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July 23, 2014

White Paper: China Overtakes the USA as the World's Largest Economy

250_chinaVsUS-v1.0An economic milestone is expected to occur in 2014 with China likely to overtake the USA to become the world’s largest economy in Purchasing Power Parity or PPP terms.

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China and the USA may be economic rivals but beyond the headlines divergent trends in both countries are apparent. Everything from living standards, consumption patterns, the business environment, productivity, retail and travel markets differ in China from the USA.  Similarities are there with income inequality an issue in both countries and both are leaders in the development of renewable energy technologies, manufacturing production and, less auspiciously, pollution.

Our analysts have identified the key weaknesses and strengths of the two superpowers across a wide range of industry sectors and in terms of economics, demographics, consumer trends and the business environment.

 

 

 

Key Facts:

  • As the world’s two largest manufacturers, China and the USA lead in global energy consumption and pollution, with China overtaking the USA in 2010 to become the world’s biggest energy consumer.
  • China is set to overtake the USA in 2014 in terms of international travel and knock Germany off the top spot in 2017 to become the largest outbound source market with 105 million outbound trips.
  • By 2018, USA’s beauty per capita spending is expected to increase to US$240, approximately five times higher than China’s projected per capita spending of US$50. The success of local beauty and personal care players in China has led to brands such as Garnier and Revlon pulling out of the country.
  • In 2002, China overtook the USA to become the leading beer market in terms of volume sales. However, China still has some way to go before it can claim to be the world’s biggest beer market by value.

 

Have a question or a thought to add? Leave us a comment below.

July 15, 2014

New Survey Results Illustrate Global Beauty and Personal Grooming Habits

250_personalAppearances-v1.1Consumers worldwide spend a considerable amount of time, effort, and money on improving their external appearance. According to our data, global sales of the skin care market totaled over US $107 billion in 2013 and the hair care market totaled US $77 billion.  We expect both industries to grow over 20% between 2014 and 2018, which fuels the argument that consumers are willing to pay for products that help them look their best.

The grooming habits and style of each consumer have a huge impact on the range of beauty and personal care products, apparel and accessories they choose to buy.  Therefore, it is important for companies and retailers in those respective industries to understand the attitudes and grooming preferences motivating customers when they visit the shopping mall, drugstore or online retailers.

Earlier this year, our Survey team polled over 6,600 consumers in over 16 different countries, asking respondents a range of questions related to their attitudes towards style and appearance, grooming habits, purchase frequency and responsibility, and approach to the buying process.   Understanding these consumer preferences and behaviours helps companies and brands better identify trends and target key consumer segments, whether determined by gender, region, or even level of effort put into external appearance.

For example, China represents the only market in which respondents favored stylish over practical clothing, according to the survey results.  Chinese online consumers are also more likely to shop at luxury boutiques than at discount stores and prefer to wear brand-name clothing and shoes. 

“Understanding consumers’ style and their beauty and personal care routines enables companies to develop enticing products that better fulfill buyers’ needs,” explains Survey Manager, Eileen Bevis, “This latest survey also helps companies and brands better understand a customer’s path to purchase, offering opportunities to create strategic marketing plans.”

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June 10, 2014

Brazil's Business and Consumer Environment: Future Growth, City Profiles and the Impact of the 2014 World Cup

300_brazilWorldCup-v1.0As the World Cup approaches, Brazil has seen forecasted increases in jobs, foodservice sales and tourism.  Over 3.63 million jobs have been created to support business demand, foodservice sales are expected to grow 5.9% and international arrivals are expected to increase by 10.1% to total 6.5 million in 2014.

However, many businesses are interested in tapping into Brazil’s consumer market beyond the World Cup. According to Euromonitor International forecasts, Brazil will become the world’s fifth largest consumer market in 2023, with total consumer expenditure reaching US $2.7 trillion in 2030. 

