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September 2017
INTRODUCTION
WHAT IS DRIVING THE TREND?
EXPERIENCE MORE IN ACTION
CONCLUSION
INTRODUCTION
Megatrend framework
Welcome to the Experience There is a fundamental shift in consumer values towards experiences over
Economy things that bring happiness and well-being, with spending on experiences like
travel, leisure and foodservice to rise to US$8.0 trillion by 2030.
Embracing diversity for Brands are going authentic, local, immersive, stimulating and social, embracing
differentiation their imperfections, to help counteract over-choice and commoditisation – a
tactic applied across the consumer spectrum.
Death of mundane Harnessing the power of the senses can transform even the most mundane
product into a truly amazing moment. Creating affordable, natural and inclusive
brand experiences, that do not cost the earth and pique consumers’ interest.
Digital toolkit By 2030, 75% of the world - 6.4 billion people - will be connected online, and
brands need to optimise the digital tools available like mobile, augmented,
virtual or mixed reality, as humans and machines integrate further.
Experientialism as Experience is a lifestyle choice that defines how consumers play and work, as
lifestyle exemplified by the gig economy. Going beyond FMCG and services, education
and health are ripe for experiential disruption.
Brand love Brands like Apple embody the love that brands can achieve through a laser-
sharp focus on consumer-centric design and empathetic customer service,
leading to an army of loyal fans/ambassadors, spreading the love for free.
The human factor With a global population of 8.5 billion by 2030, all with greater expectations for
unique experiences, brand survival depends on putting the consumer first,
establishing an emotional connection and the desire for constant improvement.
The Experience More mega trend encompasses the whole of the consumer’s interactions with a brand,
across all touch points at each stage of the customer journey before, during and after the purchase, online
and offline.
A successful interaction is determined by the brand’s attributes but also consumer perception of the brand.
A good experience will lead to an amplification of value creation such as loyalty and trust for repeat
interactions. A bad experience, conversely, will have a multiplying negative effect – and worst case
scenario - can go viral such as the United Airlines incident with untold damage to the brand’s reputation and
ultimately the bottom line.
A brand that evokes a neutral response and is consumed passively in auto-pilot risks losing its identify,
having no point of differentiation, and falling prey to competitors, running the risk of brand irrelevancy.
Experience More Framework for Brand-Consumer Interactions
Opportunities
Offering genuine experiences allows brands to combat commoditisation from over-
choice, creating a positive feedback loop for loyalty.
Consumers will actively seek out stimulating experiences and pay a premium for the
value-added benefits, a welcome uplift to the bottom line.
Data capture will help brands to optimise their product/service and tailor it to consumers’
needs to help close the gap between expectation and satisfaction.
With every product and service set for an experiential transformation, the opportunities
for brands to become creative together are infinite.
There is a once in a lifetime opportunity to rethink the long-term brand-consumer
relationship based on shared values.
Challenges
Consumers are no longer passive observers, so the individual’s brand relationship needs
to be reciprocal or consumers will shift allegiance.
No longer does the transaction only count - every touch-point across the customer
journey matters and needs to be seamless.
The customer experience needs to exceed expectations, otherwise consumers will call
out the brand for poor service or worse, a fake.
Greater transparency means constant scrutiny of each interaction, so core values like
consumer-centricity should be lived by.
With repeat experiences, there is a real threat that satisfaction will diminish, requiring a
focus on constant refreshes and innovation.
With the rising importance of emerging markets, World GDP in PPP Terms 2000-2030
increasing interest in frontier markets, and fears over 100%
advanced-economy stagnation, the global economy
has witnessed a paradigm shift. These changing
dynamics are affecting all levels of society, from at-
risk-of-default governments to job-insecure workers.
The turning point was in 2008 when emerging
markets overtook developed countries for the first
time in their contribution to world GDP in PPP terms.
% of world GDP
Euromonitor predicts this trend will continue, with
emerging and developing countries accounting for 50%
two thirds of global output by 2030. There will be six
emerging markets in the 10 largest economies in the
world in 2030.
As the global population approaches 8.0 billion, Population Aged 65+ in China and
demographic shifts, such as urbanisation, migration, the Rest of the World 2011-2030
1,000
higher life expectancy and falling birth rates,
increasing the proportion of elderly people, are
900
combining to reshape consumer lifestyles and
purchasing decisions. 800
200
Millions
result of a fast-expanding mobile subscriber base. 6,000
By 2030, 99% of global mobile telephone
subscriptions will have internet, as smartphones
become the norm in both developed and developing 4,000
markets.
