Dramatic demographic shifts are transforming the world’s consumer landscape. McKinsey & Company's new research finds just three groups of consumers are set to generate half of global urban consumption growth from 2015 to 2030. The three demographic groups are:
- The retiring and elderly in developed economies.
- China's working age population.
- North America's working age population.
McKinsey & Company have summarised three fundamental implications of this research for corporate strategy:
- Footprint matters - companies need to continually adapt to evolving demographics and consumption patterns of cities.
- Tailor products - companies with the skills to develop tailored products and services to meet the needs of an increasingly complex consumer landscape can prosper.
- Look closely at services - the growing share of services in consumption will, directly or indirectly, have an impact on all consumer-facing businesses.
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