TrendSights Analysis 2024: Socio-Economic Change

TrendSights Analysis 2024: Socio-Economic Change

Summary

Socio-Economic Change sits under the Demographics mega trend and encompasses how the varied socio-economic situations of different groups within society interact with products and services. This report considers the impact of the trend on each consumer sector, what factors drive the trend, the implications for different consumer groups, how brands can respond, and how the trend will evolve beyond 2024.

A consumer’s economic and social standing influences their purchase behavior. Changes in socio-economic situations can either be positive or negative, improving or diminishing purchasing power. Socio-Economic Change is becoming more nuanced, driving demand for greater personalization and more advanced aspirational purchasing, supported by a greater pace of innovation.

Scope

• Technology and digital lifestyles are radically improving consumers’ purchasing power, while macroeconomic pressure is restricting it.
• Meanwhile, governmental policy and population change will intensify the effects of these external forces.
• For brands, the main considerations are what the interplay between income and geography, generation, and gender means for consumers’ purchasing powers.
• Innovation is answerable to diverse need states arising from socio-economic change, personalizing to accommodate complex lifestyles and enhancing to align with aspirational desires.
• Aspirational purchasing in 2024 and beyond has moved well beyond a need for more premium, high-quality goods. Innovations must now also align with a desire to “do better” through health and sustainability features.

• Gain insight into the different routes by which products and services can align with the Socio-Economic Change trend.
• Compare the presence of this trend in each industry across the FMCG space, and learn what the key opportunities are.
• Identify the innovation implications of Socio-Economic Change for your sector.