In the upcoming years, consumers and businesses face an array of challenges, with income inequality, mass migration and rising uncertainty about another crisis being among the major ones. Nevertheless, within this lie untapped opportunities. This briefing explores the impact of the societal disruptions and shortlists prospects for companies that act proactively and address the disruptions holistically and early on.
This report comes in PPT.
Income inequality is expected to grow worldwide, as the low-income consumer segment expands with declines in real income and growing migration. Income polarisation is at the core of negative public sentiment and unrest, which disrupts consumption. Businesses that can play an active role in reducing this inequality are poised for long-term success.
Geopolitical, social and environmental shocks will lead to more intensive people movement across countries. Addressing mass migration proactively rather than reactively opens opportunities for immediately bigger markets, product portfolio innovation and expansion, and ethnically diverse consumer pools.
Pandemics are known for their unpredictability and devastating impact, yet understanding the structural changes and adapting to the reformed consumer reality helps companies build resilience and be ready for what comes next. Catering to home-centric living through introducing digital offers, embracing multiple responsibility initiatives and incorporating health factors into a product or service will result in better preparedness for the next health crisis.
Rising costs of living will be at the centre of change over the short term, triggering the rise of income inequality, prompting mass migration and eroding social cohesion. Interplaying with the long-term megathreat of climate change, rapidly rising living costs will manifest in more mindful and cautious consumption.
Inequality, migration and unanticipated crises are complex topics, requiring systematic and large-scale inputs from all stakeholders. Through acting proactively and addressing the multiple consumer pain points and vulnerabilities companies are well positioned to profit.
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