Trends are future tendencies – assumptions about progress, development or evolution of a certain consumer characteristic, or attribute. Based on their practice, duration & applicability to a product/service, the whole Trends framework can be categorised into the following:
Large social, economical, political, environmental, or technological changes which form the big underlying forces that drive other trends. They are usually evident over a period of 10 – 50 years.
Culturally specific sociological tendencies, which modify the value system, the moral, the ways of thinking and behaving. Socio-cultural trends are way for individuals and society to adapt to megatrends. Their usual lifespan is 5 – 10 years.
Changes in consumer lifestyle & consumption behaviour driven by Socio-Cultural Trends. Usually witnessed over period of 2 – 5 years.
These are usually consumer practices in terms of product consumption & behaviour usually change every year. These also serve as indicators of major upcoming consumer trends on basis of their sustainability.
Solutions & Products
Trends research is a longitudinal study spanned over a period of time & conducted at regular intervals. Detailed analysis of consumer lifestyle choices & practices leads to development & innovation of new products & services driven through actionable insights from the trends study. Identification of key Mega, Socio-Cultural & Consumer Trends helps create the products & services for the next generation. It also creates a baseline for strategy & product development departments.
Trends studies at KDASS is an ongoing process. It involves seeing the consumer at a specific point of time & space & analysing his behaviour over a period of observations stretched over a longitudinal time scale. It involves a lot of secondary research protocols, qualitative & quantitative research methodologies, & intensive process of analysis using techniques such as recursive abstractions. Validating theories like the Nudge theory through trends framework can be easily accomplished as it allows you to observe a consumer as it evolves through spectrum of time & space. The trends framework can be easily understood in terms of the below infographic.