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12 Pages Essays / Projects Year: Pre-2021

MKF2801 CONSUMER TREND CANVAS FINAL REPORT The Consumer Trend Canvas Trend Canvas – Analysis Stages Basic Needs Consumer behavior is driven by fundamental needs and desires, and is a crucial starting point to understand and analyse consumer trends. Consumers’ basic needs are divided into four segments: status, connection, relevance and excitement (Backman, 2013). Status: After all basic necessities are met, people consider how they fit in within the societal hierarchy. Many individuals aim to ‘climb the social ranks’ and improve their status which may be achieved self-improvement and education. An example is the expectation of young adults entering the workforce to have at minimum, completed a Bachelor’s degree (Millar, 2014). Connection: Individuals are fundamentally driven by their psychological and social needs to belong to a group and connect with others (Backman, 2013). The macro-trend of the ‘emotive economy’ sees the demand for individuals to become more emotionally sensitive and emotionally intelligent, especially among younger generations (Walker, 2016). Relevance: Consumers seek products and brands that reflect on their personal values and beliefs. Thus, their “product ecosystem” refers to the unique set of products that are a reflection of their values, and thus a form of self-expression (Romero & Molina, 2015). This is relevant to the learning trend as consumers are able to learn about brand values and determine if their values align. Excitement: Individuals are constantly seeking new and exciting opportunities that allow them to improve themselves spiritually and professionally. This need for continuous self-improvement drives the desire for self-enriching experiences. An additional basic need is the need to be employable in the ever-competitive job market. Consumers are constantly searching for ways to ‘stand out’ and become more competitive, and this is largely linked to the skills and knowledge they hold. As a result, individuals desire this self-improvement to allow them to succeed career-wise.


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