The impact of the political, economic, social and climate insecurity is being felt by all. Despite the disruption of COVID-19, the global population keeps growing, surpassing the threshold of eight billion in 2023. The constitution of families and households is changing, leaning towards childless couples or single-person households. Meanwhile, growing costs of essentials and comparatively stagnant wages bring about new challenges for consumers in terms of budgetary squeeze.
This report comes in PPT.
Ageing populations, a rising number of divorcees, and young people leaving their parents’ houses to live on their own result in rapid growth in single-person households. These singleton households are budget-conscious, yet have a greater need for socialisation and self-fulfilment.
Unemployed household heads are increasing despite an expanding share of household heads with higher education. This is because of a widening socioeconomic achievement gap, a growing digital divide and the education sector’s failure to meet business needs.
Hybrid working and the rising cost of living have resulted in working, studying, and entertaining from home. As a result, demand for digital solutions and consumer appliances that enable better at-home experiences continues to grow.
Fast-growing homeowners account for the majority of global households by tenure. As home ownership is usually a long-term commitment, homeowners are more likely to invest in their homes, facilitating the demand for household goods and appliances.
With 69% of global consumers stating that they are looking for ways to simplify their lives, according to Euromonitor International’s Voice of the Consumer: Lifestyles Survey in 2022, home functionality emerges as one of the key priorities for consumers.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!