New Consumer Landscape: The Consumer Is Changing

April 2023

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.

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Key Findings

Understanding demographic population changes to be key for success

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.

Evolving educational and professional needs continue to have impact on employees and employers

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.

Despite better life expectancy, consumers are not healthier

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 and beyond countries to support growth of companies

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.

Scope
The new consumer landscape
Key findings
Global population in 2023
Global population growth driven by Middle East and Africa to have implication for businesses
Gigo Taiwan: Creating the very first official certification for elderly-targeted toys
By 2040, Gen Alpha will gain more importance in shaping consumption trends
Into the metaverse with Roblox
Consumers focusing on education to ensure their economic viability in future
Upskilling would be important for consumers to bring in higher income
Consumers and companies are impacted by evolving professional developments
Marks & Spencer introduces a cost-of-living support package for employees
Companies taking employee needs taking into consideration
Lifelong learning and flexibility in work to be the core of consumer economic viability
Living longer but not healthy enough
Lifestyle diseases are becoming more prominent
Perception of health leans towards mental wellbeing and healthy immune system
QminC launches functional drinks with immunity-boosting and anti-inflammatory properties
Somnox offers a smart sleep companion aimed to improve the quality of rest
Consumers are expanding their physical boundaries and consumption beyond domicile
Move to cities bringing back opportunities for growth
Consumers are more diverse than ever before
Case study: discovery+ and Eurosport urge viewers to rally behind refugees
Consumer mindset becomes global owing to digital exposure
K-content is now popular beyond Asia through social media and digital platforms
K-pop stars BTS defy gender stereotypes as Vuitton’s Global Brand Ambassadors
Strategies for success
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