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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Learn moreAug 2017
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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!
The year 2017 marks a decade since the global credit crunch and subsequent downturn that had a lasting impact on the way people think, spend and shop. With economic recovery finally on the horizon, a new generation of savvy, connected and more cautious consumers are taking stock of their values and priorities. This first of two reports focuses on income and expenditure patterns and attitudes towards spending, saving and borrowing in developed markets.
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Consumer spending in developed markets was shaped in the decade from 2007 to 2017 by factors such as economic uncertainty, squeezed middle class, technology, population ageing and growing environmental concerns. Overall, the share of discretionary spending fell, due to falling incomes and rising housing costs.
The global economy is forecast to improve in 2017, with GDP growing, unemployment falling and consumer confidence up in many developed markets. Nevertheless, consumers remain cautious, with 51% intending to save more money in 2017.
Incomes have fallen in many developed markets, while the gap between the rich and the poor has widened everywhere. Young people are particularly affected by debts, lower salaries and high housing costs.
Post-recession shoppers are more frugal and better informed than ever before, largely due to the development of e-commerce and m-commerce. The emphasis has shifted from the lowest prices to the best value for money, and bargain hunting has become an entrenched mentality.
A notable legacy of the recession has been a shift among young consumers towards short-term financial thinking and a mentality that prioritises quality of life over money, and experiences and memories over material goods. This is linked with the rapid development of the sharing economy.
Sectors benefiting from the post-recession mindset include all types of discount retailer, tourism, consumer foodservice and leisure services, healthcare products, affordable luxury goods, home crafted and eco-friendly products, and financial lending.
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.