How COVID-19 Is Disrupting Megatrends
Euromonitor International: Coronavirus: Implications on Megatrends
In 2017, Euromonitor International identified the most influential megatrends set to shape the world until 2030. However, consumer lifestyles are changing dramatically as a result of the coronavirus (COVID-19) pandemic. What impact has COVID-19 had on these trends? And how should businesses be responding?
The paper outlines and the webinar discusses how COVID-19 is reshaping some of our key megatrends, impacting how and why consumers shop, their core values and how businesses operate.
The prospect of a pandemic has been a well known systemic risk for many years, but no one could have predicted the exact timing or nature of the current coronavirus crisis.
That’s often the way with trends: the big shifts are well known; there are many weak signals; but it’s hard if not impossible to know exactly the timing and shape of the bell curve that most trends follow. Will they stay niche for one year? Three years? Or suddenly see accelerated mass adoption because of some external trigger?
That’s why at times like this, when everything seems to be in flux, it’s useful to be able to look at trends that were already ‘out there’. Which new behaviors have early adopters and pioneer brands already been embracing? Which trends looked years away from the mainstream (and so were easy to ignore), but now feel primed to become totally normal in a matter of months, if not weeks?
On an organizational level, times of crises can be both threatening and liberating. Most of the executives we speak with are painfully aware of the gap between their oil tanker-sized organizations and their new, agile startup competitors. But cultural change is hard, without a big shock that means all the old ‘rules’ can be broken. This is that moment.
Here’s a selection of 10 emerging consumer trends we’ve been tracking for some years, that offer powerful early signals of what people will value and their priorities in a post-coronavirus world.
As you scan these trends ask yourself: are we prepared for these new behaviours? Are we ready to meet these new expectations?