Consumption 2020?
Deloitte report on consumer behavior in ten years shows significant factors
The diet or production and distribution of food will be a central theme in 2020 - so is contiguous sustainability megatrend of the next decade. Another factor which influences the consumer behavior crucial is the demographics. Not least for influencing social shifts in the emerging regions of the global consumption. In addition, the technological development and the increasing integration of the consumer, the supplier is forcing a new communication behavior. This reveals the Deloitte report "Consumer 2020" which allows using scenarios, companies and decision-makers today, to prepare for future challenges and to develop long-term strategies.
“After the economic crisis, a lot is in a state of upheaval - be it debt-financed consumption in the Anglo-American region, the readjustment of the almost symbiotic behavior of the USA and China or the interaction of the EU economies. These and other factors make a forecast for the next decade difficult, but they also provide important clues, "comments Peter Thormann, Partner and Industry Leader Consumer Business at Deloitte.
Upheaval in the global economy
The current situation in the economic areas is complex and inconsistent. The US consumption slump will last longer than ever before, while the Eurozone will have to rebalance. The situation in Germany and Japan is primarily characterized by the strong export orientation, but also by the aging of society - a phenomenon that is now becoming more virulent even in China. On the other hand, as in India, the rise of a new middle class allows conclusions to be drawn about future consumer behavior.
Target groups change
The demographic development in Europe, the USA, Japan and China as well as the rise of a new social class in the Middle Kingdom, in India and on the African continent make concrete consumption forecasts possible. In the traditional industrialized countries, age-appropriate products and services are becoming more and more important, while the new middle class in the other regions is initially focusing on classic goods such as cars, houses or vacation trips.
Diet: End of Abundance in Developed Countries
The central mega-topic of the next decade, however, will be nutrition: Rising prices and limited resources are bringing the global issue of nutrition into the limelight. In addition, around 800 million new “middle-class consumers” have higher demands on the eating lifestyle. Even where there is still plenty today, food will soon become significantly more expensive - paradoxically, obesity is also becoming an increasingly global problem. It remains to be seen whether both can be handled by the market alone or whether a coordinated political approach is required.
Sustainability against scarcity of resources
The rising consumer demand of a new middle class in the emerging economic areas and scarce resources will make sustainability the universal principle of the next decade. Sustainable production, sustainable consumption and, ultimately, a sustainable lifestyle, for example with regard to health, determine the well-being and woe of development. It is not only consumers in industrialized countries but also in other parts of the world that are becoming more and more sensitive to the principle of sustainability.
Companies direct change
The most important factors for the formation of a “global” sustainability awareness are the cost of resources of all kinds, as well as education, a growing sense of community, positive and negative incentives and the understanding that there is no alternative. The fact that consumers are better informed and more self-confident as a result of technical developments can have a positive effect. Companies not only have to adapt to this, but it will be their job to initiate and direct change in order to secure their own future.
“Anyone who wants to be successful in this volatile environment should pay attention to a few central points. This includes a reassessment of growth - market share becomes more important than the continuous shift into growing markets. This also includes the development of concepts for consumer goods with sustainability potential, the integration of new media / behavioral patterns into consumer communication and a stronger focus on people as a value creation resource, ”summarizes Peter Thormann.
You can find the complete report here for download.
Source: Hanover / Munich [Deloitte]
