More and more consumers are poised to enter the marketplace in the coming years and businesses will need to be ready for a wave of ethically conscious and gender aware shoppers.
HSBC’s Future of Consumer Demand report highlights that data indicates 90% of the world’s population will be considered “consumers” by 2020. The report uses the World Bank’s income threshold of over $2 per day to determine what a consumer is, and by 2021 UN population projections estimate less than 7% of people will live on $2 a day.
With 7.4 billion consumers by 2021, retailers need to be prepared for an influx of “new age” shoppers. HSBC suggests that ethics, gender, and a concept of “disownership” will be priorities in the coming years.
Click here to read the full article.
Written by Dominic Powell for The Retail Doctor Group.