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Global Youth Trends 2024

Global Youth Trends

Consumer Goods and Retail | Jan, 2024

Millennials and Gen-Zs are defining themselves with unique traits, behaviours, and interests, experiencing major technological, economic, and sociological transformation amidst critical global changes. Currently, there more than 1.2 billion young people between the ages of 15 and 24 living on the earth and the number is expected to grow to nearly 1.3 billion by 2030. The first generation of truly digital natives are quickly gaining around and making their presence felt in today's economy. Being woke social media users, youth are harbingers of latest trends that define today’s culture.

Here are some of the latest global youth trends that are impacting the global economy by large.

Sustainability and Ethical Lifestyle

In recent years, environmental degradation and climate change have become a significant problem due to rapid urbanization and industrialization activities. However, people’s environmental awareness has grown, which has led to demanding effective action from governments and industries across the globe. The next generation is looking for brands that want to bring positive impact on the environment. Marketers are understanding and catering to consumers’ current sentiment to align with new paradigm.

According to a study conducted by Amazon Ads with Environics Research, surveying 5000 global consumers, 78% of consumers want to make purchases from brands that encourage people to become more eco-conscious while 60% consumers said sustainability is crucial to them over the past three years. Hence, brands are supporting customers in their journey to become more sustainable in their shopping and lifestyles. Gen-Z and millennial consumers are minimizing negative environmental effects through purchasing biodegradable, energy-efficient, reusable, and recyclable products and shifting towards electrification for reducing the use of fossil fuels.

Consumer packaged goods companies are setting their own sustainability strategies by rethinking product packaging. Currently, 75% of plastic produced becomes waste and the production of plastic is expected to triple by 2050, owing to rising eCommerce and growing personal disposable income. Sustainable packaging is one of the most convenient ways companies in this sector can reduce emissions. FMCG companies are prioritizing the use of plastic-free alternatives such as paper-based packaging, reusable cloth bags, refillable containers, or giving customers bring-your-own-cup option. US multinational beverage company, The Coca-Cola company announced a new reusable packaging goal to have at least 25% of its beverages sold in refillable/returnable glass. PepsiCo also plans to actively support and promote a sustainable, circular economy for packaging, making its packaging from 50% recycled materials and halve the use of virgin plastic by 2030.

For young people, image is everything and they do not mind spending a significant part of their income on grooming and beauty products to look their best. As consumers are becoming more aware of the negative impact of using chemical-laden products for their health, they are increasingly switching towards cosmetic brands that boasts natural or organic products. Hence, beauty companies are responding to the evolving consumer demands by using safe and non-toxic ingredients and changing their formulations to minimize risks as much as possible. Some companies are also changing their manufacturing process by introducing sustainable practices such as ethical sourcing of raw materials and ingredients, sustainable purchasing, using renewable energy, etc.

When it comes to personal vehicle ownership, millennials and Gen Z are more eager to go electric. The youth is becoming well-aware of the harmful effects of vehicular emissions, emitted by gas-or diesel-powered vehicles. Hence, electric and autonomous vehicles are the future, to which the auto industry is responding steadily. Emergence of new electric car models at affordable prices and rapid expansion of electric vehicle charging infrastructure are fuelling the adoption of electric vehicles. Besides, different industry players are switching to electric vehicles for logistics and transportation of goods as well as make last-mile deliveries, which could encourage electrification and boost the trend even more!

According to TechSci Research report on “Green Technology and Sustainability Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2018-2028 Segmented By Component (Solution, Services {Consulting, Integration and Technology, Support and Maintenance}), By Technology (IoT, AI and Analytics, Digital Twin, Cloud Computing, Security, Blockchain), By Application (Carbon Footprint Management, Green Building, Water Purification, Water Leak Detection, Fire Detection Soil Condition/Moisture Monitoring, Crop Monitoring, Forest Monitoring, Weather Monitoring and Forecasting, Air and Water Pollution Monitoring, Sustainable Mining and Exploration), By Region”, the market is expected to grow at a significant rate, owing to the increasing initiatives to reduce the rising levels of carbon emissions.

