TrendSights Analysis: Socio-Demographic Change

TrendSights Analysis: Socio-Demographic Change

  • November 2016 •
  • 44 pages •
  • Report ID: 4442442
TrendSights Analysis: Socio-Demographic Change

Summary

Demographics, and all of our specific needs and wants associated with them, are a source of innovation, opportunity, and threat. As populations grow, age, migrate, and follow less traditional paths through life, brands are faced with increased complexity but enhanced opportunity to appeal to differentiating consumer attitudes and behaviors.

Socio-Demographic Change is one of the fundamental underpinnings of the Evolving Landscapes mega-trend. As global populations grow, age (due to people living longer), migrate, and follow less traditional paths through life, brands are faced with increased complexity but enhanced opportunity to appeal to consumer attitudes and behaviors that are becoming more differentiated and numerous.

Trend drivers -
- Population growth enlarges the consumer base globally.
- Aging populations change need states and consumption behaviors societally.
- Mobile populations bring new influences and diversify needs.
- Changing gender roles and situational complexity drive new needs for consumers, while fueling a growing, diverse, and creative workforce.

Consumer targets -
- Young adults – Population growth continues to enlarge this cohort.
- Older consumers – Products that meet differing health concerns and changing tastes as societies get older.
- Cross-gender changes – Both sexes’ consumption behavior is more nuanced.
- Non-linear lifestages – Having children later, remaining single longer, delaying marriage, and so on.

Demographic change creates a "new normal" in society. This is much more fragmented, with traditional segmentations blurred, making it essential for brands to track and adjust to the situation on an ongoing basis. Brands must deliver on particular needs, but concisely and to the point, from content, functionality, and consumption experiences to marketing messages and branding.

The Socio-Demographic Change trend is currently in the growth stage – it is an ongoing process, with an impact being felt in more sectors, inspiring innovation in product and strategy. The alcoholic drinks and personal care sectors are seeing strong growth opportunities at present.

The report "TrendSights Analysis: Socio-Demographic Change" assesses the implication of changes to populations on the FMCG industry and helps in understanding the role of demographic change in changing consumer attitudes and behaviors.

Companies mentioned in this report: Jovo, Redd’s, Suntory, Procter & Gamble, GSK

Key Findings

1.Gender, age, lifestyle, non-traditional situations, and lifestage changes all mean "normal" must be redefined and seen as a flexible concept. However, globalization also means that some products are becoming universal - consumers with a shared consciousness aspire to the same things, or local variations thereof.

2. Tailoring products through demographic segmentation to enhance consumer engagement is an obvious consequence of more granular consumer niches. Be mindful of evolving gender roles and change traditionally gender-biased categories through marketing, formulation, and packaging.

3.While demand grows for ever more personalization and differentiation, at the same time the risk of this becoming overwhelming grows. Consumers favor simple solutions to their needs in most areas. Demographic targeting becomes more powerful when delivered with minimal complications.

4. Ethno-cultural influences are fueling experimentation and innovation, by both meeting minority needs and introducing the majority to new ideas. Look past "predictable" sectors such as food and drink; household care, baby care, and pet care norms in other regions may have innovation lessons.

Synopsis

"TrendSights Analysis: Socio-Demographic Change" assesses the implication of changes to populations on the FMCG industry. These changes can take many forms: varying birth rates and life expectancy, net immigration or emigration, or simply large numbers of consumers making substantial changes to their lifestyle.

Reasons To Buy

- Understand the role of demographic change in changing consumer attitudes and behaviors
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Country=World Industry=HouseholdProducts ParentIndustry=ConsumerGoodsAndRetail Date=201611 Topic=Demand Publisher=GlobalData Price=4000