To note: All of the facts/predictions below are gained through research.
As we enter a new decade it marks the profile of popular majorities, these being racial, ethnical and religious groups. It is predicted that the m-commerce market will dominate as 5G becomes more accessible. This will lead to an adoption of AR and VR that will impact more on consumer engagement. WGSN reckon that crowd-based capitalism will emerge and that these consumers will use activism to make sure that their money stays local to them.
For consumers this means that people believe that our governments and people in power no longer have the will and means to fix our world. The future will see a growth in commerce that corresponds with the idea of the economics of caring. Many will have more faith in tech companies to be more responsible and ethical. there is also a notion to the fact that apathetic subcultures and behaviours will rise along with this.
For businesses, the ethinical, religious and racial majorities will make them work harder to be relevant with their values and lifestyles. Experts believe that new disruptor businesses will emerge from these groups, for these groups. This will challenge the market as it is now.
"By 2040, Caucasians will be the minority in the United States"
Minority groups will become majority groups, they will now not be taken as after thoughts. Generation M (Muslim Millenials) will force a cultural change that will be soft, yet hard in terms of economics. In Europe, now, there is more growth in terms of being ethnically and racially diverse individuals. Interracial couples have increased year on year in Great Britain, whilst Italy has had a 172% increase since 2001.- Italian Institute of Statistics. Businesses now have new lifestyles to design for and market towards to. Some believe that brands will start catering for events such as, Quinceaneras, Eid and Ramadan.
Generation M - WGSN
2.8bn- The projected population of Generation M by 2050, a quarter of the world's population.
$300bn- Estimated travel spend by Muslim consumers by 2026. Their global beauty speand is projected to reach $213bn by 2021
$327bn- Projected spend by Muslim consumers on apparel by 2019
5G Force-WGSN
By 2020 m-commerce (mobile commerce) is set to make up half of all online purchases, with projected global sales reaching $250bn, according to the 2017 UPS Pulse of the Online Shopper study. There is an estimate of $3 Trillion boost in the global economic growth form 5G wireless technology.
Crowd Based Capitalism- WGSN
The sharing economy is here to stay and continues to disrupt. Estimated to grow to $335bn globally by 2025, this peer-to-peer marketplace is set to further impact the traditional corporate-centred economic model. Companies need to understand the new workplace priorities (flexible hours, mobile offices) and whitespace opportunities for strategic partnerships (on-demand partnerships, third-party distribution and growth areas for physical advertising).
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