The next billion consumers represent new diverse growth opportunities worth trillions of dollars in consumer spending across the globe. Euromonitor’s Head of Income and Expenditure, An Hodgson, provides insights into who the next billion consumers are, where they come from, and what drives their spending.
Consumers are approaching a return to pre-pandemic life in different ways based on their comfort levels. Certain consumers are eager, whilst others are hesitant, to resume their normal activities, creating The Socialisation Paradox. This impacts a range of industries, from travel, food service, alcoholic drinks and home. Some consumers will continue to invest in making their home a sanctuary, while others will seek hedonistic endeavors. For some, foreign travel is an exciting prospect, while anxiety of others continues to buoy domestic tourism.
The impact of rising inflation on consumers can vary, given their different incomes and spending patterns. Our article looks into this, with examples from the US, the UK, Germany and Brazil.
The health sector has never been as dynamic as it is today. Health awareness is growing daily, encouraging consumers to be healthier and more active to achieve a higher life expectancy. Consumers are also looking for the most efficient and effective personalised therapies developed utilising genomic data collection and other medicinal knowledge and technology. What is more, healthcare services providers and medicinal goods manufacturers are on the verge of evolution. But, as the saying goes, a picture is worth a thousand words. So, what follows are the top five global healthcare trends.
The COVID-19 pandemic has brought major disruptions in the global education system, emphasising the need to strengthen education system through technologies and teacher upskilling to ensure equitable access to quality education. Furthermore, the pandemic has caused an unprecedented labour market crisis and accelerated workplace automation, incentivising further investment in skills development and lifelong learning. Human capital accumulation is a key to building resilience to future crises and promoting sustained and inclusive economic growth in the long term.