Six primary forces re-shaping consumer behavior

14 March 2024 Consultancy-me.com 1 min. read
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Drawing from a comprehensive global study, Deloitte has identified numerous trends influencing consumer behavior in the coming years. Bhavesh Morar, Retail & Consumer Leader at Deloitte in the Middle East, shares six primary forces expected to have a large impact.

The Changing Consumer
Demographic shifts are leading to increasingly diverse consumer preferences worldwide. In Saudi Arabia, a young and dynamic population is redefining the Saudi consumer landscape, presenting new opportunities and challenges for businesses.

Six primary forces re-shaping consumer behavior

Exponential xTech
Rapid advancements in digitalization and bioscience are driving the development of new technologies and markets at an unprecedented pace. The exponential growth of AI and transformative technologies is reshaping industries and consumer experiences.

Evolving Society and Culture
Consumers are breaking away from traditional norms and redefining their priorities, influencing how they spend their time and money. Businesses need to adapt to changing societal and cultural dynamics to stay relevant.

Radical Industry Upheaval
Consumer buying patterns are evolving, and businesses must innovate to meet shifting demands. Companies that embrace agility and innovation will thrive in an era of radical industry disruption.

Extreme Climate Change
Sustainable consumption practices are becoming imperative as consumers demand eco-friendly products and services. Businesses that prioritize sustainability will gain a competitive edge in combating climate change.

Shifting Economics, Policy, and Power
Economic and policy uncertainties are reshaping business landscapes globally. Companies must navigate changing regulations and geopolitical dynamics to maintain resilience and growth.

The study was based on the views of over 600 professionals worldwide, including executives, industry experts, luminaries, academics, and consumers