TrendSights Analysis: Socio-Economic Change

  • ID: 4083371
  • Report
  • 44 pages
  • GlobalData
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FEATURED COMPANIES

  • Campbell Soup Co.
  • Pernod Ricard
  • MORE
Socio-Economic Change is one of the fundamental underpinnings of the Evolving Landscapes mega-trend. While global populations grow, age (while living longer), migrate, and follow less traditional paths through life, they are also experiencing economic changes that are changing how they participate in, and what they want from, consumer markets.

The evolving economics of societies globally are reshaping access to, and fueling the diversification of, consumer markets. Alongside the Socio-Demographic Change trend, Socio-Economic Change is altering consumer needs based on evolving lifestyles, working lives, family dynamics, and financial ability to participate in consumer markets.

Trend drivers
- Population growth enlarges the consumer base globally and drives economic development.
- Aging populations change need states and consumption behaviors and spend societally.
- Aspiration on a widening basis across economic and demographic cohorts changes demand.
- Evolving lifestyles, situational complexity, and associated personal economic changes, drives new needs.

Consumer targets
- Emerging Middle Classes - this cohort drives economic growth and consumerism.
- Older consumers - aging populations with impacts on disposable income and changing interests and needs.
- Changing households - singles, women, dual income households, etc., with less traditional life-stages, open up many new needs and occasions.

Socio-economic shifts reinforce a demographic "new normal". Gender, age, lifestyle, non-traditional situations, life stage changes, all create an environment where “normal” must be redefined and flexible. At the same time, globalization means that brands and products are becoming universal, changing aspirational consumption. Globalization and slow closure of the socio-economic gaps between countries/regions (particularly in attitudes and behavior, above) open up new opportunities. However, track the differing views between demographics with respect to economic factors and avoid one-size-fits-all approaches.

While demographic change creates a “new normal” in society, economic change alters the consumer capability of that normal. This is more segmented, making it essential for brands to track and adjust to the economic situation on an ongoing basis. Brands need to deliver against particular needs and up-trading opportunities but concisely, from content, functionality, consumption experience, to marketing/branding.

The report "TrendSights Analysis: Socio-Economic Change" shows how the evolving economics of societies globally are reshaping access to, and fueling the diversification of, consumer markets. Alongside the Socio-Demographic Change trend, Socio-Economic Change is altering consumer needs based on evolving lifestyles, working lives, family dynamics, and financial ability to participate in consumer markets.

Companies mentioned in this report: Campbell Soup Co., Pernod Ricard
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Note: Product cover images may vary from those shown
2 of 4

FEATURED COMPANIES

  • Campbell Soup Co.
  • Pernod Ricard
  • MORE
1. Trend snapshot
2. What?
3. Why?
4. Who?
5. How?
6. What next?
7. Appendix
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  • Campbell Soup Co.
  • Pernod Ricard
Note: Product cover images may vary from those shown
5 of 4
Note: Product cover images may vary from those shown
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