Buy-now-pay-later purchases recorded a 20% surge YoY, totalling $24 billion in sales during COVID-19, as per RangeMe’s recent report.
With 2020 seeing business pivots and changing consumer behaviour, RangeMe’s report shares top retail and consumer packaged goods (CPG) trends brands must track in 2021. Health and wellness, sustainability, and diversity initiatives will attract focus during new product discovery from consumers, suppliers and retailers.
Customers (46%) more likely bought from local or small businesses in the recent holidays. With a rising unemployment rate in the US, 44% respondents plan to reduce making non-essential purchases.
Online buying increased 44% YoY in 2020, while 44% of top 500 US retailers with physical stores now offer curb-side pickup. Mind and body nourishments, plant-based groceries, apparel will drive product trends in 2021. Additionally, the vegan diet in the UK is on the rise, as 400,000 Britons tried it.
[3 minute read]