossible Burger at the
beginning of 2019 was available in

By the end of the year, they were
available in about 15,000 restaurants.

Customer preferences are rapidly changing towards more health conscious, natural products--especially after Covid.
Companies are trying to catch up to the trend in order to maintain or enhance their market shares. 
Justin Coates, Consumer Insights and Marketing Leader at Eastman, goes through the market trends in a post Covid environment, backed up by global consumer surveys. 

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Justin Coates

 Consumer Insights & Marketing Leader  

Introduction

In China, government and companies work together to become a catalyst for sustainable habits. 
Environmentally-friendly cleaning products and alternative protein production are two examples of how the companies are changing towards "creating a better world". 

Chapter 1: Trend 1-Fix the future

The other element is economic. As we are entering the second global recession, seemingly Gen Z generation's habits are changing in terms of the electronic space, apparel shopping, and usage patterns. 
Growth in the re-sell market, second hand, and vintage products is remarkable.

Chapter 2: Trend 2-Convenience Connoisseurs

There is a distinct increase in desire for simple, organic, fresh, natural materials and ingredients.
Based on the market researches, US consumers plan to create or maintain a "safe space" in their home in the coming year. 

Chapter 3: Trend 3-Back to Basics

Consumers want to trust the brands and companies that they're purchasing from. Consumer trust requires more information, knowledge and transparency. 
Coates summarizes a few key actions to rebuild trust for your company such as, not only identifying leading industries for your brand but also looking across other industries to follow up the trends. 