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 moreDec 2017
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Demand for premium products and services is not new. While traditional status symbols still apply, emerging trends such as mass personalisation and a growing quest for time are shifting consumers’ preferences. Several non-automotive players exemplify these trends, and understanding the why behind their success can help automotive companies redefine themselves in unprecedented times of change.
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Consumers can spend more on the things that matter to them, while cuttingback – often significantly – on those that do not. Understanding these prioritiesis the difference between commanding a price premium and becoming acommodity. Automakers succeeding at this aspect of premiumisation giveconsumers ample choice over models and trim levels.
In the wake of the global financial crisis, with lavish displays of wealth out offashion, consumers are spending more on products that can make them better– healthier, more unique, more efficient, thriftier, etc. This is driving demand forproducts that allow consumers to demonstrate betterment, and services thathelp consumers achieve their goals. Automakers are increasingly highlightinghow their vehicles serve as a means of consumers achieving what they want intheir lives, rather than an end in and of themselves.
Whilst technology is giving consumers more options than ever, it is alsocreating more pressure to optimise those choices. Technology drives demandfor premium products while creating new means of selling and finding them.Technology applies to automotive companies in three areas: the sale, thedriving experience, and after-sales service.
In today’s hyper-connected world, consumers are increasingly consumingpublicly. This value-based consumption rests on three principles: aesthetic,ethical, and emotional appeal. Technology gives companies more opportunitiesto develop strong bonds with consumers, but also exposes them to anincreased risk of public scrutiny and backlash.
The rise of e-commerce and discounters means any premium product (and itshealthy margin) is now a target for upstart players able to reach a wider cohortof consumers than ever. While the automotive industry has traditionally hadhigh barriers to entry, the rapid advancement of technology has enabledmainstream automakers to more quickly than ever include the features thatonce differentiated premium products.
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.