According to the report, ‘Megatrend Analysis: Putting the Consumer at the Heart of Business’, a megatrend is a long term shift in behaviour or attitude that has a global impact and crosses multiple industries. One standout megatrend identified by Euromonitor International is the “Middle Class Retreat” asserting that the middle classes in developed markets struggle to maintain the economic position they enjoyed before the global financial crisis. “An aspect of this megatrend is the idea of ‘Glorified Frugality’ which sees the middle class consumer celebrating how little something costs, whilst also reducing waste. To win these frugal consumers, businesses must design for longevity, emphasising good quality, re-use and ease of maintenance and look for ‘revolutionary’ takes on value,” states Euromonitor International’s Director of Economies and Consumers, Sarah Boumphrey.
The report also highlights the “Shifting Market Frontiers” megatrend, bringing new markets into the spotlight, as some areas of the globe reach their maximum potential, while others gain prominence for their unexploited potential. “China is a case in point, as market saturation and competition intensifies in the country’s major cities, businesses must shift their interest to fast growing mid-sized cities. Rising business investment, increasing disposable incomes, better infrastructure and the growing adoption of high-speed internet have laid the foundations for mid-sized city growth in China. For instance, the city of Xiamen on China’s southeast coast is predicted to triple its consumer market size in real terms by 2030, making it larger than Rome, Munich or Barcelona,” explains Euromonitor’s International Head of Client Innovation, Zandi Brehmer.
The complete list of Megatrends includes:
- Middle Class Retreat
- Experience More
- Shifting Market Frontiers
- Ethical Living
- Shopping Reinvented
- Healthy living
- Connected consumers
Megatrend analysis helps businesses anticipate market developments and lead change for their industries, as shifting economic power, technology, population change, environmental pressures and changing values take place.
To download the free report, visit: http://go.euromonitor.com/white-paper-2017-megatrend-analysis.html
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Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.