How can you use trend forecasting to appeal to younger consumers?

1 What is trend forecasting?

Trend forecasting is the process of researching and predicting the direction and impact of social, cultural, economic, and technological changes on consumer behavior and preferences. Trend forecasting helps you to anticipate the needs and wants of your target market, and to create products that are relevant, desirable, and profitable. Trend forecasting is not about copying what others are doing, but about finding the underlying patterns and drivers that shape consumer demand.

2 Why is trend forecasting important for younger consumers?

Younger consumers are more diverse, informed, and empowered than ever before. They have access to a vast amount of information and inspiration from different sources, and they are not afraid to express their opinions and values. They are also more aware of the environmental and social issues that affect their lives and the world around them. Therefore, they expect products that are not only functional and aesthetic, but also ethical and meaningful. Trend forecasting helps you to understand the motivations, aspirations, and challenges of younger consumers, and to offer them solutions that match their lifestyle and identity.

3 How to identify trends for product development?

To identify trends for product development, you need to do a lot of research and observation. Scanning online and offline media, such as blogs, magazines, podcasts, and social networks, can help you understand what topics, themes, and stories are popular among younger consumers. Analyzing data and statistics, such as market reports, surveys, polls, reviews, and feedback can help you identify what products, features, and benefits are popular or emerging. Exploring different industries, sectors, and domains can give you insights into what innovations, technologies, and practices are influencing or disrupting consumer behavior and expectations. Additionally, engaging with younger consumers directly through interviews, focus groups, surveys, or online communities can help you learn about their needs, pain points, desires, and opinions.

4 How to analyze trends for product development?

To analyze trends for product development, you need to evaluate and synthesize the information and insights you have gathered from your research. You can use various frameworks and models, such as PESTLE analysis which examines the political, economic, social, technological, legal, and environmental factors that affect consumer trends; SWOT analysis which assesses the strengths, weaknesses, opportunities, and threats of your product in relation to the trends; STEEPV analysis which adds ethical and values dimensions to the PESTLE analysis; and S-Curve analysis which tracks the life cycle and maturity of a trend, from emergence to decline.

5 How to apply trends for product development?

To apply trends for product development, you need to translate and integrate the findings and implications of your analysis into your product design and marketing strategy. You can use various techniques and methods, such as scenario planning to create and test different possible futures based on the trends and their impact on consumer behavior, storytelling to communicate the value proposition and benefits of your product in relation to the trends, prototyping to build and test different versions of your product, and positioning to differentiate and align your product with the trends and the consumer segments that are most likely to adopt it. By doing so, you can ensure that your product appeals to consumers in relation to the trends.

6 How to monitor and update trends for product development?

Trends are constantly changing, and it is important to stay on top of them in order to ensure your product development process is up-to-date. You can use trend radar to map and visualize trends and their relevance and impact on your product and market. Additionally, a trend dashboard can measure and track the performance and progress of your product in relation to the trends and consumer behavior. Lastly, a trend report can summarize the key findings and recommendations of your trend forecasting and product development activities.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?