Demographics – Consumer TrendSights Overview, 2022
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Demographics – Consumer TrendSights Report Overview
The demographics trend captures evolutions in consumer behavior and attitudes towards products and services across FMCG. This trend is based on factors such as socio-economic and socio-demographic changes, aging populations, and the blurring of consumers’ traditional gender, age/generation, and life stage attitudes and needs.
The “Demographics” consumer trendsights research report provides an analysis of what the trend is, why it is important, and who is most influenced by it. It also provides insights on how brands and manufacturers can capitalize. The research concludes by identifying where the trend is heading next and how long it will last.
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Key Trend Drivers | • Changing Social Norms
• Aging Consumer Populations • Urbanization and Reverse Urbanization • Diverse Family/Household Arrangements |
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Demographics Trendsights - Importance
Consumers’ developing needs based on demographic and economic shifts fuel innovation in products and services. In addition, innovation across the FMCG space is being shaped by the challenges urbanization offers to create better forms of product and service consumption and usage. International travel and population migration spread new influences on global audiences, although the pandemic has made this more virtual or ‘remote’ out of necessity.
Key Trend Drivers of the Demographics
The key trend drivers of demographics are changing social norms, aging consumer populations, urbanization and reverse urbanization, and diverse family/household arrangements.
Changing social norms – New consumers, lifestyles, occasions, and blended experiences break down old knowns about who is doing what, where, with whom, and when in their lives. Allied with this is a challenge to the norms of economics; lower-income consumers can be aspirational, upper-income consumers can be value-seekers, and so on. Income/economic complexity breeds more opportunity and challenge for FMCG brands.
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Demographics – Innovations by Brands
Global brands in many sectors are addressing the trend of “demographics” in multiple ways. For instance, premium demand increasingly influences innovation in emerging markets and private label/discount brands. The household and personal care sectors are innovating to achieve wider sensory and functional appeal. Furthermore, the cosmetics industry is launching products with gender-specific benefits as well as gender-blurring cosmetic concepts.
CJ Oliveyoung Ideal for Men- eyebrow pencil—dark brown, natural black, South Korea: Recently in South Korea, Lotte Confectionery launched an eyebrow pencil under the CJ Oliveyoung Ideal For Men private label banner. The release comprises varieties of natural black and dark brown. The product’s male tagging highlights the breakdown of gender barriers in certain areas of cosmetics and the cross-gender applicability of K-beauty concepts. The packaging design also projects a more male impression.
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Demographics – Future Outlook
As the Demographics mega-trend evolves, it is important to recognize that each underlying trend has a distinct set of opportunities and growth prospects. For instance, the aging population is a high-value trend for which the ‘size of the prize’ is substantial. It is, however, a mature trend, although ongoing, having been explored in innovation terms heavily over the last decade. In contrast, the sharing economy in the context of demographics is more of an emergent concept, both in terms of sharing consumption among consumers and the sharing of resources among brands. Understanding these dynamics can help brands anticipate and prepare for inevitable shifts in the demographics mega-trend.
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Scope
“Demographics” is one of the 8 mega-trends that GlobalData covers as part of our TrendSights series of Consumer Insight studies. The analysis covers what the trend is, why it is important, who is most influenced by it, and how brands and manufacturers can capitalize. The research concludes by identifying where the trend is heading next and how long it will last.
Key Highlights
- New consumers, lifestyles, occasions, and blended experiences break down old knowns about who is doing what, where, with whom, and when in their lives.
- The focus on the young as the arbiters of consumerism is being tested/balanced by long lifespans and associated influence on typical attitudes and needs.
- The pandemic’s effects have increased the complexity associated with the migration to urban centers.
Reasons to Buy
- Understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is impacting the industry.
- Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
- Access valuable strategic take-outs to help direct future decision-making and inform new product development.
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Table of Contents
Frequently asked questions
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What are the key demographic trend drivers?
The key trend drivers of demographics are changing social norms, aging consumer populations, urbanization and reverse urbanization, and diverse family/household arrangements among others.
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What is shaping the innovation across the FMCG sector?
Innovation across the FMCG space is being shaped by the challenges urbanization offers to create better forms of product and service consumption and usage.
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How are brands addressing the trend of “demographics”?
Global brands in many sectors are addressing the trend of “demographics” in multiple ways by innovating to achieve wider sensory and functional appeal and launching products with gender-specific benefits as well as gender-blurring cosmetic concepts.
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