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Deloitte Reports - Consumer 2020

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Deloitte forecasts of consumer trends in 2010
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  Consumer 2020Reading the signs  Consumer 2020 | Reading the signs 1 Consumer 2020: Reading the signs 2 The global economy recovers 3 Birth, youth, and age: The changes in consumer demographics 8 Consumers’ changing menu 12 Mainstreaming sustainable consumption 14 Communicating, connecting, and socializing 17 Conclusion: Engaging the 2020 consumer 19 Bibliography 22 Consumer Business contacts 24 Contents  2 Introduction We live in times characterized by change and volatility, yet asbusinesses we need to make investment decisions that willequip us to serve markets and consumers as they will be in 10 years time and beyond. This report is ambitious. By drawing together insights into economic and demographictrends, considerations of finite resources and sustainability, and the ever more dramatic impact of technology on our dailylives, it sets out to make some predictions about how our attitudes and patterns of consumption will change over thenext decade.Of one thing we can be certain, consumer values, needs andbehaviors will continue to evolve. The effects of the globalrecession of 2008-09 that rattled consumer confidencearound the world will continue to be felt in years to come.Significant as it is, however, the recession is but one of severaldevelopments that will have long-lasting impact onconsumers. A new middle class is being born in emergingeconomies with huge implications for demands on a range ofessential and finite resources. The resulting shift in food consumption, to cite but oneconsequence of this, will fuel a growing sense of crisis aroundthe security of our global food supply. Climate change andsustainability, once the concern of only a few, will increasinglybecome issues for consumers everywhere, made very real forpeople by increasingly obvious changes in our physicalenvironment. And developments in media and technology willaccelerate the proliferation of information and furtherempower consumers – redefining how they interact with oneanother as well as the companies from which they buyproducts and services.Each of these forces on its own would have a large impact onconsumers. It is their convergence, however, that will makethe next 10 years turbulent, uncertain and complex,dramatically changing what consumers talk about, how theycommunicate with one another and with businesses, and, ofcourse, how businesses talk to them.This report examines how these trends will most likely shapeconsumer spending patterns and the world of consumersmore broadly. What will consumers in different geographicand demographic segments value? What will they need andwant? Given what they have faced in recent years, how willtheir attitudes and behaviors continue to change in thecoming decade? To set the stage for this discussion, the reportbegins with a broad look at how changes in the globaleconomy are likely to affect consumer spending as we slowlyemerge from recession. In so far as one can ever predict thefuture, it then looks at longer-term economic, demographic,and technological trends and some of the resulting changes inconsumer attitudes and behaviors that are likely to take placeover the next 10 years.A number of people provided their time and expertise intodeveloping this report and I would like to extend my thanks to them, in particular, authors Ira Kalish of Deloitte Research inthe United States (Deloitte Services LP) and Bryna Lee (DeloitteTouche Tohmatsu Limited); as well as senior retail advisorsfrom the U.S. member firm, Stacy Janiak and Alison Paul (bothDeloitte LLP).I hope you find this report useful and that it sheds some lighton the path ahead. Lawrence Hutter Global Industry Lead, Consumer Business Deloitte Touche Tohmatsu Limited Consumer 2020Reading the signs
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