Fynsa
Demographic changes, new products, new visions of what surrounds us... there are many elements that are constantly shaping and modifying consumer habits. Where are we now and where are we going? The consulting firm McKinsey has just published an article in which it identifies some of the trends to pay attention to.
By 2030, 75% of consumers in emerging countries will be between 15 and 34 years old. This is a group that is more optimistic about their economies than those in developed markets, implying a greater propensity to consume. The exception? Latin America.
While young people will make up the majority of consumers in emerging markets, in advanced economies the proportion of the over-65s will increase very rapidly. What is interesting is that, despite the economic constraints usually associated with old age, this group is very willing to spend on discretionary goods and services. In emerging economies, we will also find a considerable segment of "senior" consumers, with resources and a willingness to spend.
The cost of living in advanced economies will continue to increase pressure on the spending power of the middle class; however, McKenzie studies indicate that in Europe and the United States this group is willing to be indulgent in discretionary spending, from travel to dining experiences.
It is a consequence of the disruption of supply chains during the pandemic, where people resigned themselves to consume what they could find, generating a new openness to explore different brands. This behavior is here to stay, diluting the traditional loyalty of consumers to product brands and the stores where they shop.
In recent years there has been a tendency to consume products with attributes associated with sustainability, especially among the younger generation. The inflationary crisis and economic uncertainty has led Generation Z consumers to relativize the relevance of sustainability associated with the products they buy.
Consumption of products and services associated with physical and spiritual wellness, from gym memberships to the purchase of healthy products, continues to rise, even in emerging economies such as India, where 44% of respondents showed a predisposition to them, twice as many as in the United States.
Women's spending in this area is clearly on the rise. Women's predisposition towards this type of product is particularly strong in emerging markets.
Another consequence of the pandemic. In advanced economies, especially in the US, there is a migration to secondary cities - with a population of between 50,000 and 500,000 inhabitants - or to those in the south or west of the country. In emerging economies, meanwhile, the urbanization of consumers continues, concentrating in large and secondary cities.
The trend started in China, but more and more people are browsing to buy products and services through social networks or on content creation platforms, especially in emerging markets.
Review the report Nine key consumer trends in 2024 | McKinsey
