Multi-positioning, screens, time-saving, healthy foods and energy conservation will be among the seven noteworthy consumer trends this year, the Korea Trade-Investment Promotion Agency said in a recent report.
The agency also picked environment-friendliness and a preference for renting over ownership.
“Consumer sentiment has flinched since the global financial crisis three years ago and is unlikely to pick up this year due to the persisting eurozone debt woes, the delayed recovery of the U.S. economy and concerns of an economic slowdown in emerging markets,” KOTRA said in the report based on its analysis of overseas markets last year.
“Despite the sluggish consumption worldwide, products that meet consumer trends such as smartphones, LED lighting and eco-friendly shopping bags sold well.”
KOTRA said consumers will increasingly prefer “multi-positioned” products with both a satisfying price and quality as it becomes easier to compare product details and prices through the Internet.
Food container maker Lock & Lock’s success in the French market is an example, the report said.
Containers made of plastic, which are cheaper and lighter than glass containers, sold well as an increasing number of French consumers chose to eat at home because of the recession.
Portable IT products with Internet access and screens such as smartphones and tablet PCs will continue to be popular, KOTRA said. Despite the economic downturn, iPad sales in the U.S. jumped from 8.5 million units in 2010 to 19.4 million units last year, and are expected to reach 30 million units this year.
Time-saving products such as BB cream and pre-cooked rice will be in high demand as working couples increase worldwide.
Safe and healthy food is receiving growing consumer attention after the radioactive leaks from a tsunami-stricken nuclear plant in Japan last year and melamine contamination in milk powders in China.
Energy-conservation will also be a major consumer trend with the economic slump and climate change, according to the report. Prices of power-generating fuels and electricity rates are on the rise across the globe and an increase of greenhouse gases are prompting consumers to favor LED lighting over incandescent or fluorescent lamps.
KOTRA also said non-ownership will be a major consumer trend as products on lease gain the spotlight. Designer dress rental businesses are an example.
