Understanding segmented consumer types critical to brand growth: Euromonitor
When it comes to gaining a truly comprehensive analysis of shopping behavior, demographic data and regional statistics are not enough.
When it comes to gaining a truly comprehensive analysis of shopping behavior, demographic data and regional statistics are not enough.
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Despite prolonged economic uncertainty during the COVID-19 pandemic, the population of consumers with net wealth above $1 million has grown globally as the income inequality gap has widened.
Bricks-and-mortar stores can no longer serve as simple places to obtain products, as retailers must evolve these outposts into innovative hubs that reflect brand ethos.
With everything that has transpired over the past two years, from the COVID-19 pandemic and climate crisis to social justice movements, consumer lifestyles have drastically shifted to emphasize mindfulness.
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After a tumultuous 2020, the luxury and fashion sectors have recovered better than originally expected – but uncertainty remains heading into the new year.
Although the travel and hospitality sector has shown signs of recovery, it will be several years before international trips and spending exceed 2019’s record levels.
Consumer demands are increasingly at odds, making it challenging for retailers to navigate an evolving industry.
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