The world is changing fast, and so is the way we consume. On the eve of 2024, Kantar (a forward-looking consultancy) has just outlined the major trends that are set to shake up the retail landscape. Valuable information at a time when consumers are becoming increasingly demanding and elusive.
“Over the next five years, seismic shifts in socio-economic groups and generations will have a profound impact on how retailers and brands win the hearts and minds of citizens.”
Shifting power dynamics
People don’t behave the same way from one generation to the next. “Seismic shifts in socio-economic groups have a profound impact on how brands win the hearts and minds of consumers, beyond their wallets. Capturing these groups requires increasingly sophisticated data to understand needs and successfully satisfy them.”
At the moment, all retailers want to win over young Z consumers. These individuals are gradually entering working life, and their purchasing power is only going to increase. However, they are likely to feel overwhelmed when deciding what to buy and where to shop. That’s why they’ll take great care to ensure that the money they spend supports causes they believe in.
Striking a balance
It’s not easy for brands to invest in their businesses at a time when consumers are buying less. That’s why Kantar advises focusing on essential developments. Omnichannel is one of them.
“Three years after the explosion of online e-commerce during the pandemic, consumers have shown that they are ready to take advantage of both physical …