Focus on Holistic Well-being

Fitness and mindfulness apps, wearable technology, and wellness continues to become a priority for youth as they strive to seek holistic well-being. Gradually, consumers are realizing that health and wellness is not a one-size-fits-all issue. In United States, the fitness and wellness products market is estimated to be valued around USD450 billion, growing at a CAGR of 5% annually. Growing interest in wellness across health, fitness, nutrition, appearance, sleep, and mental health are leading to considerable shifts in consumer attitude toward wellness. Hence, immunity support supplements and nutraceuticals adoption is growing in popularity, especially among Millennials and Generation Z.

Moreover, functional foods and drinks are also gaining traction since they are modified with vitamins, minerals, antioxidants, and other nutrients that provide health benefits to the consumer and reduce the risk of deadly diseases. With increase in gym-going population, sports nutrition has emerged as the fastest growing segment in functional foods and beverage market. As people are focusing more on enhancing beauty from within, nutraceuticals are becoming popular for reasons including skin and hair management.

According to TechSci Research report on “Global Functional Proteins Market, By Type (Hydrolysates, Whey Protein Concentrates, Whey Protein Isolates, Caseinates, etc.), By Application (Functional Food, Functional Beverages, Dietary Supplements & Animal Nutrition), By Source (Plant & Animal), By Form (Liquid & Powder), By Region, Competition Forecast and Opportunities, 2017 – 2027”, the global functional proteins market is projected to grow at a formidable rate, owing to the rising health consciousness among consumers and growing availability of functional protein in F&B subsegments.

Veganism is a fast-growing movement among youth. Currently, 0.1-1% of the world's population is vegan and the number is expected to increase significantly. As people are realizing the negative impact of meat eating for health and environment, they are increasingly shifting towards plant-based eating practices. According to a study, meat and dairy contributes to nearly 14.5% of global greenhouse gas emissions. Many vegan brands such as Beyond Meat, Daring Foods, Impossible Foods, etc. are emerging in the market that provide a wide variety of vegan food options, which seem appealing to consumers. Even restaurants and fine dining spaces are introducing cuisines incorporating plant-based items. The sales of vegan milk reached to USD2.3 billion in the United States. A rising trend of vegan cheese, yoghurt, and other dairy products are emerging, owing to continuous innovation in technology and rising investment for research and development, which is expected to fuel the global vegan trend.

According to TechSci Research report on “Vegan Food Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Product Type (Dairy Alternative, Meat Substitute, Vegan Bakery, Vegan Confectionery, Others (include Egg Alternative, Plant-Based Snacks etc.)), By Source (Wheat, Soy, Oats, Almond, Nuts, Others (include Pulses, Quinoa, Brown & Wild Rice, etc.)), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Online, Others (include direct sales, Distributor sales, etc.)), By Region, Competition”, the global vegan food market is anticipated to register growth at a significant rate, owing to increasing consciousness among population regarding environmental and benefits of eating plant-based foods.

Mental Health Becomes a Priority

As per statistics, suicide is the second-leading cause of death among teens and young population. In recent years, youth has been experiencing worsened emotional health due to increased stress, rising social media usage, lack of peer connection, poor self-esteem, and substance abuse. Teenagers and young population are being exposed to images of people with seemingly perfect lives or glorified appearance, which make them feel dissatisfied and lead to severe body image issues. There has been a rise in the adoption of psychobiotics, designed to

However, the conversations surrounding mental health are becoming more normalized as young people are more willing to discuss their concerns and ask for help. Technology is paving a way for people to opt for telehealth solutions where they can reach out to mental health coaches and experts to talk about their problems without even physically visiting their clinics or office. The global mental health app market was valued at approx. USD5 billion in 2022 and is expected to reach USD20 billion by 2030, owing to increasing awareness regarding mental health and shifting trends from traditional methods of care to patient-centric and personalized care.