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Leading the long-term expansion of the Brazilian market is the rapid growth of the middle class, predominant urban population and the Brazilian consumer’s tendency to enjoy a high level of discretionary spending.  Brazilian consumers prefer to live in the present, spending larger sums of money across all categories and therefore are more willing to take up loans and credit for their purchases.

“Brazil is a lucrative business market for companies to target, and not just because of the current impact of the World Cup,” said Euromonitor International’s Sao Paulo Country Manager, Marcel Motta.  “However, to have a significant long-term impact on the market, businesses must understand the country’s economics, lifestyle and cities.  Our e-book helps businesses get a glimpse into what makes Brazil unique and offers insight on the country’s business performance.”

May 6, 2014

Targeting the New Middle Class in Latin America

Economic stability and growth in Latin America has created a vibrant middle class. Companies targeting this new consumer group must understand demographic, economic and social trends in the region to succeed. For example, products and services must be tailored to local tastes because brand awareness isn’t prominent in some areas. Reaching consumers may also be a logistical challenge due to poor infrastructure and slow word of mouth. Despite these challenges, improved stability and willingness to spend make Latin America’s middle class a prime opportunity for companies that understand the risks and rewards.

Download Euromonitor's whitepaper, "From the Bottom of the Pyramid to Emerging Middle Classes in Latin America" for more information.

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From the Bottom of the Pyramid to Emerging Middle Classes in Latin America

250_emergingMiddleClasses-v1.0Of the 171 million households in Latin America in 2013, 36.4 million had an annual disposable income below US $5,000 and 64.1 million had an annual disposable income below US $10,000, according to Euromonitor data. Although the individual spending power of these households is small, the lowest-earning 10% of households in 13 Latin American countries have a combined spending power of US $77 billion in 2013, making them a lucrative marketing target. Download Now 200Descarga-Grande

 

Despite the bottom of the pyramid (BoP) remaining a large segment, it is not the fastest growing market in Latin America. There are more than 87 million middle class homes with household incomes between US$10,000 and US$45,000– 60% of which are in Brazil and Mexico. Engaging with these consumers early on can produce long term benefits. These consumers, once won, can be transferred up the value chain from the initial low-priced purchases to high-margin products and services.

Continue reading "From the Bottom of the Pyramid to Emerging Middle Classes in Latin America" »

April 12, 2014

The B2B Market Attractiveness Index

 

The B2B Market Attractiveness Index is a must have for companies selling into multiple industries or geographies. Using Euromonitor’s framework will help businesses evaluate many different markets utilizing a systematic approach. Learn more about the B2B Market Attractiveness Index in this short video, featuring Indre Cesniene, Euromonitor's Head of Passport: Industrial Research.

Download our latest industrial whitepaper, "B2B Market Attractiveness Evaluation - How to Size Opportunities and Reduce Risk"

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April 8, 2014

B2B Market Attractiveness Evaluation - How to Size Opportunities and Reduce Risk

250_B2BmarketAttractiveness_blue-v1.0When compared to a business-to-consumer sales model, the business-to-business sales process is longer and of higher average value with a smaller number of buyers. B2B buyers are quicker to react to changes in the economy with statistics showing that during an economic crisis, B2B purchases drop more severely than personal expenditures.  International companies selling products such as raw materials, machinery, transportation or other B2B goods and services must develop a systematic framework serving their medium and long term company strategy. The B2B Market Attractiveness Index is a composite index providing one figure ratings for each B2B market segment using a predefined formula on a large set of data.  This rating can be used to evaluate country risks and opportunities. 

For example, a company that produces electronic components in eight different countries within five different industries is indirectly being exposed to over 40 different B2B markets with all of these markets vital to the company’s success.  Utilizing the index will help a company identify opportunities in multiple industries and geographies.

