Ford Motor Company has released their 8th annual global trend report. Key factors highlighted in the 2020 Looking Further with Ford data indicates individual’s lack of trust in brands, loneliness and paying lip service to climate change with minimal tangible action.
Ford’s global consumer trends and futuring manager, Sherly Connelly says, “The rate of change globally has been on the rise and without trust in the institutions, brands and peers to rely on, a majority of people are feeling extremely overwhelmed. Consumers want to believe that companies are doing the right thing, but companies also need to give them a clear reason to do so.”
“At Ford, we remain deeply focused on improving the lives of consumers and their communities so we can continue to have a trusted relationship that moves us forward together.”
What is a business relationship without trust? Ford’s Chief futurist uncovers pockets of opportunities of businesses and people to connect and thrive.
The reports so far have shown that people are beginning to feel overwhelmed with the rapid changes taking place worldwide. Therefore, they are having a harder time trusting brands.
45% of adults globally have said they feel lonely. Signaling an open opportunity for companies and brands to help people find more comfort and better connection.
58% of adults globally have said they feel more despair than hope when it comes to fighting climate change. Yet less than half are taking a step forward when it comes to choosing eco-conscious driving methods such as; driving electric, carpooling or public transportation.
Ford identifies trust as the main priority and explores how companies are able to earn it back.
Loneliness is particularly felt among young people and has become an epidemic of global proportions.
Below the surface
There is a growing interest in unseen elements of building consumer trust. Consumers want to believe that companies are doing the right thing but want to see behind the scenes to believe it.
Call to stand
People are expecting brands to not only have a product-based mindset but value-based too. Although this does not always impact their purchasing choices.
Consumers are expecting brands to grow now better than they did in the past.
The green paradox
Worldwide consumers are worried about climate change. Yet nobody makes a move forward to create change.
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The second time around
New companies worldwide have modernised resale shopping. Market savvy shoppers breathing new life into previously owned goods.