Foresight diaries: exploring the future through Consumer Trends

I recently attended a Consumer Trends conference??. Consumer trends are about consumers and their basic needs and values. When change intersects with fundamental human needs, it creates a unique tension. As TrendWatching wisely noted, "Trends emerge when innovators satisfy a basic human need in a new way." One clear conclusion was our collective obsession with change. It's as if we have an insatiable appetite for exploring the latest patents, dissecting science papers, analyzing business models, tracking startups, navigating complex regulations, and immersing ourselves in the world of innovations and gadgets. Yes, change is the playground, and I embrace it! ;)

?? While technology undoubtedly takes center stage when we discuss change and the future, there are also signs of the concept of digital minimalism (a salute to the brilliant Google Paper Phone campaign, a phone-free zone: Finland introduces the world's first digital detox tourist island, and statistics showing that 50% of Gen Z want to take a break from their phones, a percentage higher than any other generation).

??Furthermore, discussions revolved around the crucial role of nature in both personal and professional lives. Some organizations have even gone so far as to consider nature as a valuable employee benefit or integrate it into their leadership philosophy. Take, for example, Apple's recent ad with Mother Nature or the beauty brand that legally appointed “Nature” to its board of directors.

?? Speaking of nature and our individual role, I couldn't help but enjoy that I was wearing my upcycled trousers from Common Parts.

This reflection led me back to the words of American economist Milton Friedman from the late '70s: "The business of business is to do business." Oh, how times have changed! A business with purpose imperative is what we are seeing now.

?? Another captivating topic that emerged was the perpetual challenges of "adulting" – a struggle that resonates with all of us. This dialogue delved into the expectations placed on brands and organizations to create environments that help us navigate life's complexities and equip us with essential life skills. Interestingly, generative AI is now accelerating the learning curve, enabling workers to gain six months of experience in just two months, as highlighted by MIT Sloan School of Management & NBER in April 2023.

?? And speaking of change, how about "foomscrolling"? In the world of AI, a foom occurs when the technology's self-improvements accelerate its development beyond human comprehension.

?? And among the other innovations that piqued my interest:

• Generative AI is enabling individuals to reimagine the past, offering exciting possibilities for storytelling and historical exploration.
• In the world of sports, a telco's ad has harnessed deepfake technology to combat bias, particularly in the realm of soccer.
• Climate Fresk, a climate change workshop framework.
• With over 50% of the world's population under 30 and the average age of a typical Board of Directors hovering around 60, Pentland Brands is establishing a Youth Advisory Board.

I would have liked to see more Asian flavors in trends, especially in the dynamic realms of retail and DTC industries.

?? Let's remember, trends are not merely for entertainment; they should ignite action. The objective should be clear: decode basic needs of consumers, anticipate the cravings of consumers and employees, and, most importantly, translate these insights into a competitive advantage.

FTA - From Trends to Action! ??