by WTN Staff

Chicago-based research firm Mintel has released its predictions for next year's global consumer trends, and they portray a buyer that's changed – if not for good, at least for the forseeable future.

The financial and emotional battering that consumers have endured during the recession has affected their buying habits in diverse ways, from strengthening their ability to cope with misfortune, to cultivating a need to escape reality, according to Mintel.

The company's director, Richard Cope, said that fear played an important role in shaping consumer behavior this past year, but "2010 will see a return of confidence and adaptation to overcome the restraints previously imposed on consumers. Balance has become the new mantra."

He added that, as people regain their ability to spend money, they will approach consumption with balance.

Mintel identified seven key trends that will define consumer spending in 2010:

• Resilience, or "an ability to recover from and adjust to any misfortune or change brought on by the recession"
• Reviewing and re-evaluating, particularly with respect to value and savings
• Accountability, or the demand for proof of claims and concrete results
• Escapism, which may take the form of splurging on distraction-inducing electronics
• Media evolution, with blogs, social networks and other media permeating people's lives
• Ethical responsibility, including production of products that are green and fairly traded
• Stability, or settling into steady, new buying patterns

Retailers can respond to these trends in a variety of ways, according to Mintel. Demonstrating product quality, being more transparent , offering satisfying new experiences, engaging customers through the media and implementing ethical practices are some of the ways businesses can respond to the new consumer's desires.