Competing demands and supply constraints, Growth Index of Global Output, Emissions
combined with economic, environmental and geo- and Energy Reserves 2000-2016
political risks, are creating pressures on 180
environmental resources. This is increasing the
focus of international agencies, governments and
businesses on climate change, sustainability,
renewable resources and other environmental
150
challenges.
Global demand for natural resources has been
2000=100
growing along with world GDP, driven by population
expansion and emerging market demand. This has
resulted in corresponding growth in electricity 120
demand and CO2 emissions. With new technology
comes fresh demands for diverse commodities.
There is an ideological driver that helps feed and Global Consumer Values: Status and
shape megatrends. From consumers to Consumerism 2011/2015/2016
80
governments, beliefs about the world are constantly
evolving, shaping priorities, perceptions, attitudes
and motivations. In concert with the other drivers, 70
%
Global survey data indicates a growing number of
consumers are looking for ways to simplify their
30
lives, are more open to trying new things, and
increasingly considering time as currency.
20
USA
United Kingdom
Turkey
Thailand Babyboomers
South Korea
South Africa Gen X
Russia
Gen Y
Poland
Middle East Gen Z
Mexico
Gen Alpha
Japan
Italy
Indonesia
India
Germany Source: Euromonitor International from national statistics/UN
France
Colombia 42% of Millennials worldwide prefer experiences over
China
things, according to Euromonitor International’s 2016
Brazil
Australia
Survey data. This is higher than any other
generation, with only 30% of Baby Boomers
0% 20% 40% 60% 80% 100%
% of respondents preferring experiences.
Agree Neither agree nor disagree Disagree A Harris Poll showed that 78% of US Millennials
Source: Euromonitor International’s Global Consumer Trends Survey valued experiences over material goods in 2015.
Architects of Authenticity
Augmenting Reality
Experience More
The Experience Toolkit Engineering Uniqueness
UX by Design
Brand Love
The Experience Lifestyle
Pervasive Experientialism
Engineering Pervasive
UX by Design Brand Love
Uniqueness experientialism
Architects of authenticity
Founded in 2008, Airbnb has seen astronomical growth to register a company valuation of
US$30.0 billion in 2017.
Image source: Airbnb
Airbnb’s business model is inherently intertwined The company has introduced “Guidebooks” and
with the search for the real and authentic, as the “Trips” to further solidify the idea that travellers can
company’s star rose on the back of travellers find truly authentic experiences on its platform.
wanting to “live like a local” rather than staying in Airbnb is looking to become a lifestyle brand to
cookie-cutter hotels. Airbnb is the archetypal instil ever greater trust and loyalty. So far this has
sharing economy brand, putting the social and worked, with Airbnb outperforming other short-term
“human” factor up front and centre of its service rental and hotel players through a 2010-2015
offer. CAGR of 149%.
At 8.8% 2011-2016 CAGR, fast, casual dining has shown some of the strongest growth in
consumer foodservice.
Image source: Vizeat
Vizeat offers local dining experiences, hosted by Food is an important part of many travellers’
locals and predominantly targeted at travellers. The experience of a destination. In 2016, spending by
company has currently over 20,000 hosts in 110 international tourists on food amounted to US$168
countries. Vizeat combines hyper-local authentic billion, forecast to grow at 3.6% CAGR over 2016-
dining, with an opportunity to meet locals as part of 2020, and maintain around 8% of inbound tourist
its community. receipts.
The perception of a product or service is of utmost Households with Disposable Income over
importance to a consumer’s experience of that US$300,000 as % of Total 2017/2030
product/service, and the social element of creating a 2017 2030
community is a critical component of a positive
outcome.
Experiences can be Exclusive yet Inclusive. A prime
example of this is an easily-accessed community,
which offers exclusive experiences only to its most
loyal members. Mastercard’s Priceless is a prime
example of a business model that adds value through
exclusive experiences.
It is key for brands to be inclusive. Brands can offer
products or services that evoke exclusivity and a sense Households with Disposable Income over
of luxury, while not excluding consumers through a US$100,000 as % of Total
2017 2030
high price point.
This idea opens up many opportunities to new
markets. While highly affluent households with
disposable incomes over US$300,000 will account for
just over 3% by 2030, households with disposable
incomes over US$100,000 will account for 21% of all
households globally by 2030
Consumers want to have access to exclusive
experiences, even when they have lower disposable
incomes. Source: Euromonitor International’s Economies and Consumers
Little Yellow Door: creative dining adventures without the price tag
By 2021, US$98.0 billion will be spent on foodservice in the UK, of which fast casual will account
for US$3.0 billion.
