5 Key Trend Insights you need to know for your Businesses Future
May 17, 2020
As a creative, part of my role is to understand key trends and insights so that I can stay ahead of the wave. In any type of crisis, it’s important to understand that creativity flourishes and being flexible is key to any business survival.
WGSN have shared some amazing new snap-shot insights based on research from past similar events to better understand our tomorrow. This report has looked at data (from many sources) for the 2008-2009 global recession, the SARS 2003 rebounds (SARS was a key accelerator for the adoption of e-commerce in China and the rise of Alibaba) and current market analysis.
I’m going to share with you some very positive news about how your local business can take advantage of some up coming trends and consumer insights, so that you can future-proof your business short and long term, I hope you find some golden nuggets here to help with your local businesses in the Yorkshire Wolds, it’s important that local businesses survive, that they are supported and that the local economy can grow back again.
Key Trend 1 – Localism, the rise of supporting local business and supporting your community has to be the positive silver lining from the cloud of this pandemic. It’s a very big trend that’s set to increase in the face of local vs. global. Food that is produced locally is regarded as sustainable, high quality and authentic. Local producers are the hero’s in this new movement, producing what is considered ‘soul-food’ and helping to promote ‘self-care’ through good nutrition. With the rise of conscious consumption the key words that resonate with consumers are transparency, honesty and purpose. Food grown locally with care and attention towards sustainability, with no chemicals but only goodness will be regarded as higher quality food from a trusted source. Once consumers trust the source and have had a great experience with your brand, your product then brand loyalty will be guaranteed, and this is a great position to be in as a local business.
It’s a very encouraging trend and one that local producers in the Yorkshire Wolds have invested in and must continue to invest in as the next generation will have quite a different outlook towards Self-Care and this leads us to the second big trend.
Key Trend 2 – Self Care, this trend has been growing steadily over time. The investment in looking after yourself is seen as part of building up resilience, resilience of the body (good nutrition and exercise), the resilience of the mind (looking after mental health), resilience of behaviour, (being social and responsible) and finally resilience of competencies (learning new skills to be self-sufficient). This attitude to self, is not about being selfish or indulgent with any guilt associations, it’s about protecting ourselves by taking personal responsibility and its highly valued amongst Millenials and Gen Z. Local producers can relate their products to the idea of self-care whether its locally produced high quality food, organic skincare products or even teaching new skills through hands on workshops. These are the new tools for physical and mental well-being, and it’s a new healthy and positive outlook to caring for yourself.
Key Trend 3 – Staycation, with travel bans and only a few places opening, the staycation will become a big trend, so how lucky for the Yorkshire Wolds, not only a stunningly beautiful place to visit, but a chance for the local tourism companies to take advantage of promoting what’s on the doorstep and get people to fall back in love with where they live. Keeping tourism local helps the local economy and drives pride and appreciation in a local community of the natural assets that they have, living in a such beautiful place.
Key Trend 4 – Cottagecore, I have to say that this one took me by surprise but I can fully understand it. Hashtag Cottagecore has become the biggest hashtag recently amongst the younger generations. Its based on Rural Escapism, a type of fantasy and the perceived ideal of living a simplier life in a cute cottage in the countryside. It’s driven by those that live in cities and apartments where the idea of wide open spaces and fresh country air is so appealing that ‘Escape to the Countryside’ is now big business, leaving city life for a better quality of life. Tree change or Sea change its the appeal of a slow life, one that’s about self-sufficiency, self-reliance. Look at the explosion of new home cooks, the rise of baking at home, gardening, crafting and doing things by yourself and for yourself. It is a trend that has been accelerated by insecurity, anxiety and fear that’s been sadly driven in today’s world. So anything that promotes peace and comfort are big drivers for the next generation.
Key Trend 5 – The Lab Kitchen, when I say Lab I don’t mean science lab, but a place where experimentation, experience and new skills are being happily learnt. The Kitchen has returned to a working kitchen where recipes are being cooked from scratch, new skills are being honed and as a food producer this emphasis on understanding what ingredients are in your food, how home cooked food tastes better and how the experience is rewarding, encourages the home cook to search out great fresh ingredients, so as a food producer helping the home cook with inspiring recipes to create great dishes will lead to strong brand loyalty. Partnering with recipe platforms, apps and appliance companies can elevate your brand awareness. Innovation, new product offering and new services will ensure a businesses longevity.
I see a very positive future here within these trends, and as businesses I hope you can find some ideas to help you plan, grow and succeed with your business. I truly believe alot of our local businesses are on the right track and the odds are stacked well in their favour. Long term outlooks are great if local businesses can hang in there. I would encourage you to be flexible, to be creative, always use a positive and optimistic tone of voice in your communication and marketing, it gives people a new feeling of hope and this too is a strong driver in attracting and maintaining a loyal customer base.