While consumers in many parts of the world are seeking to release their pent-up demand for out-of-home experiences, more home-centric lifestyles are here to stay. As it has become a sanctuary and a hub for many activities, the home now represents the last mile, requiring businesses to rethink their strategies and even business models to reach consumers in their homes.
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.
According to Euromonitor International’s Voice of the Consumer Lifestyles Survey 2022, 36% of global consumers intend to work from home in the future. Similarly, companies worldwide cite working from home as the most significant long-term impact of the pandemic. While the remote working trend is usually praised for its advantages, it can be both a blessing and a burden. This article will explore the five main negatives in working from home.
High inflation, increased interest rates and weakening GDP growth are very present issues global economies are facing. To what extent these factors will impact other areas like consumer confidence, supply chains and more will depend on a range of domestic and international variables.
The moment has arrived when travel and tourism can finally return to some form of normalcy, as enormous pent-up demand is unleashed in line with the easing of travel restrictions and mass vaccinations around the world.
The third in a series that explores how hybrid working has impacted several industries across Western Europe. In this episode we turn our attention to what it means for industries like consumer electronics and appliances, home improvement & gardening, toys & video games, and hygiene. Euromonitor’s Alexandre Loeur is joined by Veronika Kandusova, Per Brandberg and Miles Agbanrin. They discuss how the music and sports industry turned to gaming to engage with consumers, how people transformed their homes into workspaces, gyms or entertainment hubs and assess if these changes are here to stay.
The outlook for the global economy remains challenging, as the war in Ukraine lingers and private consumption shows signs of weakening amid intensified inflationary pressures and rising uncertainty. Take a look at our quarterly blog post highlighting the latest macroeconomic forecasts.
In light of recent challenges in the foodservice industry – from a shortage of raw materials, to inflation, and the labour crunch – strategies for the future must turn these headwinds into opportunities. This is made even more pertinent in the aftermath of the pandemic, at various stages across Asia; for instance, Southeast Asia’s recovering economies and China’s zero-COVID goal. QSRs must review their value proposition, leverage food-on-demand and revisit strategies for in-store hospitality.