Consumer

WHAT'S NEXT?: Technology will become the new sales assistant, always on, always friendly, always delivering. Consumers will co-create and create products to their exact needs. Brands will have to focus on seizing mobile moments on apps that already have consumer's attention. Instantly explore below how lifestyles, buying behaviors and attitudes are changing and where you fall short in the battle to win consumers hearts and minds.

• [New] Increase of consumer prices in Latvia in 2019 will remain at the level of the previous year and will comprise 2.5%.
• [New] Over the next five years the Mobility as a Service (MaaS) market will register a 36.8% CAGR in terms of revenue, the global market size will reach US$ 158000 million by 2024, from US$ 24100 million in 2019.
• [New] 2020 will represent an inflection point for trust and transparency, 5G, and time to purchase in the U.S. retail and consumer landscape.
• [New] The International Monetary Fund forecasts an average consumer price inflation of 14.9 percent in 2019 in Haiti, up from 13.5 percent in 2018, a trend accompanied by the continued depreciation of the national currency.
• ABB's deep expertise in electric vehicle charging, combined with Porsche's legacy of high-performance is a winning formula to revolutionize sustainable mobility, and will pave the way for Japan to meet its ambitious zero-emissions commitments.
• If US tariffs on Chinese imports go into effect this year, it will compound the slowdown in US and global economic growth.
• The China Media Inflation Trend Report for 2020 noted that though advertisers will be buoyed by the Chinese government's plans to reduce interest rates in order to stoke consumer spending, a slowing media market is expected to have a negative impact on media inflation rates in the coming year.
• Synthetic products are expected to play a larger role in clothing fabrics during the next 10 years, as consumer demand for athletic and other leisure clothing continues to expand.
• Worldwide sales of consumer robots reached an estimated $5.6 billion in 2018, and the market is expected to grow to $19 billion by the end of 2025, with more than 65 million robots sold a year.
• BEIS's recent decision to uplift the obligation on suppliers for 2017-18 (CP16) by 18% on the previous year has intensified pressure on the Levy Control Framework budget and will increase consumer bills.
• Australia's economy slowed in 2018-19 due to a housing downturn and a severe drought: Economic growth is expected to pick up on the back of monetary and fiscal stimuli, which is likely to boost household income and consumer spending.
• As a market, women will account for US$ 5 trillion additional consumer spending and more than two thirds of global disposable income over the next decade.
• Indicators such as the world price of crude oil, the world price of steel, consumer spending and domestic trips by US residents are all projected to trend negatively in 2020.
• The California Consumer Privacy Act (CCPA), which will apply to any company with data on more than 50,000 consumers or more than $25 million in gross revenue, carries fines of up to $7,500 per customer record for non-compliance.
• Jio will target over 1 billion IoT connections to create an additional annual revenue of US$2.8 billion over the next two years.
• India's energy planning will have increasingly significant global climatic implications, as the third largest consumer of energy on the planet after China and the United States, as well as the largest contributor to global energy demand growth over the next few decades.
• Fears of a possible US recession after next year's election have eased and - with the American consumer underpinning activity in advanced economies - GDP growth of 2.3% this year and 2% in 2020 should be achievable.
• China will ramp up development efforts in electric vehicle, car connectivity, auto intelligence, and shared mobility in the next decade or so.
• Zenzic has revealed that emerging CAM (connected and automated mobility) technologies will eliminate the need for road signage, with UK drivers seeing naked highways by 2027.
• By 2022, 70 percent of enterprises will be experimenting with immersive technologies for consumer and enterprise use, and 25 percent will have them deployed in production.
• In an analysis ofWithin the next 10 years recurring revenue from new services, including data and mobility services, will grow by 30% to add $1.5 trillion in revenue by 2030.

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Last updated: 05 December 2019