5 Business trends to watch in 2020
As we head into 2020 and a new decade, we can only contemplate the business trends that will come to the forefront, with political turbulence and changes occurring across the tech and retail industries, 2020 looks like it has plenty in store to make it an incredibly interesting year.
Below are Freshminds’ top five business trends to watch out for 2020:
The rise of plant-based consumer goods
As we adapt to the prospect of climate change, the concept of veganuary and going vegan is beneficial for both the planet and our bodies. With over 5000 people giving veganuary a go, consumer brands have adapted to the trend and released plant-based alternatives across their menus. Examples include KFC, releasing a plant-based fast-food burger, Greggs: vegan sausage roll which had unprecedented success last year and steak bake and Subways Meatless Mariana. Supermarkets are also seeing a rise in plant-based products being purchased and with the current climate disasters the planet is facing this trend will likely continue to rise throughout the year.
High street retailers will struggle
With consumers reining in on spending and the majority of people making purchases online, we expect to continue seeing troubles and a decline in sales for high street stores. Last year we saw Links of London, Mama and Papas, Mothercare, Forever 21 and more fall into administration and plenty of others planning on closing shops and stores - it’s not looking any more positive for high street stores in 2020. In particular, in fashion, we’re seeing more and more sales with huge unfeasible discounts that even ASOS is struggling. If this is the case, 2020 is going to be interesting to see which highnstreet retailers thrive in these difficult circumstances.
The gig economy will boom
In 2019 the gig economy in the UK doubled and now accountsmfor 4.7 million workers.More workers are looking to move between roles and projects flexibly to work around day to day life, family life or to gain experience in different fields. Companies need to adapt to utilise the gig economy plugging missing skills gaps or using individual expertise when and where required. For workers,
it has never been easier with companies and website popping up helping individuals to find exciting projects. Freshminds are utilising this trend, focusing our interests on using our network to quickly and effectively plug candidates into projects.
Gen Z will have an impact on the workplace
We are now approaching the move from millennials entering entry-level roles in companies to the rise of a new generation; Gen Z are entering the workforce. They come with very different values, priorities and needs.Growing up surrounded by the internet, social media and advertising, they bring a whole different perspective to the workplace which managers will need to adapt to. With high-tech minds, a desire for a positive work-life balance and a need for feedback. It’ll be interesting to see how they revolutionise the workplace and if other generations will be able to adapt to it.
Flexible working to become a major ‘make or break’ for successful hiring in companies
59% of workers now say that flexible working is an essential benefit that companies can offer. With 29% mentioning that they may change roles if it was not provided. This rise of working flexibly, whether it be from home or areas outside of the office gives individuals freedom, a sense of trust and the ability to improve their work-life balance. Be it if you have a busy life with children or a crazy commute, workers are now longing for the ability to work independently and in the coming year, we’re sure that companies are going to have to embrace this.
As we all know, 2020 is going to be an exciting year, with changes coming into play that still aren’t confirmed and businesses having to adapt to adverse and unanticipated situations. Nobody can say that they know for sure what’s to come. Here at Freshminds, we host several events to discuss business changes and the latest trends if you would like to find out more then please get in touch with Steph at firstname.lastname@example.org