Image source: Little Yellow Door
London’s Little Yellow Door bar/restaurant is There are themed parties that shift depending on the
packed full of surprises, piquing the consumer's party’s “host”, but all resemble a private house party,
curiosity and rates high on the experiential providing feelings of exclusivity and being amongst
quotient. The experience is interactive, creative, friends all at an affordable price point, providing
sensory, exclusive and immersive. The restaurant social spaces when space is at a premium.
provides keys to regular customers to allow them World fast casual is far outperforming standard
to come and go as they please. restaurants, and will reach US$58.0 billion by 2021.
There were 2.0 billion Mastercards in circulation in the largest 46 economies in 2015, accounting
for US$3.2 trillion consumer spending.
Image source: www.priceless.com
The Mastercard brand is highly visible and its logo With Priceless, Mastercard builds on loyalty, with
is universally recognisable in many markets. The high spenders being able to access exclusive
company is well-known for its “Priceless” campaign, events and experiences. While being a Mastercard
which has been a staple of the company’s World member has relatively low barriers to entry,
marketing since 1997, and has been translated into its events are limited to provide the feeling of
53 languages in more than 100 countries. exclusivity to each user.
Magnum is the largest ice cream brand worldwide, with sales of US$2.6 billion in 2016.
For the past three years, Magnum has run a “Make “Make Your Own” allows shoppers to be part of the
Your Own” pop-up store in London, which allows production process of a bespoke, yet familiar,
shoppers to make a Magnum according to their product. While anyone can buy a Magnum in the
own preferences. Magnum puts a lot of emphasis store, the pop-up concept ensures that consumers
on sharability, encouraging shoppers to use the have a more immersive and exclusive experience.
#MagnumLDN hashtag.
The five senses of sight, sound, taste, smell and Global Sales of Naturally Healthy Food and
touch are fundamental to a consumer’s experience Beverages 2010-2020
of a product or service. Harnessing the power of
the senses can transform even the most mundane
product in a truly amazing moment.
Senses like smell can act as emotional triggers,
key in controlling mood, emotions and memories.
Daily-use products like beauty and personal care
and FMCG fare are receiving an all-encompassing
experiential makeover, thanks to the product
packaging, ingredients used and marketing/social
media to evoke sensations even for the most
routine of products.
Incorporating natural products and ingredients is
another way to enhance the sensory experience
and enjoyment with a product, as witnessed by the
rise in natural raw materials used in a variety of
food and drinks along with beauty and home care.
With ever-more daily product interactions designed Source: Euromonitor International’s Passport - Packaged Food
to awaken the senses, consumers will increasingly
engage with products in a mindful way and improve
their health and wellbeing.
World-wide, there were 164 million beauty and personal care units sold in 2016.
Mass-market brands like Radox are facing Premium beauty and personal care products as
immense price pressure, with Radox losing 0.1% of part of their differentiation have embraced the
its global share in 2016, which necessitates a full- power of the senses through packaging,
on experiential assault on its consumers to go ingredients, user experience and marketing, which
beyond the core product, evoke the senses, and is helping to contribute to a forecast US$142 billion
offer intangible benefits such as positive mood. by 2021, accounting for 25% of the market.
Adventure travellers have a more positive impact on local destinations than their mass
counterparts, spending more per trip (US$3,000) and longer in destination, eight days.
Source: i2.cdn.cnn.com
The ICEHOTEL in Sweden is one of extreme Far beyond a place to spend the night, the hotel is
experiences. Guests are supplied with sleeping a destination in itself. There is a heavy focus on
bags, and sleep on beds made of ice covered with art, with each room providing a different design and
reindeer pelts in a room kept at -5°C. Activities feel. The hotel forces guests to test their
include husky sledging, cross-country skiing, and endurance and resilience, and allows for an
Arctic survival courses. enhanced experience of the senses.
Augmenting reality
Technology will increasingly play a role in consumers’ interactions with brands, whether in the path to
purchase, during the experience or afterwards when they share their stories/images online with friends and
family.
This means that the experience does not even need to be real for consumers to enjoy and engage with it.
Reality is already being mixed up and digitalised, whether through virtual reality, augmented reality
headsets or apps like blippar.com, which are all used to add to and complement in theory the user’s
engagement with a real-life situation.
Mixed reality is the next-generation tech and players like Microsoft, and Apple are looking to keep ahead of
the curve.
