|Over the past 10 years, we have seen a sizeable shift in families behaviour, dynamics and wants – so what are some of the key trends for the 2020s going to be?
Considered purchasing, nearly new and not wasting – whether that’s because of financial necessity, and/or because of conscience or ethics are going to be key for families in the 2020s.
So how does that affect their purchasing decisions and behaviour:
1. Nearly New
Let’s not kid ourselves that all families are middle class and recycling and buying second hand because they want to just save the planet. With the rise of food banks, child poverty, and reduced disposable income this is a necessity for some and an incentive for many, and it’s here to stay.
So it is now the norm for families to buy regularly from charity shops, second-hand presents for kids and for teens to ask for trendy thrift clothes. There is a cyclical economy within this market for families where they gain at both ends and we can see this with the rise of the use of social marketplaces and second-hand websites. It’s a lasting trend.
2. Considered purchasing
We have been hearing this from celebrities and business leaders at the start of this year saying they are not going to buy as much and start to wear their outfits more than once (gosh)! However, from a family perspective this is about lasting quality and spending money more wisely and on fewer items or experiences (holidays) but longer-lasting and more meaningful.
Also, ‘considered’ means seeking more opinions on products, being savvier and not just taking the word of the brand.
3. Renting & hiring
We hear of Millennials renting and hiring more but we predict this will be a growing trend in the family sphere this decade. We already stream movies and lease cars but there is a willingness to look at renting furniture (Ikea in North America) and rent baby equipment, we already hear of people borrowing from others and this will extend into the brand arena. Again it aligns with saving money and sustainability and the de-cluttering we are all being urged to do.
4. Bring your own
The days of ‘scoop and save’ will make a resurgence – perhaps packaged, as Waitrose have done, with refillable zones but reducing packaging and saving money by encouraging you to refill your own Tupperware is certainly on the agenda of families. Most families have embraced bringing their own bags shopping and this is the next step.
Families are sharing, even more, sharing across the generations, sharing costs, time, holidays, tech, media and experiences. And for 85% of families sharing time with their family was going to be their most important focus for 2020.
The growth in sharing for me will sum up the 2020s for families – where it will be about sharing for pleasure, necessity, sustainability, wellbeing as well as sharing products, knowledge, and recommendations.
Families in 2020 are already starting by being savvier and this will continue to grow, so brands need to be transparent, honest and empowering. Make sure you are on the journey with families feeding their need for savviness, sharing and sustainability (their family unit as well as the planet).
Please do get in touch if we can help with any family insight projects.