10.9.20

Business trends for 2021 and beyond

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The pandemic has forced business to evolve rapidly—here are changes underway and new trends to come.

In 2020, we’ve learned how to adapt and that means changing how we do things. Here’s a look at emerging trends on everything from workplace learning and retail payments to fashion color palettes and automotive trends.

The transformation of workplace learning

Learning and development is key for organizations to adapt and grow even though this year we’ve seen many programs postponed or cancelled. Virtual learning may become the new norm, according to HRD Connect.

Also, as companies rely more on technology, there’s a greater need for upskilling and reskilling employees to use the technology. Up to 14% of the global workforce may have to switch occupations or acquire new skills by 2030 because of automation and AI. Discover more about how the pandemic is transforming workplace learning.

Retail changes in payment

Motely Fool reports that the pandemic has driven retail to rapidly change payment habits. The biggest trends are the rise of contactless payments; more buy now/pay later services (installment plans); and consumers who tried grocery delivery and pickups because of health concerns sticking with the services for convenience. Read the Motley Fool report.

Pinterest search trends

Pinterest says that September is seen as a “second new year” for many, and they’re seeing a spike in searches for “positivity.” Their data shows that instead of focusing on life goals and travel plans, people are focusing on personal projects like home- and self-improvement.

Specifically, Gen Z is searching for mental health check ins, new activities and ways to be creative. Millennials are prioritizing ways to keep their families healthy and happy.

In addition, the number of men using Pinterest has jumped nearly 50% since last year. The fellas are looking for home school inspiration, as well as home improvement projects that kids can participate in.

Get more Pinterest insights.

Fashion hues inspired by nature

New York Fashion Week Spring/Summer 2021 introduced a range of shades “inspired by the beauty of nature” and that “support flexibility and reinvention.” Since colors from fashion often transition to home goods, décor and even automobiles, it’s worth taking a look at the new palette.

The future of automobiles

The folks at Forbes developed a list of trends they believe will shape the future of auto manufacturing. Changes that make their list include:

  • computing power over horsepower
  • growth in subscription services
  • cars with connectivity aimed at Gen Z buyers

Check out all 20 of Forbes’ predicted trends.

Deloitte’s back-to-school survey

Retailers need to stay nimble in order to address students’ changing needs, according to Deloitte. Their survey shows that:

  • parental anxiety is running high
  • parents are spending more online and using BOPIS options (buy online pick up in store)
  • mass merchants still hold appeal but more shoppers are choosing to shop closer to home in their own neighborhood

Explore the Deloitte survey findings.

Do you have business banking questions? Contact our knowledgeable business development managers online or call 800-991-2221. We’re also available to help in person at your local office.

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Consumers business services

Do you have business banking questions? Contact our knowledgeable business development managers.

Learn more

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