The Pokemon Go phenomenon took the world by storm with its real time, augmented reality app and
illustrates how increasingly the boundaries between online, gaming and real-world blur.
Pokemon Go is a sign of future brand engagement to come.
Mobile Internet Subscriptions by Region 2016-2030
8,000
6,000
Million
4,000
2,000
0
Asia Pacific Australasia Eastern Europe Latin America Middle East and North America Western Europe
Africa
2016 2030
Source: Euromonitor International’s Passport - Digital Consumer
Marriott is the largest hotel company worldwide with room sales of US$30.0 billion in 2015. With
the acquisition of Starwood, market share jumped from 6.0% to 9.1% over 2015-2016.
Image source: Marriott
Marriott’s Renaissance Mid Town New York is Marriott uses technological innovations to enhance the
pioneering the “living hotel” concept. The immersive experience in the hotel, providing more
premise lies in a “living building” that provides a seamless interactions between guest, the hotel and its
multi-sensory digital experience. Using motion locale.
detectors and 3D cameras, the hotel offers art With 575,000 hotel outlets forecast world-wide by 2020,
that changes in real time, and a virtual there is a huge amount of work to be done to convert
concierge, setting the bar for others to follow the world’s lodging supply into a fit for purpose, mixed
where guests move seamlessly through a reality experience that meets consumers’ expectations.
digitally-enhanced reality.
In 2016, 7.0 million of AR/VR headsets were sold, compared to zero in 2013.
Hololens by Microsoft works with Windows 10, and Global sales of AR/VR Headsets are in their
will enable users to receive real time information infancy and expected to reach sales of US$5.0
and interact with others virtually through a headset billion by 2020 with 25.0 million headsets.
and building their own holographic environment to Ultimately, mobile devices will be replaced by AR,
engage in. VR or MR that will provide mixed reality
functionality, that will truly transform the user
experience and disrupt multiple industries.
Wearable devices are forecast to reach sales of US$37.0 billion by 2021, amounting to 127 million
units sold.
Image source: DuoSkin/MIT
As digital devices become ever more integrated DuoSkin from MIT showcases the future of
into humans’ lives and bodies, people will wearable technology – using metallic tattoos that
increasingly want to be physically part of the digital are conductive and can share data with another
experience. Wearable technology is where beauty, device, allowing the skin to be used as a touchpad
fashion and tech will intersect with the world to turn on lights. The design is customised and can
around and become conduits of more personalised reflect the wearer’s mood by changing colour.
interactions Making a direct trans-human online purchase is not
a too-distant possibility.
Engineering uniqueness
% of respondents
60%
increasingly integrated into the fabric of the creation
of experiences. 50%
With 66% of Euromonitor’s Analyst Pulse
respondents stating they have access to a digital 40%
personal assistant, via a smartphone and 63% being
30%
comfortable using a chatbot or other AI while
researching travel options in January 2017, brands
20%
will increasingly have more opportunities to get to
know their consumers through big data, to offer 10%
tailored choices and improve the experience.
Brands will also need to ensure that they factor in AI 0%
Developed Emerging Global
into the experience pathway, whether searching for Very comfortable Moderately comfortable Slightly comfortable
experiences, during the experience itself of after Not at all comfortable Not sure
when wanting to share with friends and family. Source: Euromonitor International’s Analyst Pulse Survey
56% of Euromonitor’s Analyst Pulse use an automated personal assistant in-home speaker daily
or weekly.
Image source: Amazon
Amazon Alexa has made a big splash in the smart- Through voice-command, Alexa is reinventing the
home market, with its voice-controlled speaker that brand experience, enabling the consumer to
can provide information, control domestic engage more directly and in a much more
appliances and organise the user’s life through its personalised way through natural language with
virtual assistant and integrate into the smart IoT technology. Ultimately this diminishes the gap
infrastructure. The field of AI will be where between man and machine, consumer and brand
experiences will make or break brands. to allow a deeper brand interaction.
Monthly global web searches for Google, Microsoft, AOL, Yahoo and Ask were 16.0 billion in
March 2017, according to ComScore.
UX by design
User design has become the most Digital Purchases by Device for Selected Countries 2016/2021
important element for highly
successful consumer brands such as
Lego, Disney and Apple.
The shift online means that the user
interface and how the consumer
engages with a brand online are of
paramount importance and can make
or break a brand.
Without a seamless, friction-free
online to offline experiences in tow,
the link between consumer motivation
and satisfaction is broken. Experience
is one of the key areas for competitive
advantage.
