The world is rapidly evolving due economic, political, geographic and climate changes. This is contributing to a change in consumer’s habit and behaviour as they try to keep pace with these newer developments. Deeper understanding of these changes and new consumer landscape is imperative for businesses in order to formulate strategies which ensure better utilisation of company resources while taking advantage of potential opportunities.
This report comes in PPT.
The global population is set to surpass nine million by 2040 with the Middle East and Africa growing fastest, though Asia Pacific will remain most populous. Thus, businesses need to be more sensitive of regional population changes when formulating their strategies. In terms of generations, Gen Alpha is set to play an important role in shaping consumer trends.
Consumers continue to rely on education to ensure they have better career prospects in future with more focus on industry relevant skills. When it comes to work, consumers are worried about dealing with cost of living crisis while expecting better work life balance. Companies continue to respond positively to these needs by offering better perks to employees and adapting to newer ways of working.
Though consumers are living longer they are not healthier. Lifestyle diseases to have biggest impact with perception of health leaning towards mental wellbeing and healthy immune systems. Brands in the health and wellness space have significant opportunity to grow over the forecast period by understanding their target group’s specific pain points.
Consumer movement within their country and beyond is expected to pick up as pandemic woes go away. This will lead to change in consumption patterns allowing manufacturers to look beyond sales slump due to the cost-of-living crisis. On the other hand, exposure to global content is also expected to support sales of newer products and services.
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