Understanding the Five Drivers Shaping Megatrends

Megatrends

About This Report

Jan 2019

To stay ahead of changing consumer preferences and values, companies must embrace megatrend analysis. To do this accurately, it is important to recognise the full picture and have a clear understanding of the social, economic, technological and environmental factors, which form an ever-shifting backdrop to consumer behaviour.

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Understanding the Five Drivers Shaping Megatrends

Five drivers combine to impact consumer behaviour

There are five socio-economic drivers generating and shaping consumer megatrends. These long-term shifts explain the on-going changes we see in consumer behaviour, from the emphasis being placed on experience over possessions, to the interest in healthy and ethical living.

Shifting Economic Power

Global economic growth has seen a huge shift to emerging markets – by 2030, the Chinese economy will be 1.8 times larger than that of the USA. These economies have seen strong growth at a time when development in advanced economies has faced headwinds.

Technology

Technology plays a pivotal role in consumer decision-making and the ability of business to meet the needs of today's consumer. It has created massive upheavals in consumer expectations, lowered the barriers of entry for fast-moving companies, and inspired new digital-first business models.

Population Change

Population trends, such as urbanisation, migration and ageing, are combining to reshape consumer lifestyles and purchasing decisions. In 2030, 61.0% of the world’s population will live in urban areas, 995 million will be aged 65 and over, and net migration will account for more than half of population growth to 2030 in Western Europe, Australasia and North America.

Environmental Shifts and Pressures

Competition for resources and increasing awareness of environmental challenges are having a transformative effect on consumer behaviour - sometimes at a rapid pace. This brings both challenges and opportunities for business.

Changing Values

With two thirds of the world’s households owning a smartphone, hyperconnectivity is giving individuals access to more information than ever before, educating consumers on evolving social, cultural and political landscapes.

Introduction

Scope
Key findings
Megatrend analysis
How are our drivers shaping megatrends and ultimately consumer markets?

Shifting Economic Power

Global economy in 2030
Decline of Western dominance
Rising importance of emerging markets
Case study: is LVMH at the start of a new West-to-East shift?

Technology

Internet connectivity underpins many of today ’s tech advances
The always-on consumer
Technology change: what you need to know

Population Change

Global population in 2030
Three major demographic forces shaping the world
How population change generates and shapes our megatrends

Environmental Shifts and Pressures

Environmental pressures
Sustainable development increasingly the focus
TU/ecomotive: Dutch university unveils the world’s first circular car

Changing Values

From conspicuous to conscious consumption
Changing consumer values: leading life priorities
Impacts of cultural factors

conclusion

Drivers are crucial to understanding megatrends

Conclusion

Looking ahead we will continue to see significant change