While urbanisation continues to be a major global demographic trend, the urban consumer profile is also shifting, driven by population ageing, rising incomes and value change. Cities are therefore witnessing a rise in population diversity, a growing number of elderly and solo-dweller consumers, and a gradual shift of consumption patterns towards more services. Companies that can navigate through the increasingly diverse and complex urban consumer landscape are likely to garner greater success.
This report comes in PPT.
With more than five billion inhabitants living in urban areas by 2030, city consumers, with their rising earning and spending power, make up the majority of global consumption and are the driver of major consumer trends.
The profile of urban consumers is changing rapidly: the number of elderly consumers aged 65+ is rising, not only in developed but also in developing and emerging markets due to population ageing. Growing immigration has resulted in a rise in diversity and multiculturalism among urban consumers. Meanwhile, urban lifestyles continue to evolve, leading to changes in values and priorities among urban consumers.
As income rises and urban consumers are ageing, urban spending patterns are gearing towards more services, such as healthcare, education and travel. A growing desire for experiences rather than things also supports this trend.
To target the new urban consumers, brands need to adapt their business and marketing strategies to meet consumers’ changing needs. For example, companies targeting elderly urban consumers should focus on helping them to stay healthy and active, while ensuring that their products/services are easy for older consumer to access and to use. Also, the growing importance of services needs to be factored into the thinking of all consumer-facing businesses.
The newly-urban consumers in developing countries, the elderly urban consumers in developed markets, the working-aged urban population in emerging markets and the urban singletons are identified as key consumer groups which are forecast to have growing importance for businesses.
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