The trend of rising adoption of psychobiotics among youth has been observed in recent years. Psychobiotics are a type of probiotics that influence the behaivour and associated functions of the central nervous system by improving the gastrointestinal microbiome. Psychobiotics are available as functional drinks, foods, and supplements, which make them even more accessible and convenient for youth. Many enterprises are also introducing gluten-free, vegan psychobiotics supplements to target a wider population.

According to TechSci Research report on “Psychobiotics Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028 Segmented By Psychotropic Agent (Streptococcus, Bifidobacterium, Lactobacillus, Clostridium, Others), By Form (Powder, Liquid/Fluid, Tablets, Others), By Application (Stress Management, Mood Health & Mood Upliftment, Depression, Anxiety, Sleep Problems, Others), By Region and Competition”, the global psychobiotics market is projected to grow at a significant rate, owing to rising concerns regarding mental health problems and easy accessibility of supplements on various distribution channels.

DIY Culture On the Rise

The DIY culture has now become a prominent trend among youth for a variety of reasons, reflecting a desire for self-expression, sustainability, and a sense of empowerment. The overall rise of the DIY culture among the youth can be attributed to various factors that resonate with their aspirations and values. Young individuals are increasingly drawn towards art and custom projects as a means of showcasing their unique talent and perspectives. Moreover, the growing awareness of environmental concerns has propelled many towards a more sustainable lifestyle, with DIY culture aligning well with values of repurposing, upcycling, and minimizing waste. The cost-effectiveness of DIY projects appeals to the economic sensibilities of youth, offering them an alternative to store-bought items. Beyond cost savings, engaging in DIY fosters skills development provides a tangible and empowering way for individuals to acquire practical knowledge, from woodworking to coding.

This movement also cultivates a sense of community, both online and locally, where individuals can share their creations, exchange ideas, and collaborate on projects. Ultimately, DIY culture empowers youth by encouraging them to take control of their surroundings, fostering independence and a sense of self-sufficiency.

Nurturing Mindful Disconnect Through “Digital Detox Retreats”

In 2024, Digital Detox Retreats are expected to become a notable trend among the youth, due to advent of the current scenarios accelerating these changes and trends. With the constant connectivity facilitated by electronic devices and social media, people tend to find themselves burned out and overwhelmed. Studies have also linked prolonged digital exposure to anxiety, depression, and sleep disorders. Thus, as mental health becomes a more prominent concern, individuals are proactively seeking ways to disconnect and rejuvenate.

To the benefit, these retreats provide a respite from the ubiquitous presence of screens and the demands of technology. Tailored to address the growing concerns of digital burnout, participants in these retreats engage in activities that encourage a profound disconnection from electronic devices. Set in serene natural environments, these retreats often incorporate mindfulness practices, outdoor activities, and workshops on maintaining a healthy balance between the digital and physical realms. Participants are encouraged to immerse themselves in offline experiences, fostering a renewed appreciation for face-to-face interactions, nature, and self-reflection. Digital Detox Retreats not only offer a temporary escape from the pressures of the online world but also serve as an opportunity for young individuals to recalibrate their relationship with technology, promoting overall well-being and a mindful approach to digital consumption. As a response to the challenges posed by constant connectivity, these retreats empower the youth to prioritize mental health, find inner balance, and rediscover a sense of presence in the offline moments of their lives.

Driven By Wanderlust

Millennials and Gen Zs are spending on travelling than previous generations, driven by the need to explore, experience different cultures and cuisines, and give a boost to their mental health. According to a latest survey conducted by YouGov in United States, millennials are most likely to take longer vacations, fly in first class, and pay more to stay at nicer hotels or resorts. Besides, companies giving employees the flexibility for remote work has also helped them to take their office on the road and even relocate for weeks or months at a time.

Sports tourism market has been booming significantly as young people do not might crossing an ocean or two to watch their favourite sports or players. Emergence of a number of sports events, whether locally or at an international scale, has helped the sports tourism industry to grow at a rapid rate. In 2022, the global sports tourism industry was valued around 580 billion and is expected to grow at a CAGR of 17% through 2030, majorly driven by the rising investments to boost sports infrastructure by governments of various countries. Besides, sports industry is the largest entertainment industry, with most popular sports highlighting a major impact on the economy.

