The world is changing quickly, and it is becoming increasingly difficult to keep up with competitors as technology spurs both the rate of and access to innovation. Amidst this change, it is difficult for companies to understand why industries are evolving in the way they are today, much less predict how they will evolve into the future.
Megatrend analysis allows companies to build a long-term strategy that is proactive, rather than reactive, making sense of where they stand today, but also ensuring they have a plan to remain relevant moving forward.
There are five socio-economic drivers generating and shaping consumer megatrends. These long-term shifts explain the on-going changes we see in consumer behaviour, from the emphasis being placed on experience over possessions, to the interest in healthy and ethical living.
Population Change is one factor influencing how consumers behave. Population trends, such as urbanisation, migration and ageing, are combining to reshape consumer lifestyles and purchasing decisions. Ageing, urbanisation and migration drive consumer demand including the demand for a convenient and technologically advanced experience. Urbanisation leads to better retailing and IT infrastructures.
In 2030, 61% of the world’s population will live in urban areas. Rapid urbanisation and population growth in Asia and Africa will give rise to more connected consumers on the back of an expanding youth population and better connectivity.
Staying aware of these changes and the impact of megatrends on markets, industries and categories has never been more important for business’s innovation and strategic thinking to adjust to this changing consumer driven landscape and stay relevant.
Learn more by downloading our on-demand webinar, Understanding the Five Drivers Shaping Megatrends.