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2020 has been a watershed year for many brands, forcing them to embrace the power of pivoting and quick adaptation. Not doing so was a risk not worth taking. While it presented challenges, 2020 shaped and solidified new forms of communication that brands must be cognisant of, leading into 2021.
 
The New Consumer
 
Ernst & Young’s Future Consumer Index Report highlights the changing consumer mind-set shaped by COVID-19. It suggests that consumers are craving a sense of normality, with 40% ready to get back to normal and more than half (53%) claiming that the past few months drastically altered their values. With a new consumer makeup, the report identifies the following emerging trends:
 
 Personal and societal wellbeing

  • 26% of consumers prefer brands they trust to be safe and that minimise unnecessary risks.
  • 57% indicated they now pay closer attention to a product's health benefits.
  • 16% believe that everyone should work together for the greater good.
  • 73% are prepared to change their behaviour to benefit society.

 Affordability, the environment and human connection

  • 17% would change their purchase and pay a premium for high-quality, ethically sourced and sustainable goods.
  • 59% indicated an intent to shop locally in the future.

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Digital monopolies among tech giants expected to intensify

Despite facing large fines from regulators, big tech companies do not have much of an incentive to change their anti-competitive behaviour which is expected to increase the threat of digital monopolies.
 
This is according to GlobalData’s latest report, Anti-trust – Thematic Research, which provides an overview of the main trends shaping the anti-trust theme in the global digital economy.
 
According to the report, the increasing returns to scale in data gathering and processing has given rise to a growing form of monopoly by tech giants, referred to as digital monopoly. These have created new challenges for regulators and anti-trust authorities.
 
The battle over digital monopolies by tech giants such as Google, Facebook, Apple and Amazon is expected to intensify, and the case for new regulation around the monopolisation of user data by big tech companies has never been stronger, it notes.
 
While regulators have attempted to take on big tech before, the current laws mean they can only catch companies in the act, and not ex-ante (‘before the event’), says GlobalData.
 
Click here for the full article.

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Read the e-newsletter here: Issue 744: Re-shaping the future of communications

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