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.
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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.
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.
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.
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.
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.
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