The growing use of social media is also encouraging youth to discover activities that can only be experience in remote parts of the world or research potential travel destinations. As per a study, 97% millennials post photos or videos of their travel experience on their social media, which inspire other travellers to relish the same experience. The travel and tourism industry are quickly turning to social media to market their brands and create influential content to entice potential customers. Even governments of various countries are taking an immersive approach through social media to promote tourism in their country. For instance, Abu Dhabi Department of Culture and Tourism launched ‘Experience Abu Dhabi. Find your Peace’ campaign in 2022, featuring a variety of experiences and attractions in the capital through a three-minute 40 second commercial. Hence, more such promotion activities of travel and tourism by governments and private sector is expected to boost global travel and tourism industry in years to come.

According to TechSci Research report on “Global Sports Tourism Market By Sports (Soccer Tourism, Cricket Tourism, Hockey Tourism, Tennis Tourism, Others) By Application (Passive Sports Tourism, Active Sports Tourism) By Type (Domestic Tourism, International Tourism) By Region, Competition Forecast & Opportunities, 2028”, the global sports tourism market is expected to grow at a significant rate during the forecast period, owing to the rising number of sports events and rapid globalization.

Rising Trend of Personalization

Gen Zs and millennials are strong-willed and practical people who grew up in digital age where everything is accessible within a click of button. Unlike older generations, millennials and Gen Zs prioritize more on price and quality, which they can check on the internet to find better deals. Hence, brands are adopting personalization to cater to young audiences, considering their purchasing behaviour, demographics, and various other touchpoints. For instance, a mall operator, a retail store, and a brand product all influence the purchasing decision of a customer. But each merely observes and influences a small fraction of the overall purchasing process. The next degree of personalisation creates a significant opportunity for connecting those points as growing partner ecosystems enable businesses to offer consumers more consistent and seamless experiences throughout all phases of their decision journeys.

Personalisation is currently one of the most popular e-commerce trends because as e-commerce has been becoming more and more mainstream, especially for youth. Hence, companies have been searching for ways to differentiate themselves from the competition. Now, customers can customise their shopping experiences to suit their unique requirements and preferences, thanks to the personalization capabilities that many e-commerce platforms and online merchants are now providing. Businesses may increase consumer loyalty and trust by providing more individualised experiences, which is crucial for any business wanting to thrive in the ever-changing market.

The rising trend of personalization is eminent in the healthcare industry as there isn't a one-size-fits-all approach when it comes to health and wellness. An individual's symptoms of an illness or condition may differ greatly from another patient's symptoms. In order to achieve the best possible outcome for each patient, many treatment modalities may be needed. In the existing healthcare system, clinicians are frequently left to make educated guesses about which course of therapy is best for a patient and why certain individuals respond to particular treatments better than others. Yet, in the future of healthcare personalization, improved data collecting can find patterns in enormous volumes of data from patients around the world to precisely diagnose illnesses and locate the most suitable treatments for each person. Advances in digital healthcare solutions and artificial intelligence are expected to fuel the growth of personalization in healthcare industry in coming years.

According to TechSci Research report on “Global Personalized Nutrition Market By Dosage Form (Tablets, Capsule, Powders, Liquids, Others), By Product Type (Dietary Supplements and Nutraceuticals, Functional Food, Functional Beverage, Digitalized DNA-based Diet, Sports Nutrigenomics, Others), By Tool Type (Genetic test kits, Food labels, Interactive apps, Portable gadgets, Wearable, Others), By Application (Standard Supplements, Disease Based, Additional Supplements, Medicinal Supplements, Sports Nutrition), By Region, Forecast & Opportunities, 2025”, the global personalized nutrition market is projected to grow at a significant rate, owing to the increasing popularity of implementation of digital solutions and rising preference for personalized diet plans.

Web: https://www.techsciresearch.com

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