In an ever-changing political, social and digital world, you need a consumer-centric strategy to be successful. Consumer segmentation can be a powerful tool to help brands better understand and appeal to their target market.
Demographic, economic, and cultural factors are reshaping the long-standing family stereotype. The family is becoming smaller, and with fewer children. Single-person and one-child homes are on the rise and must be catered to by brands. This snapshot seeks to highlight the changes in households over 2023-2040 in terms of demographic structure and income, but also lists the top five strategies to address future families.
Households in Asia Pacific are experiencing major structural transformation. The growth of urban concentrated households is influencing consumption patterns, while lifestyle changes result in changing household composition from family-focused to solo-living dwellings. Reduced birth rates and the rapid increase of ageing populations also bring a new set of challenges that will impact economic growth.
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.
Ageing, urbanisation and migration continue to be major factors shaping global population. The number of seniors around the world is expected to grow and with it the focus on wellness and health to increase. Meanwhile, rapid urbanisation and intensifying international migration is expected to have long-term implications for socioeconomic development across the globe.
Born between 1995-2009, Generation Z is coming of age alongside significant changes in the post-pandemic economy, giving rise to the Gen Z beauty consumer's tendencies for price sensitivity, individualistic expression, active participation in user-generated content, and phygital spaces. Social media and social commerce are essential to succeed with Gen Z beauty consumers.
The global population is living longer. Global life expectancy has been climbing, from 65 years in 1990 to 72 in 2020, and is expected to reach 76 years by 2040. Longer lives have numerous implications and establish the longevity economy – a phenomenon no business can or should ignore.
Busy lifestyles, higher appreciation for work-life balance and the continuous strive to make the home a hub for everything is expected to intensify the search for multifunctionality and convenience in the short to medium term. This article lists the top three ways consumers use home appliances to make their lives easier.