The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Middle class consumers are an important target group for businesses, because they are the foundation and driver of consumer markets. This report analyses key trends that relate to the Middle Class Retreat megatrend. It examines their impact on consumers’ behaviour and habits, as well as implications for brands, businesses and entire industries. Successful businesses will be those that are ready for the challenges and opportunities that this megatrend and its associated trends bring.
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Middle-class households in developed economies, those with a disposable income between 75% and 125% of the median, have not experienced any significant improvement in their standards of living since the 2008-2009 global financial crisis, as a result of weak or stagnant income growth and continued economic uncertainty.
The middle classes are moving away from conspicuous consumption, as they focus on obtaining the most value for money and optimising their limited resources. Key trends pertaining to the Middle Class Retreat are therefore, rooted in the reassessment of values, ownership and priorities.
Middle-class shoppers’ purchasing decisions are driven by the pursuit of value. They are increasingly conditioned to buy on discount, as well as turning into keen deal hunters. However, value is not all about a ‘nice’ price, but is also related to ‘other factors’ including quality, consumer experience, convenience, authenticity and novelty. The key to success is for brands and marketers to uncover and compete on these ‘other factors’.
Giving less priority to the accumulation of ‘stuff’ helps the middle classes simplify their lives and free up resources to experience more and/or to indulge when they actually make a purchase. Instead of acquiring new things, middle-class consumers also increasingly embrace second-hand items and refurbished goods.
Trends pertaining to the Middle Class Retreat have the potential to impact, and even disrupt, a wide range of sectors and industries, as well as giving rise to new business concepts and models.
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About the Megatrends Series
Our new Megatrends report series highlights the eight most influential megatrends to watch for both 2017. Euromonitor International’s global research teams continually monitor the consumer, industry and economic trends shaping world markets.
Our expertise, combined the latest techniques in re-examining the tens of millions of data points in our Passport database, allows us to be uniquely positioned to provide a holistic approach to common drivers that have the power to transform and disrupt entire categories in the next five years.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis and plan your corporate strategy with our expert qualitative analysis and growth projections.
This industry report originates from Passport, for more information click here.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.