Market trends research

Consumer trend research is the process of analyzing changes in consumer preferences, behaviors, and expectations to identify key directions impacting the market. This includes gathering and analyzing data on shopping habits, lifestyles, technology, culture, and other factors to understand the influences shaping consumer choices. Consumer trend research helps companies adapt to a changing market environment and better meet the needs of their customers.

Methodology of consumer trends research

The methodology of consumer trends research involves several steps aimed at collecting, analyzing, and interpreting data on consumer preferences and behaviors. The methodology applied in consumer trends research includes the following actions:

Defining research objectives:

• Determining the main objectives and research questions.
• Identifying thematic areas for investigation.

Selecting research tools:

• Choosing appropriate data collection techniques such as surveys, interviews, social media analysis, observations, purchase data analysis, etc.
• Selecting tools based on the nature of the study and resource availability.

Determining the research sample:

• Selecting a representative group of respondents or area for study.
• Establishing criteria for selecting study participants.

Conducting quantitative or qualitative research:

• Implementing research tools according to the chosen methodology.
• Collecting data from respondents as per the defined research plan.

Data analysis:

• Processing collected data using appropriate statistical tools.
• Identifying patterns, relationships, and significant information.

Interpreting results:

• Analyzing results in relation to the research objectives.
• Drawing conclusions about consumer trends and their market impact.

Reporting and presentation:

• Preparing a report containing key findings and conclusions.
• Presenting results to stakeholders, project teams, and decision-makers.

Monitoring and updating:

• Systematically monitoring changes in consumer trends.
• Updating research as new data and information emerges.

The methodology of consumer trends research can be customized to specific research needs and conditions. It is also important to consider the dynamic nature of the market, including continually evolving consumer preferences.

See also: Understanding marketing research

Consumer trend research involves analyzing changes in consumer preferences, behaviors, and expectations to identify key directions impacting the market. Depending on the area of study, attention is paid to various detailed issues. This requires research expertise and knowledge of the industry or market segment being analyzed. The following are example research areas confirming this:

Analysis of purchasing behaviors:

• Examining what and how customers buy.
• Tracking brand, product, and service preferences.

Monitoring socio-cultural trends:

• Identifying cultural, social, and demographic influences on consumption.
• Observing changes in lifestyles and societal values.

Monitoring technological innovations:

• Analyzing the impact of new technologies on consumer behaviors.
• Tracking trends related to digitization, artificial intelligence, the Internet of Things, etc.

Social media research:

• Analyzing consumer activity on social media.
• Tracking trends, popular phrases, hashtags, and online opinions.

Observing trends in design and fashion:

• Tracking changes in product and clothing design styles and preferences.
• Analyzing the impact of global events on fashion.

Market research and competitive analysis:

• Assessing the effectiveness of marketing campaigns.
• Analyzing competitor actions and their impact on consumer preferences.

Tracking sustainable development trends:

• Studying the growth of interest in sustainable products and services.
• Analyzing how environmental issues influence purchasing decisions.

Dietary preference changes research:

• Analyzing trends in diet and dietary preferences.
• Observing changes in attitudes towards healthy lifestyles and nutrition.

Consumer trend research is crucial for businesses as it allows them to adjust their offerings to changing customer expectations, gain competitive advantage, and better understand the dynamic market environment. Introducing products and services aligned with current trends can contribute to market success.

Areas of consumer trends research

Consumer trend research covers a range of areas aimed at understanding changes in consumer preferences, behaviors, and expectations. Key research areas include:

1. Shopping and consumption:

• Analysis of shopping preferences.
• Study of changes in consumer behavior.
• Tracking trends related to online shopping and mobile commerce.

2. Community and culture:

• Observation of changes in society and culture.
• Analysis of the impact of social events on consumer preferences.
• Research on trends related to social values.

3. Technologies and innovations:

• Tracking new technologies and their impact on daily life.
• Analysis of consumer acceptance of innovations.
• Research on trends related to digitization, artificial intelligence, and the Internet of Things.

4. Social media:

• Analysis of consumer activity on social media.
• Tracking trends in video content, images, and user posts.
• Research on the influence of online opinions on purchasing decisions.

5. Design and fashion:

• Observation of trends in product design.
• Analysis of changes in fashion and clothing styles.
• Tracking the impact of cultural events on design and fashion trends.

6. Marketing and advertising:

• Study of the effectiveness of marketing campaigns.
• Analysis of trends in advertising and ways to reach consumers.
• Tracking changes in communication preferences in marketing.

7. Sustainable development:

• Analysis of interest in sustainable products and services.
• Research on how environmental issues influence purchasing decisions.
• Tracking trends related to socially responsible business practices.

8. Health and nutrition:

• Research on changes in dietary preferences.
• Analysis of trends related to healthy lifestyles.
• Observation of the impact of product packaging information on consumer decisions.

Consumer trend research covers these areas because changes in these fields significantly influence consumer purchasing decisions and shape the market. Analyzing these trends allows companies to adjust their strategies to market expectations, which can contribute to success in a competitive market.

Understanding consumer trends is extremely valuable for businesses as it allows them to better understand current and future customer preferences. Utilizing this knowledge can contribute to market success by adjusting offerings to consumer expectations. Here are a few ways businesses can leverage knowledge of consumer trends:

Product offering adjustment:

• Identifying popular product categories and consumer preferences.
• Modifying or introducing new products in line with market trends.

Marketing personalization:

• Adapting marketing strategies to current trends and consumer preferences.
• Personalizing advertising messages to better resonate with specific audience groups.

Product innovations:

• Using trends as inspiration to create innovative products and services.
• Utilizing new technologies according to consumer expectations.

Pricing strategies:

• Monitoring industry prices and adjusting them to changing trends.
• Utilizing pricing strategies that align with customer values and preferences.

Customer relationship management:

• Creating CRM strategies based on understanding customer preferences.
• Responding to customer opinions and suggestions in line with current trends.

Expansion into new markets:

• Analyzing consumer trends in new markets before expansion.
• Adjusting offerings to local preferences and culture.

Sustainable development:

• Responding to growing interest in sustainable products and services.
• Implementing business practices aligned with Corporate Social Responsibility (CSR).

Competitive monitoring:

• Tracking competitive actions related to consumer trends.
• Introducing unique solutions and offers that differentiate the company from competitors.

Adapting to changing technologies:

• Utilizing new technologies according to consumer expectations.
• Experimenting with innovative solutions, such as artificial intelligence or mobile technologies.

Improving customer service:

• Optimizing customer service processes based on customer preferences.
• Focusing on customer needs and expectations towards the brand.
• Introducing innovative solutions to improve the shopping experience.

Understanding and effectively utilizing consumer trends allows businesses to better adapt to a changing market environment, which can contribute to long-term market success.

- Companies that do not track trends and their competition lag behind. Building a product without knowledge of the market carries significant risks. Understanding changes in consumer behavior or available technologies allows for the creation of more accurate offerings - adds Dr. Monika Jaremków - Director of R&D at the Biostat Research and Development Center.