After decades of low inflation, economies, companies, and consumers worldwide are struggling in 2022 to cope with higher prices and the rising cost of living. The term “cost-of-living crisis” is often used to refer to the situation many of us are living through, but what does this mean, why is it happening, and how does it impact companies and consumers?
Over the last few years, emerging or developing markets have steadily become important pockets of growth for consumer packaged goods companies. To grow further in these markets, this article talks about those consumers who are willing to pay more when purchasing essential items.
The world around us has changed rapidly in the past two years. Resilience and adaptability were tested in 2021, forcing consumers to relinquish control and embrace ambiguity. This year, consumers are taking back the reins and paving a path forward based on their passions and values.
Businesses globally are facing changes in consumer markets in the short term, owing to the rising cost of living and increasingly financially cautious consumers. Income and expenditure insights are crucial in identifying how to maintain consumer loyalty and reach increasingly frugal consumers.
Fragrances, a highly sensorial category, was one of the winning beauty and personal care categories of the COVID-19 pandemic. In addition, e-commerce helped propel growth globally in 2021, but digital engagement beyond transactions will drive future momentum.