Global Consumer Trends: Lifestage Complexity

Published by: Datamonitor

Published: Oct. 8, 2009 - 35 Pages

Table of Contents

Overview

Catalyst

Summary

Table of Contents

Table of figures

INTRODUCTION: THE IMPORTANCE OF TREND-TRACKING

Tracking consumer mega-trends is fundamental to long-term success

Trend-tracking insight 1: mega-trends can be classified in two ways according to desirable benefits and societal complexities

Trend-tracking insight 2: trends are aligned with pre-existing, but evolving human values, attitudes, needs and behaviors

Trend-tracking insight 3: mega-trends can be broken down into trends and sub-trends highlighting that trend frameworks provide structure and clarity at a time of 'information overload'

Trend-tracking insight 4: manufacturers, retailers and researchers/futurologists perpetuate trends

Trend-tracking insight 5: adopting a broader, global perspective to trend-tracking facilitates better decision making by overcoming 'category myopia'

Trend-tracking insight 6: trends have longer-term implications than fads and can be categorized by evolvement

Trend-tracking insight 7: for every trend there is a 'counter-trend' while 'trend-crossover' is also and important phenomena

Takeouts and implications: a trend framework boosts the quality and frequency of insight generation ensuring maximum return from the broader market research processes in place

THE FUTURE DECODED: DECIPERING THE LIFESTAGE COMPLEXITY MEGA-TREND

MEGA-TREND SYNOPSIS: Consumers' lifestages are becoming less clear cut and predictable

TREND: Modern household structures continue to diversify away from traditional models

SUB-TREND: Average household sizes have declined as the nuclear family concept fragments

Key takeouts and implications: the fragmentation of traditional concepts of the household opens up new opportunities for marketers

SUB-TREND: Multi-generational living persists as a countertrend to shrinking household sizes

Key takeouts and implications: multi-generational families show the continuing importance of traditional household structures and pragmatism in responding to the social and economic challenges of modern life

SUB-TREND: Empty nesters are growing in number

Key takeouts and implications: Marketers can help new Empty Nesters make the transition from active parenting to new independence

SUB-TREND: Boomerang children / home-bounding children are becoming more common

European Mid-Lifers in particular support the idea of remaining in the family home until your late-20s

Boomerang behavior among the young is widely accepted in the Americas, based on traditional social values surrounding family and practical reality in today's society

Strong familial bonds in Asia Pacific enable consumers to be dependent on their parents for longer

Key takeouts and implications: Boomeranging behavior among the young can have positive connotations but reflects current challenges in establishing independence early in life

TREND: Consumers' priorities as they move through life are changing and diversifying

SUB-TREND: Consumers are delaying the responsibility of marriage and children

Key takeouts and implications: consumers are reprioritizing their lifestages, pushing back on getting married and having children

SUB-TREND: Career paths are becoming more complex

Key takeouts and implications: few consumers have the desire to work in the same job uninterrupted throughout their whole lives

TREND: The Seniors lifestage is extending and encompassing a wider range of scenarios

SUB-TREND: Populations are aging and life expectancies expanding

Key takeouts and implications: the aging of the population is a long-term trend that will continue long into the future

SUB-TREND: The senior lifestage is characterized by a wider range of attitudes and circumstances

Key takeouts and implications: Senior consumers are becoming more technologically and culturally savvy, and are particularly reluctant to think of themselves as 'old'

SUB-TREND: Delayed and phased retirement will rise

Key takeouts and implications: consumers are working until they are older in order to support themselves later in life

APPENDIX

Definitions

Methodology

Further reading and references

Ask the analyst

Datamonitor consulting

Disclaimer

List of Figures

Figure 1: Datamonitor's mega-trends are having a long-term and substantive impact on the marketing landscape and can be grouped into two categories

Figure 2: Consumer behavior and the innovations targeting it inevitably fit into a 'trend hierarchy'

Figure 3: Trend tracking can be a source of (comparative) competitive analysis

Figure 4: Datamonitor's mega-trend framework helps set the agenda for the specific topics covered in the New Consumer Insight (NCI) research stream

Figure 5: Trend development is dictated by both 'consumer pull' and 'manufacturer push' and Datamonitor offers the intelligence tools to capitalize on this reaity

Figure 6: In a consumerist global culture, the broad consumption spheres/segments transcend borders

Figure 7: Several factors distinguish a trend from a fad

Figure 8: Consumers are not necessarily living their lives in the same way as those from previous generations

Figure 9: Lifestage complexity is brought about by a number of conflicting drivers and inhibitors

Figure 10: Household structures are changing as illustrated by the decline of the nuclear household

Figure 11: The expanded family status lifecycle model reflects the trend of complexing lifestages and drives the diversification of modern households

Figure 12: The average number of occupants per household around the world is flat or showing gradual decline over time

Figure 13: The growth of single person households is expected to decrease slightly in Europe in the lead up to 2014 as people look for the most cost-effective forms of dwelling

Figure 14: Economic circumstances are slowing the growth in single person households in the Americas, particularly in the US

Figure 15: Growth in the percentage of single person households is most apparent in China and Korea within Asia Pacific as consumers seek enhanced independence

Figure 16: The cultural dominance and practicality of multi-generational living means only a small percentage of households in Saudi Arabia and the UAE are single person households

Figure 17: Numerous factors both economic and social have resulted in an increase in the number of multi-generational households worldwide

Figure 18: The Swedish have the lowest toleration for consumers in their late 20s living in the parental home

Figure 19: Consumers of all ages in the Americas have comparably favorable views of children remaining in the family home until their late-20s

Figure 20: Asian family-oriented culture influences the positive views towards twenty-somethings living at home

Figure 21: Consumers are changing their priorities and therefore altering how their lifestages play out

Figure 22: In the US, marriage rates are continually decreasing, which also has a knock-on effect on divorce rates

Figure 23: Websites are dedicated to providing consumers interested in career breaks with a wealth of information and recommendations about the decision

Figure 24: There are a number of social implications that are occurring within the Senior lifestage category

Figure 25: Seniors are making up an increasing proportion of the global population

Figure 26: Life expectancy is particularly high in Europe but growing fastest in Asia Pacific

Figure 27: The aging population means that the prevalence of age-related conditions such as osteoporosis is set to rise

Figure 28: Much is being made of society getting older

Figure 29: The Baby Boomer generation are generally embracing technology and seek enjoyment out of life

Figure 30: Rising retirement ages is bucking a strong historical trend

Figure 31: There are differences between consumer values and attitudes

Abstract

• Detailed trend analysis outlining what constitutes 'value' for consumers (trends are, after all, a reflection of what's important to consumers)
• Global in focus, but also offers country-by-country and sector insights thereby catering to top-line or more specific information needs
• Covers all major FMCG sectors, but also with applicability to wider consumer goods audiences
• One of 10 dedicated mega-trend reports outlining the most important issues shaping global consumers' buying behavior both now and in the future

• Understand the significance of the different age-aligned trends across territories and FMCG sectors to help support market diversification plans
• Save time and gain maximal insight by using this 'one-stop-shop' resource which offers a clear and up-to-date framework for understanding consumers
• Access data from two waves of global primary research to increase the likelihood of being 'on-trend' with NPD and marketing activities

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