Consumer Trends Emerging in Regions like Asia and Europe
A crucial task for every business and especially a B2B salesperson is to understand upcoming trends that will influence their marketplace. As a result of Covid-19, economic changes, global challenges and many other factors, consumer behavior has changed dramatically. Let’s look at a few developing consumer trends in regions like Asia and Europe.
Consumer Trends in Asia & Europe
1. Local Purchasing
Consumers are more aware than ever of the influence of their purchasing power because of the economic turbulence of Covid-19. As a result, it is predicted that the support for local brands will be one of the major consumer trends in Asia and Europe in 2022. This shows itself in some countries as a wave of support for national brands rather than global companies. Hyper-localization is becoming more prevalent in mainly Asian economies. There are more people looking to support businesses in their local areas amid difficult economic times as they spend more time at home and recognize the enterprises that aided them during the pandemic’s peak.
2. Positive Impact on Communities
Many individuals have reconsidered what is essential to them as a result of the pandemic, and this has extended to their connection with businesses. According to a recent study examining how Covid-19 has impacted people’s perceptions of marketing and businesses, 60% of Asian and European consumers believe that companies need to rethink their position in society in the post-Covid era. Businesses are also expected to do more to help the communities they operate. Actions must take precedence over words, with brands demonstrating their efforts to make a difference and the impact they are having within society. This is a trend that businesses need to keep an eye on to thrive.
3. Seeking Value
One of the biggest consumer trends that have emerged ever since covid-19 is the value-seeking in what consumers buy. In recent research, it was found that 65% of Consumers prioritize value for money in their purchases. They are also saving more, which is especially noticeable in Asian economies. According to research, 58% of consumers aim to save more money in the future, and Asian consumers are two times as likely as their Western counterparts to begin saving following the Covid pandemic. Consumers in various Asian nations are cutting back on non-essentials, as evidenced by several studies.
4. Digital Growth
Businesses and consumers have embraced online solutions quickly in reaction to enforced restrictions. This has been supported by government intervention in various Asian and European markets to offer digital access in distant rural regions and low-income populations, allowing the supply of fundamental services throughout this period. As a result, several demographic groups have had their first taste of the benefits of internet purchasing, which is particularly the case in Asia. Some already used to buying online are doing it more frequently and spending in new areas like groceries and personal care. After the pandemic, 80% of individuals polled stated they are likely to continue increasing their internet spending. Young folks aren’t the only ones that engage in these practices. This opinion is shared by many older adults, particularly those aged 50 and over. It’s a growing trend that will continue in the next few years. Some channels, in particular, are seeing more growth in comparison to others in Europe. While current customers have expanded their use of some digital services, such as online streaming and restaurant delivery, others, such as grocery and café curbside pickup, have increased new users. Providers of 2nd services should act now to keep new clients obtained during the lockdown by measuring and enhancing shopper satisfaction with new offerings. The desire of consumers to continue utilizing services they began using during the crisis differs from nation to nation.
Consumers in Europe and Asia are willing to shop in offline stores if they feel safe. It is vital to take and maintain steps to keep staff and customers safe to reassure customers. According to various polls, more than 80% of customers in Asia and Europe are concerned about the danger of infection, and they strongly want to see masks, barriers, cleaning measures, and physical separation in stores maintained.
6. New Shopping Behaviors
People between the age of 18-24 and those between 25–39, according to a report, tell us they want to try new buying behaviors far more frequently than people older. Generation Z buyers, in particular, are enthusiastic about internet purchasing because of its ease and security. B2B businesses focus intensively on their online websites to reach this demographic.
To establish a successful B2B business, it is critical to focus on these developing trends in Asia and Europe. These trends will continue to grow and have a greater influence as time goes on.