In ten years there will be 38 cities with more than ten million inhabitants, the population will be more urbanite and environmentally conscious, according to the report Understanding the Socioeconomic Drivers of Megatrends prepared by Euromonitor.
More techie, sustainable and densely populated communities. In a changing global scenario, there are five megatrends that are fostering the change in consumer behavior. The turn in economic power, the rise of technology, the demographic transition, the environmental impact and the change of the values are the new drivers of the market, according to the report Understanding the Socioeconomic Drivers of Megatrends prepared by Euromonitor.
One of the aspects that the document emphasizes most is the transformation in the world economic leadership. By 2030, China’s economy will be 1.8 times larger than the US’s. In this regard, the report points out that, between 2018 and 2030, emerging markets will grow by 20%, which will turn around the economic power of the Western world.
By 2030, the Chinese economy will be 1.8 times larger than the US’s
This development of the emerging markets is giving rise to the appearance of megacities, as stated by Euromonitor. The consultancy estimates that by 2030 there will be 38 cities with more than ten million inhabitants. The population will be more urbanite, which will lead to enhancing the infrastructure of cities and expanding the retail offer.
In addition, this urbanization of consumers, together with the peak of immigration and the ageing of the population will also transform the lifestyle of consumers and their decision-making process, as the report underlines.
The race to obtain resources and the commitment with the environment is another of the trends highlighted in the report, as it is transforming the behavior of the current consumer. Besides consumers, governments and companies have joined the awareness with measures to boost sustainability.
In 2030 there will be 38 cities with more than ten million inhabitants
According to Euromonitor, the boom of sustainability has raised conscious consumption. The consultancy explains that consumer’s priorities have changed towards decisions based on the brand value rather than the price of products.
Among the megatrends presented in the report, the rise of technology plays a crucial role in in consumers’ decision-making. For companies, digitalization has removed the entry barriers to the markets and has led to the appearance of new business models that have transformed the company landscape.