The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
As 2014 comes to an end, we look back at some of our key insights this year. 2014 was a year when the global economy strengthened but at a disappointing pace. Some of the world’s largest economies disappointed or even fell back into recession – including Brazil and Italy – but others, notably the UK and India, outperformed expectations. Consumers are expected to have spent US$43.7 trillion globally in 2014, 64% of which was on non-essentials such as leisure and recreation and communications. The number of households surpassed 2.0 billion for the first time and China overtook the USA to become the world’s largest economy in PPP terms.
The 2014 consumer was a paradoxical one. Interested in an even smarter smartphone at the same time as achieving a better work/life balance and loving brands that appeal to their ideals. For some, sugar became the new tobacco – a toxic health risk. We also saw increasing interest in wearable technology, the rise and rise of the phablet – which merges the functions of a smartphone and tablet – and increasingly blurred lines between e-commerce and physical retailing. A broadening of the trend for customisation and personalisation was also evident.
As 2014 draws to an end, our thoughts turn to the top consumer trends for 2015 and global economic prospects for the year. Consumer trends to be explored in 2015 include wired and well: connected health, Influencers and buying convenience. The global economy looks set to strengthen in 2015 but risks are not insignificant – including the spectre of deflation, geopolitical instability and the weak oil price. The US economy should be a key driver of global growth but other important markets are mired in difficulties including Japan and the eurozone.