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The sharing economy and ethical consumption are part of a larger sharing and caring consumer trend. This movement has arisen from the seeds planted by the green trend when consumers began embracing the power of voting with their wallets. Today, consumers view the products and services they choose to endorse via consumption as a reflection of themselves. Listen for insights into how brands are adapting and succeeding in light of these new consumer attitudes.
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With a background of slowing economic growth and increasing competition from domestic and global players alike, multinationals are broadening their horizons in order to succeed in China. Retail sales growth has been decelerating since 2010 and is expected to continue to do so. Recent stock market falls have dented business and consumer confidence and companies in diverse fields including Ford, Anheuser-Busch InBev and Caterpillar are voicing their concerns about the challenges to growth in China. Winning in China is now harder than ever to achieve, but there are several strategies that should be employed in order to boost the likelihood of success.
Real Growth of GDP and Retailing: 2010-2019
Source: Euromonitor International from trade sources/national statistics/IMF
Note: Data from 2015 onwards are forecast
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Analyst Insight by Jamie Ko - Head of Consumer Appliances
As one of the highest priced products within consumer appliances, manufacturers’ investment in refrigeration appliances is inevitable, in a bid to grow margins. Unfortunately, what greets them is a global market that is mature and heavily penetrated. Refrigeration appliances is projected to post a 3% volume CAGR over 2014-2019, which is lower than average for total major appliances. This relatively low growth, however, will not halt manufacturers from developing new products and technology to make gains.
If we investigate further into refrigeration appliances, consumer preferences have stayed or grown within just two formats – fridge freezers and electric wine coolers/chillers. Though still widely considered to be a luxury household item, electric wine coolers/chillers is expected to see significant growth, especially within Asia Pacific and Latin America, accompanying the rise of wine appreciation and home consumption.
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