At the recent Foresight Factory Trending 2018 event, analysts introduced a new lens through which we can view future consumer behaviour, entitled the #NeverNormal. Here's what it means for brands.
2. G E T E V E N T S M A R T
Introducing the #NeverNormal
Last week we attended Foresight Factory’s annual Trending event 2018, where our
analysts set the agenda for the consumer context in 2018. Set against the current
backdrop of heightened uncertainty and distrust, Josh McBain, Director of Consultancy at
FF, introduced a new lens through which we can view future consumer behaviour, entitled
#NeverNormal. Looking at the new context faced by both consumers and brands, McBain
set out the core drivers of uncertainty that FF predicts will shape consumer behaviour
over the next decade.
LOOKING BACK AT THE LAST DECADE
2019 will mark the 10-year anniversary of FF’s New Normal trends framework, which was
in a large part defined by our response to the global financial crisis; consumer confidence
took a ‘deep hit’, yet the growing uncertainty was offset to a degree by consumer
empowerment caused by digital technologies, such as the rise of the smartphone. The
response was a cautious shopper who embraced new financial budgeting tools in an effort
to pursue value on their terms. Arguably many of the resulting consumer attitudes and
behaviours are still as true today as they were a decade ago, if not even stronger. So
what has changed? According to FF, everything.
LOOKING AHEAD TO THE #NEVERNORMAL
As we approach a decade since the global financial crisis, FF set out to define a new era,
where uncertainty is the only constant facing consumers. FF has characterised this new
era of disruption as the #NeverNormal.
“The #NeverNormal period will be defined … not by one
singular event, but a range of events and drivers all acting
together to create new wavelengths of uncertainty and a
climate of disruption”.1
According to McBain, disruptors will included:
1. Political uncertainty: we have seen a shift in global politics, with growing
disunity in global governance at a time when collaboration is essential. A
consequence is that the trust deficit has continued to gather pace, with
1 Josh McBain, Director of Consultancy, the Foresight Factory
3. G E T E V E N T S M A R T
Introducing the #NeverNormal
consumer trust across key institutions - government, media, business and
NGOs - declining globally
2
.
2. Societal distrust: evidence of growing disunity and fragmentation is being
further entrenched by the impact of the filter bubble, making it easier for
people to ignore information they disagree with.
3. Automation: we are on the brink of the fourth industrial revolution, with
next generation technology and the rise of automation. The effect is both
empowering to consumers but threatening to the job market, with a
predicted 30% of UK jobs at risk of automation
3
.
4. Climate re-ignition: environmentalism is moving up the consumer agenda,
with almost 200 million people displaced because of climate events
between 2008-2016
4
.
The culmination of these factors is greater uncertainty, which will not only impact
consumers for the next decade, but also result in a challenging environment for brands.
The key question amidst all of the disruption is who are the likely winners and losers of the
#NeverNormal times?
HOW WILL BRANDS PROSPER IN #NEVERNORMAL TIMES?
If FF are right and we are indeed facing the end of certainty, how can brands navigate the
#NeverNormal? FF concluded the event with a more optimistic discussion of what
success might look like for brands in the future. Bruce McKinnon, Founding Director of
Mission Brand, highlighted that, today more than ever, brands have an anchoring role to
play in consumers lives. Amongst this disruption and change, brands offer certainty:
“Brands are the consistent thread in consumers lives - good
brands know their consumers and know themselves”.5
Brands must rise above the uncertainty and change, balancing the need to be relevant
with the need to maintain a strong brand. Indeed the distinction lies in layers of the
brand, with the core of the brand remaining cohesive and consistent, and marketing
messages that adapt and are transient.
So in a time of constant disruption, the opportunity may well be an element of
consistency. Long-term brand building remains key to success, providing the comfort and
2 Edelman Trust Barometer, 2017
3 PWC 2017
4 Internal Displacement Monitoring Centre, 2017
5 Bruce McKinnon, Founding Director of Mission Brand