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Future of Consumption: A Structured Approach to Identifying Opportunities

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    Report

  • 31 Pages
  • June 2024
  • Region: Global
  • Euromonitor International
  • ID: 5978757

Businesses today face the challenge of achieving and accelerating growth amid historically weak economic expansion and a rapidly changing environment. To unlock growth opportunities and proactively position themselves ahead of the competition, they must understand the drivers of change, the consumers to target, and where to play. Above all, they must be prepared for the future of consumption.

Strategy Briefings offer unique insight into emerging trends world-wide. Aimed squarely at strategists and planners, they draw on the vast information resources to give top line insight across markets and within consumer segments. Written by some of our most experienced analysts, they are designed as provocations for senior management to use in their own forum, allowing them to stand back and reflect on the behaviour and motivation driving global markets today and tomorrow

Data coverage: Market sizes (historic and forecasts), company shares, brand shares and distribution data.

Key Findings

Identifying growth opportunities is more challenging than ever

Achieving and accelerating growth are key business objectives for many companies. However, in the current economic and consumer environment, characterised by high operating costs, rapid changes, disruptions, uncertainty, and constrained consumer budgets, identifying growth opportunities is more challenging than ever.

The future of consumption is shaped by a variety of factors that intersect and interplay

Numerous factors spanning economies, societies, and technologies intersect and interplay with each other to create a dynamic and complex landscape for future consumption. The evolution of household structure, demographic shifts, technology penetration, and value changes are among the most influential drivers that shape tomorrow’s consumption.

Four generations that shape future consumption today

Generation Z and millennials are leading the charge in redefining consumption patterns through their digital fluency and social consciousness. Generation X and baby boomers shape future consumption with their substantial purchasing power. Focusing on the generations that shape future consumption today provides an actionable framework for businesses.

Pinpointing growth markets requires a comprehensive approach

Companies need to adopt a comprehensive approach that integrates insights from the target segment analysis and incorporates a wide range of factors beyond demographics, income and expenditure, and other socioeconomic data in order to identify growth geographies and unlock opportunities.

An actionable approach to identifying and capitalising on growth opportunities

By understanding the drivers of future consumption, focusing on generations that shape tomorrow’s consumption today, and applying a wide range of metrics to identify high-potential markets, businesses can strategically position themselves for sustained growth.

Why buy this report?

  • Identify factors driving change now and in the future
  • Understand motivation
  • Forward-looking outlook
  • Briefings and presentation should provoke lively discussion at senior level
  • Take a step back from micro trends
  • Get up to date estimates and comment

Table of Contents

Executive summary
  • Why read this report?
  • Key findings
Introduction
  • The challenge of driving growth as consumers embrace a less materialistic life
  • Understand the future of consumption to turn challenges into opportunities
Drivers that shape the future of consumption
  • The trends that shape future consumer needs and preferences
  • Many factors intersect and interplay to shape the future of consumption
  • Next Age: The first start-up accelerator in Europe targeting the silver economy
  • Airbnb: Singleton-focused feature ensures safe solo travel experiences
  • Understand the interplay of key trends and influences to remain relevant
Generations that shape future consumption today
  • Navigating diverse generational impacts
  • Understand these four generations to drive growth
  • Two in three global consumers are looking for ways to simplify their life
  • TikTok Shop: Accelerating growth through e-commerce aimed at younger consumers
  • JD.com: Launching its Singles Day on the Chinese “Senior Citizens’ Festival”
  • Catering to the characteristics of each generation to build brand loyalty and achieve growth
Identifying high-potential markets
  • Combining a variety of factors to measure market potential more accurately
  • Gen Z Market Potential Explorer: A sample framework to pinpoint high-potential markets
  • Amazon Inspire enables consumers to shop in a social media format
  • Case Study: Toyota's C+walk S promotes successful ageing for older adults
  • Pinpointing growth markets requires a comprehensive approach
Conclusion
  • Recommendations
  • Diligent groundwork for future success
  • Questions we are asking

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • JD
  • TikTok
  • Toyota