2020 Macro Trend: Gen You
Customers want personalization and it’s impacting the bottom line. Eight out of ten consumers are more likely to purchase from a brand that provides personalized experiences — and according to Gartner, organizations that fully invest in online personalization will outsell those that haven’t by more than 30%.
Despite the continued debate over whether DNA testing can accurately and conclusively recommend diets, fitness plans, and skincare routines, direct-to-consumer genetic services are paving the way for a hyper-personalized lifestyle. As testing kits become more advanced and speedy, offerings will likely expand into new territories that add value to the consumer.
While there’s still a long way to go, Gen Z consumers are the most open-minded generation to date and they have come to expect diversity in every way. As society moves towards a more inclusive future, brands are rethinking preconceived stereotypes surrounding age, size, identity, and disabilities. Gender norms are being re-evaluated and beauty brands, once exclusively marketed to girls and women, are rethinking their audience.
Technology is paving the way for a reimagined retail experience. A new frontier of tech-enabled assistance and deep learning technology will anticipate consumers’ preferences and curate a shopping experience accordingly. Immersive retail has reached new heights for the next generation of shoppers. Luxury labels like Gucci and Louis Vuitton are heavily investing in e-sports with retro-style video games. Chanel’s pop-up arcade catered to young consumers’ penchant for unattended retail channels like vending machines and kiosks.
Technology has enabled us to pre-program the homes we live in, the clothes we wear, and the wellness routines we follow. As consumers continue to crave personalization in all aspects of their life, brands are harnessing the power of DNA to analyze the specific needs of each individual.
2. Design for All
The foundation of universal design is design for all. Making diversity the norm, brands are looking to create solutions that will uphold human connection, regardless of race, religion, size, sexuality, or disability.
3. Mass Personalization
There’s been a remarkable shift from mass production to mass personalization. AI can streamline and personalize, while deep learning technology not only relies on consumer’s history, behavioral traits, and preferences — it considers their intent to know what they want before they do.
4. Power of Play
Despite the gaming industry being nearly 75 years old, it has evolved alongside technology, and the community is wider than ever. Fashion and beauty brands alike are embracing e-sports by tapping into younger consumers’ affinity for nostalgia and adventure.
By The Numbers
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