Euromonitor consumer lifestyles report reveals megatrends

Millennials trade things for experiences

As 2017 draws to a close, I, like many others, am taking time to reflect back on the highs and lows of the year. My daughter’s fall wedding was a time of great joy, while my husband’s surgery and subsequent recovery continues to be challenging.

So, when a “Consumers Lifestyles in 2017” report from Euromonitor International crossed my desk, I was intrigued. The market research firm’s Global Consumer Trends survey identified five megatrends: experiencing more, a middle class retreat, connected consumers, healthy living and premiumization.

The report’s key themes offer insights into the ways consumers prepare their meals, travel, react to economic shifts, save and spend money, and even how they adapt to digital habits.

In the “experience more” trend, millennials lead the way in trading things for experiences, including international travel. The report notes that 53 percent of millennials have taken at least one personal international trip in the past year.

Although the Internet no longer is optional in many consumers’ daily lives, it seems to be adding a stressful element. Those who go online at least eight times a day, particularly on their mobile devices, report high levels of stress, according to the report.

When it comes to meal preparation, meal preparation kits and subscription services are filling a need state for consumers, particularly those in their 20s and 30s, the report states.

Providing real-life balance to our busy lives isn’t going away, but global trends like these might give us the insight and tools we need to live healthier, happier lives.

Barbara Harfmann, managing editor of Beverage Industry, visits beverage companies for cover stories and facility tours, and writes and edits for the magazine’s print and online components. She also represents the magazine at trade shows and events. She earned a Bachelor of Science in Mass Communications and Public Relations from Illinois State University.

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