Digital purchases are increasing at a
very fast clip, from US$2,395 billion
in the top 20 digital markets to a
forecast US$4,660 billion by 2021,
almost doubling. Growth is driven by
the largest markets – the USA and
China - where already 66% of sales
are made mobile in China’s case. Source: Euromonitor International’s Passport – Digital Consumer
eBay is the third largest online retailer, with a 7% market share in 2016. Amazon and Alibaba took
the top spots with 19% and 14% market share respectively that year.
eBay’s CEO Devin Wenig has said that they use An enormous challenge lies ahead, as 75% of the
data and UX to provide a “shopping experience for world will be connected online - amounting to an
one for 167 million shoppers”, providing a enormous 6.4 billion people by 2030. Brands will
personalised service to all. Big data allows brands need to harness the power of data to ensure that
to view customers not as a group, or a number of they can meet ever greater demands for a tailor-
segments within that group, but all as individual made experience for goods and services.
customers.
Facebook has almost surpassed the 2.0 billion user mark, it must be doing something right.
Facebook is the phenomenon of the new Millennia, Facebook has invested in HCI human computer
and continues to attract users across the globe, interactions and user experience, testing new
with its top monthly users in the USA, Mexico and technologies such as virtual reality, AI and facial
Brazil in 2016. A seamless user experience is vital gesture software, as they look to design a site for
for the company’s ongoing success, as it balances life relationship.
the users’ needs with the demands to
commercialise its offer by investors.
Brand love
Sephora’s global sales reached US$6.5 billion in 2016, outpacing the market for specialist beauty
retailers.
Image source: Sephora
Sephora is heralded as a best-in-class experiential Its in-store classes and events offer hands-on beauty
retailer, generating a sense of community and expertise that are interactive and inspirational, with a
loyalty with its consumers, integrated for the long downloadable app takeaway for how to recreate the
term. Integral to the company’s success is their desired look at home. Consumer can use virtual artist
mobile ecosystem that has allowed a peer-to-peer powered by augmented reality to try on new shades,
review community to blossom. It provides a highly colours. Many retailers are following suit, creating
interactive retail experience through immersive social spaces and offering classes so consumers can
technology like AR and VR. directly experience the products.
Construction toys amounted to sales of US$11.0 billion in 2016, and outperformed the video games
for growth.
Lego continues to dominate the construction toys category, accounting for two thirds of sales in
2016.
Image source: Lego
Lego has become the world’s most powerful brand STEAM – science, technology, education, arts and
in 2017, according to Brand Finance, from its mathematics – toys are demonstrating strong
construction toy beginnings to a global licensing growth, which underpins that children continue to
powerbrand, enabling it to overtake Disney. be drawn to creative play. Lego stores provide a
Construction toys CAGR is growing faster even highly interactive, immersive retail experience.
than video games over 2016-2020 at 6% vs 4%
respectively.
In 2016, SXSW contributed US$325 million directly and indirectly to the local Austin economy.
SXSW is the epitome of cool that other brands can SXSW has earned Austin the official title of “World
look on with envy. Music, comedy, film, smart ideas Capital of Live Music”. With brands like Mastercard
– this brand is bursting with creativity. SXSW and its Priceless access all areas campaign, live
comprised over 2,224 music acts in 2016, a quarter music and experiential events are all the rage.
from international artists, 1377 film sessions, over Globally, consumer spent over US$1.0 trillion on
400 education sessions, and 70,000 exhibit leisure and recreation in 2016.
attendees to the tradeshow.
Pervasive experientialism
The desire for brand experiences Connecting the Dots: Correlation between Competitiveness and the
goes beyond the acquisition of Self-Employed 2016
services and FMCG experiential
moments.
There are clear signs that
experience is a lifestyle choice that
permeates all aspects of a
consumer’s life – and defines how
they work and play.
This shift to experiences is
manifest in the rise of the gig
economy, to collaborate on a more
human and personal level, whether USA
through co-working, ride-sharing or
co-living spaces. Malaysia
No area of the consumer’s world is UK Japan
immune. Education and healthcare Chile Germany
are set for major disruption, as the Switzerland
desire for better experiences,
Singapore
combined with disruptive Source: Euromonitor International’s Economies and Consumers
technology like AI, will bring in a
new era of public services.
With 447,556 new businesses registered in Chile over 2012-2016, it is the world’s top sixth market
for new starts up in 2016.
