Today we released our ninth annual forecast of key trends that will
drive or significantly impact consumer mindset and behavior in 2014 and
beyond.
In this year’s report, we see how consumers are both welcoming and
resisting technology’s growing omnipresence in our lives. For many,
technology serves as a gateway to opportunity and an enabler of
hyper-efficient lifestyles, but those who are most immersed are starting
to question its effect on their lives and their privacy. One result is
that more people are trying to find a balance and lead more mindful,
in-the-moment lives.
Our forecast also puts a spotlight on the growth of immersive
experiences; the accelerating shift to a visual vocabulary; the new
appeal of imperfection; and the rise of telepathic technology, which
will enable brands to better understand minds and moods and react in a
very personalized way.
The full report—in which we cover each trend in detail, highlighting
what’s driving the shift, how it’s manifesting and what it means for
brands—is available here.
A new BDC report indicates that Canadian consumers are more concerned than ever about how their choices affect the world around them.
The report identified a series of powerful consumer trends that are creating rich opportunities for entrepreneurs.
The BDC report is based on a national survey conducted by IPSOS on behalf of BDC.
1. The socially responsible consumer
Social and environmental concerns are increasingly influential in the purchasing decisions of Canadians.
Many consumers want to buy from companies that adopt high ethical and
environmental standards and are willing to pay more for socially
responsible and eco-friendly products.
By the numbers
- Half of Canadians are inclined to buy environmentally-friendly products.
- 75% of consumers would pay more for products and services from a socially responsible company.
- 90% of consumers would stop buying from a company using irresponsible practices.
Strategies for entrepreneurs
Strive to increase environmental and ethical responsibility in your company and supply chain.
Forge partnerships with responsible suppliers and obtain
certifications from trusted third-party organizations to bolster your
credibility as a socially responsible business.
Promote your efforts in your marketing but make sure your claims are
backed up with facts. Companies that are caught making exaggerated
ethical or environmental marketing claims leave themselves open to
attack by activists on social media and elsewhere.
2. The “Made in Canada” advantage
Canadians are proud of products and services made in Canada and the
jobs and other economic benefits that local businesses create. A
majority now make an effort to buy local or Canadian-made products and
many are willing to pay a premium.
What’s more, Canada is perceived internationally as a “model
country,” with open, trustworthy people and safe, high-quality products.
By the numbers
- Two thirds of Canadians have made an effort to buy local in the past year.
- 30% of Canadians are willing to pay more for a locally made product.
Strategies for entrepreneurs
Your business should highlight the local characteristics of your products.
Even if your products are not made locally, your business should
emphasize other local features of your operation such as jobs created,
R&D, product design and/or product assembly. All of these can lead
to premium product positioning.
Promote your company with the “Made in Canada” brand at home and abroad to capitalize on positive perceptions.
For more information on this trend, read BDC Chief Economist Pierre Cléroux’s column in Profit$ magazine, Canada: A powerful brand.
3. The healthy consumer
The demand for health and wellness-related products is increasing rapidly.
Consumers are actively seeking products and services to help them
maintain and improve their health. This trend is changing the type of
products they purchase for their family and how they spend their leisure
time.
It will continue to accelerate as the population ages—about 25% of the population will be over the age of 65 by 2031.
By the numbers
- 33% of Canadians are willing to pay a premium for health-enhancing products.
- $935 is the average annual per capita personal expenditures on health and wellness in Canada.
Strategies for entrepreneurs
Highlight health-related benefits of your products, including
research-backed results that link the product’s ingredients to health
benefits.
Adapt existing products and services or provide new ones to meet the public’s desire for a healthier lifestyle.
