How to Identify and Cash in on Consumer Trends (and 3 Products Trending Right Now)

How to Identify and Cash in on Consumer Trends (and 3 Products Trending Right Now)

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If you can identify an upwards consumer trend, you can build a highly profitable business around it.

Consumer trends are determined by the habits or behaviors currently popular among consumers.

Data is often collected on these trends that includes information like how a consumer uses a product, and how they communicate about a brand with their social groups.

In this post, we’ll go over a upcoming consumer trend, as well as identify three product opportunities and how you can build a profitable business piggybacking on their popularity.

Let’s get into it.

Breaking Down A New Generation of Shoppers

Marketing budgets are often based off the spendings and lifestyles of the baby boomer generation. Recently, consumer trends and marketing efforts have started to shift.

Breaking Down A New Generation of Shoppers

With over 23% holding a Bachelor’s degree or higher, the millennial generation is the most educated generation in history.  Millennials account for 26% of the current US population.

They’re also spending a lot of money online.  They’re simply tired of the idea of shopping malls. Traditional retailers, for the first time ever in 2014, generated half their sales growth through ecommerce, according to Stifel Financial Corp.

That means about $18 billion in revenue generated last year came from online purchases, an analysis of U.S. Census data shows.

So, what are some upcoming consumer trends being influenced by millennials?  According to studies from Goldman Sachs, millennials are:

  • More health conscious than previous generations
  • Big fans of athletic brands
  • More tech-savvy than previous generations

What’s the underlying commonality here?

The millennial generation is interested in self-care and overall health, explains Tracy Naden, Allidura Consumer MD

"They see a more holistic perspective and want to integrate these healthy choices through every part of their lifestyle such as a new diet, cleanse, or workout routine - they want to pinpoint what works for them personally."

A health conscious, tech-savvy, well educated, young online shopper.  What more could a business ask for?

Let's take a look at the products they're buying based on this data.

Disclaimer: Before selling anything online you must first do your own due diligence to determine market demand and potential.

Wearables

Wearables, also known as wearable technology, is a growing consumer fashion trend that’s just waiting to be tackled.  The designs often incorporate practical functions and features.

Google Trends: Interest Over Time for Wearables

Wearables

Topsy: Tweets Per Day

Wearables

A study from research firm IDC showed 19.2 million wearables were estimated to ship worldwide in 2014.  That number is expected to hit 112 million by 2018.

No longer considered geeky or uncool, designer brands have started to make their way into the wearable space.  

In August of 2014, Ralph Lauren introduced a Polo Tech shirt that merged biometrics into active lifestyle apparel, just in time for the U.S. Open. 

With products like Google Glass, Fitbit, and the recently announced Apple Watch coming to market, there’s an unlimited amount of possibilities in an unsaturated space, with plenty of room to innovate and experiment.

Example Products and Accessories:

GetRest

GetRest

Hedocks

Hedocks

Bytten

Bytten

As you can see, there’s a lot of room to experiment here.  You don’t necessarily have to make the next Fitbit tracking device, but by building a product that acts as an accessory to the wearable, you can piggyback on its success.

Here are some ideas of products you could sell that are in the wearables space.

Product Examples to Piggyback on The Trend:

  • Dropship Fitbit bands that offer a unique colorful design besides the original black band
  • Source Apple Watch products from online marketplaces, including things like cases and straps for the watch
  • Develop your own Fitbit band jewellery accessories 

 Up-and-coming Products

Charcoal Health Products

These days, purifying and cleansing your skin might look like a messy mud run.  That’s because beauty products infused with charcoal ingredients are a huge trend right now.

Google Trends Interest Over Time for Charcoal Health

Charcoal Health Products

Topsy: Tweets Per Day

Charcoal Health Products

Because of its natural detoxifying properties, charcoal acts as a magnet for toxins and impurities.

Everything from charcoal pills, to charcoal exfoliants - you can bet it’s being turned into a health and beauty product.

The skin care industry in the United States is a $110 billion industry as of 2014, and is expected to continue to grow.  On average, women aged 18 and older spend $144 per year on beauty products.

Example Products:

LUSH

LUSH

Sephora Charcoal

Sephora Charcoal

Caru Skincare

Caru Skincare

With health conscious millennials being a huge target market, there’s no doubt that activated charcoal products will continue to grow.

And yes, it is the same charcoal that you’d use for your Fourth of July barbecue grill.  Just don’t try and grind up briquette from your grill and use it on your face.  You’ll need to do a bit of product research and sourcing first.

Up-and-coming Products

Matcha Tea

One emerging trend is the popularity of matcha teas.  Matcha has been consumed in China for thousands of years.  Buddhist monks drank it to remain calm and alert during long hours of meditation.

Google Trends Interest Over Time for Matcha Tea

Matcha Tea

Topsy: Tweets Per Day

Matcha Tea

A cancer-fighting, fat burning, all-natural powerhouse - matcha is an extremely healthy form of tea.  The health benefits of matcha are greater than those of other teas, because drinking matcha means you’re ingesting the whole leaf and not just the brewed water.

"We're seeing consumers seeking empowerment through health and finding ingredients with nutrients that meet their needs." - Neilsen. 

Matcha meets the demands for energy, vitality and nutrition.  It’s packed with antioxidants, L-theanine, and beta carotenes.  It also packs less of a caffeine punch than normal green-tea, which is perfect for anyone looking for a caffeine kick anytime of the day.

The tea market in the United States is a huge, and growing industry.  According to the US Tea Association, some 80% of american households have tea in their kitchen, and more than 50% of the population drinks it on a daily basis.  In 2013, more than 8 million pounds of green tea was consumed by the US and is continuing to be consumed at a growing pace.

Example Products:

Matcha Whisk

Matcha Whisk

Matcha Skin Cleanser

Matcha Skin Cleanser

MistaMatcha

MistaMatcha

Because matcha tea is growing as a consumer product so quickly, there's many ways you can piggyback on its popularity.

Product Examples to Piggyback on The Trend:

How to Identify an Upcoming Trend

Being able to identify an upwards trend on your own in addition to the ones we looked at can be tremendously valuable.  There's quite a few resources online that can help you identify these trends.

Here are some examples:

It’s a good idea to do your own research to make sure the product you’re looking into isn't actually a fad.  A fad can be dangerous when picking a product to base your business around, because they’re generally very short-lived and popularity tapers off.  You want to make sure that product demand continues for the lifetime of your business.

Conclusion

Now that you have an idea of what the next hot products might be, it’s your chance to cash in on them.

Are there any other examples of products you can think of piggybacking on?  Are there any other consumer trends you think will be popular soon?  Let us know in the comments below!

 

Conclusion

About The Author

Tucker Schreiber is an ecommerce entrepreneur and Content Marketer at Shopify. Get more from Tucker on Twitter.

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