Image source: Santander
Santander in Chile has created a co-working space In 2016, there were 557 million self-employed, and
for budding entrepreneurs, where they gain advice 19 million new businesses set up over the top 47
from Santander staff. The bank is providing a major economies over 2012-2016 in the leading
platform for collaboration and creativity, transforming economies. Chile ranked sixth after the USA, the UK,
its relationship with customers and communities. Russia, Australia and South Africa for the cumulative
Opening up to non-customers via this platform will number of new businesses registered in the past five
also help the brand reach new customers. years, and ranked 55th for ease of doing business.
Roam: global nomads live and work together around the world
With Millennials making up 23% of the global population, the nomadic lifestyle might become
increasingly mainstream.
Image source: Roam
Roam offers co-living spaces in several locations Millennials are a clear target market for Roam’s
around the world. For a fee of US$1,800 per month, offering, as this generation is more interested in
members can live in its outlets in Miami, Madrid, experiences over stuff than any generation, and are
London or Bali. There is access to a self-sufficient more likely to work in flexible and gig-economy
working environment, often including work spaces. jobs.
Statistical analysis and data mining ranked second, whilst user interface design was the fifth most
useful skills in LinkedIn job applications.
Image source: Ecole 42
Ecole 42 started in Paris and has now opened in Education is not immune to disruption, with the
the USA. It is disrupting the traditional education number of registered data scientists, IT and
system, offering tuition-free coding for budding designers increasing in numbers, with expenditure
data scientists. Applying innovative and highly on research and development (R&D) amounting to
collaborative techniques such as “la piscine”, 42 is US$1,523 billion in 2016 across all regions (except
transforming learning into a more immersive the Middle East and Africa) and developed
experience. countries accounting for 80% of spend.
Over two decades, air passengers carried will double to 4.0 billion by 2020, which is a lot of
potentially great - or bad – experiences.
European low-cost carrier Ryanair has attracted The popularity of low-cost airlines may have been
much criticism for its customer service, or lack of, built on low prices, however, all airlines recognise
however, after two profit warnings and the power of the need to build value to impress and retain
social media, the company underwent a turnaround consumers. For those that compete solely on price,
to reinvent itself as consumer-centric, launching it will be a fast race to the bottom. The risks from
the “Always Getting Better” customer service bad experiences going viral highlight the risks of
programme to boost competitiveness and revenue. social media death.
Apple holds a 10.5% volume share of world consumer electronics, with Q1 2017 revenues of
US$52.9 billion.
Apple is the god of user design and experience, Apple rides the Experience More mega trend wave,
built into its DNA, thanks to the legacy of Steve offering its legions of fans for life a personal
Jobs and his interest in Buddhism. Apple products experience, channelling the key attributes of
stand centre stage with no fancy gimmicks or uniqueness, immersive and community, with the
flashy experiential event marketing – just a brilliant, brand as the ultimate lifestyle choice.
transparent love of the product, promoted by their
retail ambassadors and in-store classes.
Look at the customer relationship through an Experience More lens, taking a holistic
approach to customer experience across all media, channels and platforms.
Use the power of a digital toolkit to become truly consumer-centric, providing a tailored
and seamless journey in a responsive and timely way – if you do not, someone else
will.
Truly inspire consumers by embodying steadfast values – always striving to be bolder
and better, and embracing dynamic renewal, spurred on by each unique consumer
interaction.
Fake no longer cuts it: the only way to drive consumer trust and loyalty is through
embracing imperfection, admitting that it is ok to get it wrong, and adopting a ‘test and
learn’ mantra.
Failure to listen and fully engage with consumers will lead to consumers acting on
auto-pilot, or worse, defecting to competitors, and ultimately hurting sales.
Ignore the human factor at your peril – experiences enhance consumers’ lives,
spreading happiness, wellbeing and brand love!
The importance of megatrend Don’t miss our other How Euromonitor Consulting
analysis megatrend reports can help
Today’s environment of fast- Experience More In addition to education and
paced change makes it more Shifting Market Frontiers awareness, Euromonitor
challenging than ever to keep up International partners with
Healthy Living
with competitors. Megatrend businesses to quantify the current
analysis helps businesses better Shopping Reinvented and forecasted impact of
anticipate market developments Middle Class Retreat megatrends, prioritizing which
and lead both incremental and Ethical Living megatrends and
disruptive change for their industry/category level trends to
Premiumisation
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Contributing Authors:
Wouter Geerts, Senior Travel Analyst
Nadejda Popova, Travel Project Manager
Experience more...
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