Deloitte unveils Six Forces Shaping the Future of Consumer at Retail Leaders
Deloitte, the leading global professional services firm, took center stage as the official AI & Tech Track partner at the Retail Leaders Circle MENA summit in Riyadh, shedding light on the transformative forces shaping the future of consumer behavior.
Drawing from a comprehensive global study, Deloitte identified six primary forces influencing consumer behavior in the coming years. These cover the accelerated technological progress, the changing consumer profile, the evolving society and culture, the radical industry upheavals, the extreme climate change, and the shifting of economics, policy, and power.
Over the past year, Deloitte engaged with over 600 professionals, industry experts, luminaries, academics, and clients through various interactive forums such as workshops, interviews, crowdsourcing, fireside chats, and online collaboration, creating a diverse and representative group across industries and generations.
Presenting the findings at the Retail Leaders Circle MENA summit, Bhavesh Morar, Retail & Consumer Leader at Deloitte Middle East, highlighted the significance of these forces in shaping the future of the consumer industry. Morar commented, “The extensive research Deloitte carried out reveals the profound impact of these forces on consumer behavior will be global by nature, but of course they can manifest in each market differently based on what is a different set of market conditions. We at Deloitte look to provide guidance for businesses seeking to navigate the complex terrain of consumer behavior in the Middle East over the years to come, as understanding and adapting to these changes will be crucial for businesses seeking to thrive in an ever changing marketplace.”
Forces Shaping the Future of Consumer
Exponential xTech:Â Rapid advancements in digitalization and bioscience are driving the development of new technologies and markets at an unprecedented pace. The exponential growth of AI and transformative technologies is reshaping industries and consumer experiences.
The Changing Consumer:Â Demographic shifts are leading to increasingly diverse consumer preferences worldwide. In Saudi Arabia, a young and dynamic population is redefining the Saudi consumer landscape, presenting new opportunities and challenges for businesses.
Evolving Society and Culture:Â Consumers are breaking away from traditional norms and redefining their priorities, influencing how they spend their time and money. Businesses need to adapt to changing societal and cultural dynamics to stay relevant.
Radical Industry Upheaval:Â Consumer buying patterns are evolving, and businesses must innovate to meet shifting demands. Companies that embrace agility and innovation will thrive in an era of radical industry disruption.
Extreme Climate Change:Â Sustainable consumption practices are becoming imperative as consumers demand eco-friendly products and services. Businesses that prioritize sustainability will gain a competitive edge in combating climate change.
Shifting Economics, Policy, and Power: Economic and policy uncertainties are reshaping business landscapes globally. Companies must navigate changing regulations and geopolitical dynamics to maintain resilience and growth.
