Trend: Mindful consumption

Marian Salzman and Ann O'Reilly from Euro RSCG Worldwide has spotted ten trends in mindful consumption that I wish to share with you. Even if the report is published in October 2010, the trends are collected through a quantitative study made closer to GFC and I think some of the trends might have been become bleaker after people coming back on track with their finances, but we have spoken about these trends for a while, and the insights are interesting. This is a summary.

“Conspicuous consumption. Shop till you drop. All-you-can-eat buffets and supersized meals. The post-World War II era has been marked by a voracious hunger for more. In affluent countries, people bought too much, ate too much, used up too much and owed too much. Yet, for many, it still wasn't enough.There was something missing -lots of things, really. Among them, a sense of control and self-sufficiency, personal responsibility and feelings of community and authenticity. Replacing the constant accumulation of stuff with these more substantive intangibles lies at the heart of the current shift toward mindfulness – a movement in which heedless excess is exchanged for a more conscious and considered approach to living.”

1.    After years of wasteful excess – oversized homes and cars, over-the-top weddings, disposable everything – consumers have had enough. They want to feel good about themselves and their consumption choices, so they are making do with ‘just enough'. Rightsizing encompasses simplifying and decluttering, and recycling and rejecting.

2.    In the waning era of hyperconsumerism, one of our most constant sources of pleasure was the instant gratification that accompanied most of our purchases. Now, people are taking the time to reassess what really makes them happy, taking more care in deciding what – and whether – to buy.

3.    Our old ways of consuming have failed to satisfy, leaving people unhappy and alienated. They hunger for community. They want to get involved with causes larger than themselves

4.     Now, many people are seeking to accept responsibility and build individual competencies. We see this shift not just in more mindful spending, but also in increased interest in such subjects as financial literacy, automotive maintenance and home repair.

5.    Consumers take a responsibility to censure unethical companies by avoiding their products.

6.    Mindful consumers are keen to reduce the negative impact of their purchases.

7.    In a world that is increasingly artificial, people crave things and experiences that are deeply ‘real'. We live surrounded by faux everything (from synthetic home furnishings to Botoxed brows) and largely communicate through bits and bytes – which helps explain why six in 10 respondents to the Euro RSCG New Consumer global study worry that we have become too disconnected from the natural world.

8.    Living in a time of rapid change and rampant uncertainty has made consumers worldwide anxious and afraid. It isn't possible for individuals or families to control the world economy, but most can at least feel some measure of personal control by making smarter financial choices.

9.    Two-thirds of our global survey sample think most people would be better off if they lived more simply. When we asked respondents to indicate which of 25 product descriptors most appealed to them, their top choices were durable, useful, practical, trustworthy and simple. Least appealing? Elite, prestigious, sophisticated and luxurious.

10.  Mindful consumers don't just give more consideration to what they are buying; they also care about the people and practices behind each product. Half say it is more important to them these days to feel good about the companies with which they do business, and 57% prefer to buy from companies that share their personal values.