8 December 2021

2021 in Review: New Age Consumer

Written by Megan Dempster

The world continues to rapidly evolve and consumers are being offered increasing levels of convenience. Despite protesting lock-downs, we seem to be moving further towards a world where tech companies offer a multitude of excuses to not leave your house. From the comfort of your own home (in London at least) you could get a pint of milk delivered within 10 minutes, set up a bank account, find a near-by individual willing to walk your dog or even advertise your lawn-mower for rental by the hour. With the rise of working from home, our journeys are now less predictable as we no longer commute from A-B five days a week and visit the supermarket on the weekend. This has led to the development of convenient transport options such as electric scooters and bike/car rental services.

Although the pandemic has accelerated the trend towards consumption of ‘Over-The-Top’ streaming services (TV content delivered via the internet without the need for cable), a Deloitte survey highlighted the problem streaming services are facing with customer churn. Between May 2020 and February 2021, 36% of survey respondents reported cancelling a streaming service and 62% cancelled after finishing a specific show. Family content is becoming increasingly valuable for retaining subscribers due to pre-schoolers requesting to repeatedly watch their favourite shows again and again. This represents fantastic validation and opportunities for Acamar Films which own the IP to the children’s character ‘Bing’. LGB has continued its seven year history as a fundraising partner for Acamar Films and has raised both equity and debt for the company in 2021, with the latest EIS equity round currently open for subscription (click here to indicate your interest).

Looking at digital marketing, printed ads and billboards are becoming a thing of the past. Brands must use evolving social media platforms if they wish to reach wider audiences. Millennials (who represent the largest population group) in particular are reported to spend significant amounts of time watching video content online, meaning YouTube creators may have more influence than traditional celebrities. Mous Products Limited have capitalised on this by creating memorable and highly engaging visual online content attracting over 370 million views, driving brand awareness and customer engagement. Mous have recently agreed a content partnership with a high-profile Red Bull athlete with YouTube videos attracting over 91 million views. Influencer marketing strategies will also become important for SkinBioTherapeutics as they launch their next product targeting acne sufferers.

Facebook (now rebranded as Meta) gave an insight into how the working world might use the metaverse, although reportedly only 38% of Gen Zs think this will be ‘the next big thing’. What Gen Z care about, and what they are reported to care about, is likely to continue to be misaligned. Companies must be open to adapting to the new world and embrace evolving technology trends.

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