SXSW came and went through Austin last month, and our public relations tream thoroughly enjoyed the influx of info! Our favorite panel, The Anatomy of a Trend, provided some eye-opening statistics. Not only does a consumer trend have a two-year forecast, but has the power to change the marketplace altogether.
Here is a briefing on what WGSN‘s Managing Director Carla Buzasi presented at this fascinating session:
Future Consumers Fall Into Three Categories:
- They don’t want story time, they want action
- They believe in community and sustainability
- Interested in spending locally
- Shows no interest or enthusiasm for usual trends
- Entrepreneurial mindset
- Distrustful of human sincerity
- Celebrate technological progress
- Part of the reinvented, augmented workforce
- Artificial intelligence + Human intelligence
Three Key Global Drivers of New Trends
- Generation M to make up 1/4 of the world’s population by 2050
- Muslim consumers are estimated to spend $300 billion on travel by 2026, $213 billion on beauty by 2021 and $327 billion on apparel by 2019
- By 2020, m-commerce (mobile commerce) will make up half of all mobile purchases with global sales of $250 billion
- Estimated global economic growth of $3 trillion from 5G wireless technology between 2020-2035
- Peer-to-peer marketplace expected to grow to $335 billion globally by 2025
- Long-term effects on government regulation, civic planning and the future of work/regional growth expected
Other SXSW Highlights
Amongst the excitement, Lisa exchanged a hello with one of her favorite actors, Hugh Jackman! Brownie points to Hugh for being a leader in corporate social impact through his involvement with Laughing Man Coffee. Great session and a great cup of joe!
The Breakaway team enjoyed front row seating for SXSW‘s Changing the World Through Food panel with renowned chefs, José Andrés and Andrew Zimmern! Below, Kristen and Alexia mug it up with the stars of the show who are also shining stars on the social impact front. Read more about Andrés’ amazing work through World Central Kitchen. Talk about the power of food for the good of mankind!
All in all, we’d say SXSW 2018 was a success and one for the books!