The role of the store has been challenged by consumers in both the physical and digital space, becoming destinations for discovery, inspiration, and experiences. Convenience, premiumisation and experience more are central to purchasing decisions for Generation Z and Millennials, with their willingness to browse in stores without immediate purchases and focus on spending that aligns with their values and needs most.
Wellness has been identified by Euromonitor International as having the furthest-reaching impact on industries and consumers in the future. This report looks at the link between rising longevity and consumers’ search for a healthy life and highlights the potential impact of the behaviour of healthier consumers on consumer goods industries in the years to come through three lenses - nutritional habits, physical wellness and internal balance - to help the reader understand the changing Asia Pacific consumer.
To stay ahead of changing consumer priorities and values, companies must embrace megatrend analysis. To do this effectively, it is important to recognise the full picture, starting with having a clear understanding of the underlying forces (the drivers) which form the backdrop to consumer behaviour.
Experience More is transforming in the current climate due to inflationary pressures eating into consumers’ discretionary spending, yet the desire for experiences regardless of channel – in real life or the metaverse – remains unabated. Brands are adopting a ‘less is more’ approach, with no-frills, removing filters, reducing choice and knocking down barriers to ensure that brand experiences are inclusive and appealing to all, opening up new opportunities to forge long lasting connections.
A more deeply entrenched penchant for self-care, increased adoption of digital technology and higher expectations of efficacy among consumers will continue to underpin business strategy at the intersection of wellness and technology. Investment in accessible personalised self-care solutions forms a central part in sustaining relevance, both in the realm of physical wellbeing and emotional health.
We announce the launch of our new strategy briefing, Megatrends: Sharing Economy - Capitalising on Shared Mobility’s Future Growth.