Pearl’s Takeaways – New Era of Consumerism
Euromonitor, in a recent seminar, highlighted a number of interesting emerging areas of growth, and changing demographics that represent opportunities for organizations. Below you will find a summary of the opportunity areas and examples of products/services that are targeting these areas.
Seniors or Ageing Population
Many countries are facing an ageing population scenario (for example – South Korea). South Koreans are living longer but not necessarily healthier which will result in a growing demand for healthcare goods and services and a greater focus on health and wellness.
E-commerce site Taobao has announced that it will launch an updated version of its senior citizens shopping feature. New additions include text enlargements, voice assistants, and information simplification. Taobao will now offer senior customers the option to shop for medicine and groceries. It will even provide senior users with a feature that will connect them with free pharmacist consultations. Lastly, new features help support seniors in the refund process.
More Single Family Households
Due to increasing urbanization, we will see more single person households. The demand and needs of a single family households will be smaller than couples with or without children and therefore we should try to target them with smaller size products or multi function products etc.
Ikea sells many products for “small space” living including: multi functional furniture like a dining room table that can turn into a desk, stackable beds, stackable shelves, storage solutions and more.
Childless couples will be the second fastest growing household segment by 2040. Childless couples are more likely to be dual income households and have more disposable income than other demographic groups and can afford premium products and services.
Princess Cruises has announced the launch of its newest ship called the ‘Sun Princess.’ The vessel is also the largest to ever be offered by the company; it will accommodate more than 4,000 guests. It offers premium stateroom accommodations and multi-story dining rooms as well as stunning onboard views, spacious and luxurious venues, and one-of-a-kind entertainment offerings. Aesthetically, the new cruise ship was inspired by the Seawitch icon, which was made famous by the original ‘Love Boat’ television series.
Higher Immigration, More Diversity
Higher immigration has resulted in more diversity among consumers. Diversity will result in more productivity and revenues and retailers should recognize this trend and cater to their needs.
Sahib Singh, the beloved four-year-old digital creator, recently became Burberry’s Children’s first Sikh model. Consumers are now demanding more representation and a celebration of diversity, and the latest campaign by Burberry Children has gained notable Internet attention for doing just that. Sahib Singh is the first model in the luxury fashion brand’s history to wear a patka — “the turban worn by boys in the Sikh community before they graduate to the pagri.
Spending on Education will Increase
Due to economic uncertainty, people are most likely to spend more time in upgrading their skills to stay relevant in the job market which sometimes includes freelancing or going into business for themselves.
Owledge is an online learning platform that works by connecting interested professionals to a range of exclusive, valuable content that’s optimized for the freelancer lifestyle. Users can also enjoy educational information that’s palpable, easy to understand and very valuable for optimizing their freelancing business. The content and documents help professionals optimize the efficiency of everyday operations.
Consumers are concerned about environment and climate change and are looking for more sustainable products.
BY FAR has launched a new fragrance collection called ‘Daydreams’ which stars celebrity and model Kendall Jenner. The BY FAR ‘Daydreams’ collection is composed of seven refillable Eau de Parfums. When it comes to sustainability, BY FAR has packaged each scent in a 100mL bottle that can be turned upside down and shaken into the charm bottle. Each perfume is crafted with 100% natural alcohol and exotic Turkish and Bulgarian repurposed rose essential oil.
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Sources: Euromonitor, September 2022 (Webinar, Sept 20). Trendhunter, September 2022.