SEOUL, South Korea--(BUSINESS WIRE)--Global market research company Euromonitor International unveiled today a new white paper, “Future of the Family,” revealing how the traditional definition of the family is transforming rapidly under evolving socio-economic conditions and how brands should adapt their strategies accordingly.
The report shows that single-person household will record 128 percent growth in 2000-2030, while the total number of household heads aged 60+ will reach 807 million by 2030. Further, the average number of children per home is set to decline worldwide and global population is ageing rapidly.
According to the white paper, population with a divorced marital status will be by far the fastest growing segment at 78.5 percent over 2000-2030. As a result, more families are split and thus require their own households apart from each other, driving the rise of the single-parent family.
The evolution of families into smaller entities offer new opportunities and challenges to companies and brands. As the transformation of the family is leading to the transformation of the home, demand for small, hyper-urban apartments is rising and creating more space for appliances and household goods in emerging markets.
“As the future family will reshape the habitat of the household, families have ever-increasing expectations of the brands they interact with,” says Pavel Marceux, household specialist at Euromonitor International. “Companies must be mindful that millennial parents are juggling complex plans, so they must be pragmatic about the utility and convenience they can offer, avoiding ‘trendwashing’ and traditional clichés,” he added.
To download a free copy of the report, visit: http://bit.ly/2FxmNhl
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