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Radical Demographic Shift To Transform Consumer Markets

Trend Summary: A new report identifies three key groups of urban consumers with the purchasing power to shape the consumer landscape over the next 15 years.


The report by the McKinsey Global Institute, titled Urban World: The Global Consumers to Watch, found one trend common to all groups studied ...

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... their location in cities.

Over 91% of world consumption growth over this period will emanate from city-dwelling consumers. This radical demographic shift will transform the nature of consumer markets.

Until the turn of the century, population growth powered more than half of global consumption. As population growth slows, that will fall to only one-quarter over the next fifteenyears. Per capita spending will be the engine of consumption growth. In this new world, companies need to know which consumers have the purchasing firepower, where they are, what they want to buy, and what drives their spending.

Marketing savvy alone isn’t enough to track these consumers. Companies will need a more detailed portrait of target customer groups than ever, including their age, income, ethnicity, and shopping preferences.

McKinsey Global Institute research finds that China is expected to spend 12.5% of all consumption growth on education for those under thirty — higher than any other country except Sweden.

Read the original unabridged HarvardBusinessReview.com article.

[Estimated timeframe:Q3 2016]

All data sources are attributed with links to the original insight. The insight is then summarised and, where appropriate, enhanced with additional information.

Source: HarvardBusinessReview.org
MTT insight URL: http://marketingtrendtracker.com/article.aspx?id=6934



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