Three Exciting Retail Market Opportunities Revealed In The Fifty

In honour of Mintel’s 50th anniversary in 2022, our leading experts have curated an exciting new ebook. The Fifty is your trusted guide, lifting the lid on 50 fascinating markets around the world where potential gains abound. The world is evolving and consumers are changing faster than ever before. We delved into our industry-leading data and identified markets around the world that we think you should know about. Here are three examples of what The Fifty can help you discover.

Footwear isn’t just about function; it’s also about fandom and, for some Americans, it’s a leisure activity. More than two in five US footwear shoppers browse for footwear even when they don’t have a need. Sneakers in particular are one type of footwear that elicits a specific appreciation, as 20% of US footwear shoppers express interest in sneaker culture and 10% say they collect sneakers. 

Circular shopping options such as secondhand or resale will keep American footwear enthusiasts engaged. Not only are more consumers shopping secondhand, but online footwear shoppers are also changing their approach: nearly one in five Millennials buy footwear with the intent to resell. As interest in these shopping options continues to grow, brands and retailers have an opportunity to capitalise on this interest by offering trade-in programs, partnering with resale sites to encourage shoppers to resell their unwanted shoes, or even facilitating customer-to-customer swapping through their sites.

Today’s more sophisticated Chinese consumers are seeking a deeper connection with brands beyond products and are growing to become brand fans. The job of brands is not only to inform consumers of the latest trends but also to provide a sense of companionship and reflect their values and personality. Typical brand fans not only purchase a lot for themselves but also enjoy recommending the brand to others, which can greatly help brands expand their influence. Two in five consumers say they purchase brand products for their family members, the most direct method of recommendation; this increases to nearly half for long-time brand fans.

41% of Chinese brand fans agree that their favourite brands can reflect their aesthetic taste.

Among all listed interactions with brands, new product reviews (49%) are the most attractive brand fan bonus activity, followed by priority for trying/buying new products (43%). The privilege to try new beauty products, taste innovative food and drinks and drive the latest car models embodies the brand’s trust in loyal customers and enables brand fans to gain a sense of exclusivity and belonging. Moreover, consumers are likely to share brand-new product trends on social media and around their social circles, reinforcing their persona as someone ‘in the know’ for trying/buying new products (43%). The privilege to try new beauty products, taste innovative food and drinks and drive the latest car models embodies the brand’s trust in loyal customers and enables brand fans to gain a sense of exclusivity and belonging. Moreover, consumers are likely to share brand-new product trends on social media and around their social circles, reinforcing their persona as someone ‘in the know’. 

Guochao is a term (国潮) meaning ‘national trend’ that refers to young Chinese consumers becoming increasingly interested in the integration of traditional Chinese culture and style with domestic brands and products. Guochao is a trend of dynamic development with traditional culture as its core value. In addition to expecting to see the revival of time-honoured brands, consumers also look forward to seeing more localised campaigns from international brands.

68% of respondents have a favourable impression of international brands that use Chinese elements, especially those born in the 1980s and 1990s – they will be the target audience for international brands looking to localise. Chinese elements (46%) are the features that most inspire national pride in consumers’ minds, followed by the active spread of traditional culture (44%) and local brands with a long history (44%).

Guochao has, without a doubt, become a topic that attracts consumers: 72% believe that at the same price, products with Guochao elements are more attractive to them, especially among consumers born in the 1980s and 1990s. Meanwhile, brands must keep in mind that misinterpreting the concept of Guochao can quickly lose consumers. Brands can reach consumers through the topic of Guochao, but they must show consumers they have respect for, and a real understanding of, Chinese local culture.