According to Euromonitor International’s Head of Industrial Research, Indre Cesniene, “The B2B Market Attractiveness Index is a must have for companies selling into multiple industries or geographies.  Using Euromonitor’s framework will help businesses evaluate many different markets utilizing a systematic approach.” 
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Learn more about Euromonitor's Industrial Data

Continue reading "B2B Market Attractiveness Evaluation - How to Size Opportunities and Reduce Risk" »

March 18, 2014

White Paper: The Path to Purchase

250_thePathToPurchase_orange-v1.1 Is the endless supply of consumer buying data giving you headaches?

Download The Path to Purchase: Implementing a Consumer Buying Behaviour Model to discover our simple path to purchase model. The model breaks the buying process into three phases: opportunity, research and selection, to better understand and analyse shopper behaviour and to provide a framework for companies to turn shopper information into actionable business insights.

A clear understanding of how customers move through the purchase decision-making process is essential for companies and brands wishing to remain competitive in today’s marketplace. Some companies may already be collecting consumer data but are often not utilising it to the fullest, which can lead to missed opportunities. Our path to purchase model provides a framework for companies focused on making more strategic decisions with their consumer buying behaviour data.

 

 

 

 

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February 25, 2014

Leveraging Consumer Loyalty to Drive Mobile Payments

Leveraging Consumer Loyalty to Drive Mobile Payments Adoption White Paper Cover Image White Paper by Michelle Evans - Senior Consumer Finance Analyst

Mobile wallets have struggled in the marketplace due to privacy and security concerns, uninformed consumers, a lack of required infrastructure to execute payments and the convenience of existing payment methods.  Mobile payments remain a niche form of payment with consumers generally relying on mobile phones to do other things in store, such as comparing prices or reading product reviews.

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However, the mobile landscape has rapidly changed in recent years to the point that m-payments are not just for early adopters of technology. Euromonitor estimates 80% of all mobile phones sold in the US and 59% of those sold globally will be smartphones in 2014. This development means it is more feasible for merchants of all types to launch successful m-payments platforms. 

Smartphones enable consumers to receive geo-location discounts, coupons, faster transactions, emailed receipts and loyalty programmes. If businesses focus on these integrated loyalty offerings or more robust loyalty platforms, they will see an increased number of consumers adopting mobile payments as a way to pay for in-store purchases.  

According to Evans, “Mobile payments must be as cheap, safe and easy to use as traditional payment methods to even be considered a viable option. Merely making mobile payment infrastructure ubiquitous likely won’t be enough to entice a broad consumer base. In order to encourage wider adoption, mobile payment players will have to provide additional value, which will likely be derived from an integrated loyalty platform.”

Continue reading "Leveraging Consumer Loyalty to Drive Mobile Payments" »

January 14, 2014

The Top 10 Global Consumer Trends for 2014

 
Top10ConsumerTrends
Today we have released a new white paper written by Daphne Kasriel, Consumers Editor, on the top 10 global consumer trends for 2014.

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Trends include an overwhelming desire globally to indulge in luxury goods, download more apps and document experiences visually through social media.  However, consumers are also struggling with work-life balance, maintaining an eco-friendly lifestyle and eating better.  These trends are sure to change the way brands appear and interact with consumers and in turn, brands will need to work harder to maintain customer loyalty.

Continue reading "The Top 10 Global Consumer Trends for 2014" »

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Recent Posts

White Paper: China Overtakes the USA as the World's Largest Economy

New Survey Results Illustrate Global Beauty and Personal Grooming Habits

Brazil's Business and Consumer Environment: Future Growth, City Profiles and the Impact of the 2014 World Cup

Targeting the New Middle Class in Latin America

From the Bottom of the Pyramid to Emerging Middle Classes in Latin America

The B2B Market Attractiveness Index

B2B Market Attractiveness Evaluation - How to Size Opportunities and Reduce Risk

White Paper: The Path to Purchase

Leveraging Consumer Loyalty to Drive Mobile Payments

The Top 10 Global Consumer Trends for 2014