Top Cultural Trends for 2009

November 20, 2008

As Deborah Nixon's article in this Blog suggests, consumer views towards financial institutions has grown increasingly negative.  While Nixon observes that many financial institutions have ignored the dissolution of trust at their peril, specific actions may be taken to regain trust.  Marketers need also be aware of other cultural trends to adapt what we do to keep our organizations in touch with consumers.

Iconoculture, a cultural trend research consulting company, published today their list of the six most critical influences of consumer behavior we may expect in 2009.  In a marketplace defined by economic uncertainties, shifting social mores, and an increasingly global and multicultural landscape, the values and trends identified by Iconoculture explain how consumers are likely to respond in 2009.  Iconoculture's Top Trends for 2009 cover multiple categories and demographics and offer immediate and far-reaching implications for brands, businesses and agencies of all kinds. These trends and values include:
Trend 1: Buying Out — Dire economic pressures, changing sustainability beliefs and a growing aesthetic to avoid costly and unreliable mainstream solutions, leading-edge consumers are redefining what it means to consume, from turning waste to useful products (upcycling) to community gardening to seeking alternatives for typical household expenses such as insurance, utilities and grocery store items.

Trend 2: Forced Full Disclosure — The Internet and other technologies have ushered in an unprecedented era of personal honesty, whether consumers like it or not.  Location-based services, social networks and online banking portfolios will, in the coming year, change the nature of privacy, with implications stretching from technology, personal finance and politics to work and play.

Trend 3: Morphing Multicultural Mobility — In the not-too-distant future, "minorities" will be the U.S. majority. Knowing how to reach these consumers is only becoming more difficult.  La crisis, as Latinos refer to the economic crisis, is already forcing African Americans, Asian Americans and Latinos to migrate to new geographic areas in search of economic opportunity and to become involved in hot-button political and cultural issues they previously left unexplored.

Trend 4: Shame Shift — We're seeing social mores morph, and watching as the shift in attitude around what's socially acceptable and what isn't reshapes a broad swath of businesses. Generational divides, changing economic circumstances, environmental awareness and an expanded slate of public and personal data is causing consumer attitudes about acceptability to morph. From dumpster diving to mixed martial arts to teen pregnancy and extreme media violence, the future ain't what it used to be.

Trend 5: Community Living — The shape of the nation is changing as cultural rural, urban and suburban commingle and consumers seek out new kinds of community — ones that transcend geography. Phenomena like localism in food (and other goods) in urban settings and the flattening effects of technology in rural and suburban areas are resetting the nation's working/playing field. Consumers are craving less commuting pain and are looking for innovative ways to make more touchable moments with other people.

Trend 6: Health Holism - Health has stepped out of the hospital — way out. Consumer engagement with health and wellness information and care no longer requires extensive outlays of money, time or sacrifice. From expanding wellness initiatives in the workplace to info-sharing among consumers, Americans are increasingly finding that the tools for living better and knowing more are seamlessly integrated into daily life.

For banking, these trends suggest that organizations need to position themselves as a service that can help the consumer avoid fees, provide a safety net, and protect both privacy and family finances.  This may mean that community and regional banks need to look more like a credit union, credit unions need to actively distance themselves from banks, and the big national banks need to act like the friendly neighbor rather than a bureaucracy.

 Digg 

 

What did you think of this article?




Trackbacks
  • No trackbacks exist for this entry.
Comments
Page: 1 of 1
  • 11/20/2008 10:34 PM homeBiscuitsAndGravy wrote:
    "For banking, these trends suggest that organizations need to position themselves as a service that can help the consumer avoid fees, provide a safety net, and protect both privacy and family finances."

    Banks? Bastards. Every one.
    Reply to this

Page: 1 of 1
Leave a comment

Submitted comments will be subject to moderation before being displayed.

 Enter the above security code (required)

 Name (required)

 Email (will not be published) (required)

 Website

Your comment is 0 characters limited to 3000 characters.