Pulse March / April 2015 | Page 57

with family or friends. Fair splitting is a trend many millennials seem to demand. In fact, in a study by JWTIntelligence, 45 percent of millennials in the U.S. and the U.K. said they would like to use their mobile devices to split bills with friends. WHO’S DOING IT NOW: Guevara, a UK-based car insurance company, allows customers to create trusted groups so that group members can share insurance premium costs. As a group, insurance premium goes into a group Protection Pool which is used to pay for any claims during the year. Unclaimed funds in the pool are kept by the group and can be used to cover the following year’s premium. Thus, for groups with safe drivers, the money in the pool could mean more savings for everyone each year. TREND 4: INTERNET OF SHARING THINGS This trend is about asset sharing. As consumers seek more collaborative, useful and spontaneous experiences, they are also more willing to share as well as access shared assets. There are stories of manifestations of this trend across the globe, from a car-sharing initiative in Stockholm, Sweden (e.g. Audi Unite, a collaborative car initiative which allows consumers to share their Audi with up to four family members or friends) to sharing an umbrella on a rainy day with a complete stranger (e.g., Hong Kong-based Umbrella Here’s rain tool is equipped with a Bluetooth device that signals “umbrella-sharing” to strangers). TREND 5: CURRENCIES OF CHANGE Consumers are expected to continue to embrace the wearables in 2015, but rather than focus on what to do with their Fitbits and Nike+ devices, their focus will be more on how these digital tools can help improve behaviors. Consumers will respond best to rewards and incentives that will help them reach their personal goals of wellness or learn new knowledge and skill sets. WHO’S DOING IT NOW: Foodtweeks is a calorie-intake tracker that aims to help those who want to manage their weight while helping raise funds for local food banks. How does it work? By providing the app meal information, users receive tips on how to reduce the calorie content of a dish they are about to eat. Foodtweeks makes a donation to a local food bank each time a user follows the app’s advice. As of late last year, the app has partnered with 55 food banks in the U.S. TREND 6: SYMPATHETIC PRICING Discounting will not go away. In fact, in order to compete, businesses need to be creative on how they provide discounts to consumers. In a trend called “Sympathetic Pricing,” consumers will respond to those who provide deals in order to support a shared cause or help in difficult times. WHO’S DOING IT NOW: Breather, available in New York, San Francisco, Montreal and Ottawa, allows people to find urban spaces that they can reserve (for as short as 30 minutes to a full day) and use as private sanctuaries to recharge, meet with clients or simply get away to work creatively. WHO’S DOING IT NOW: PareUp, a service that allows New York-based restaurants, coffee shops and grocery stores to sell unsold food and products that would otherwise been thrown away at discounted rates. According to PareUp, food retailers throw away an estimated US$40 billion dollars of unsold food each year. By providing this service, PareUp not only addressed the issue of food waste, but also provide budget-conscious consumers financial gain from the offered discounts. NEED MORE? Go to trendwatching.com to read all the top consumer trends for 2015. March/April 2015 n PULSE 55