Your daily mix of foresight & futures
You can scour the Internet in search of the latest consumer trends and cultural shifts, or you can let us do it for you. T&T provides a daily snapshot of the world’s most intriguing happenings and what they mean for the marketplace tomorrow.
With older people living well for longer, working until later in life, and keeping an active and positive mindset, we can’t continue thinking about aging the way we used to.
Older consumers are involved, active and eager to live new experiences. The numbers speak for themselves:
32% of the U.S. population is 50+ (AOA)
64% of Americans agree that there’s no reason that you have to feel less vital and energetic as you get older (Global MONITOR, U.S. Sample)
27% of new businesses in 2011 were launched by entrepreneurs between the ages of 55 and 64 (AARP)
One need only look at the media to see the new place older men and women now enjoy. They are described as “chic”, “sassy” or “fun” and engage in conversations about sex, clubbing or tattoos.
And while some brands are increasingly including models in the “golden years” in their campaigns, many others are failing to see that this growing segment of active consumers with diverse and sophisticated needs can lead to huge opportunities.
Want to know more? Contact firstname.lastname@example.org to get access to our comprehensive report about the aging consumer.
With confidence in the U.S. economy strengthening, people are starting to invest again. For years, stock trading seemed to be a pastime for those with money to blow and was deemed “gambling for adults.” Some of the more burdensome barriers for young investors included $10-per-trade fees and unsustainable account minimums. Enter new app Robinhood. Its sleek design makes it incredibly easy for experienced traders and newbies alike to get their feet wet investing in equities. What makes it more attractive to young investors is no fees and no account minimum. No surprise, then, that the average Robinhood account holder is aged 26.
According to the U.S. Yankelovich MONITOR, 49% of consumers agree that they “are more open to spending money now,” up from 42% in 2013. The launch of Robinhood also aligns with a transition from economic inequality to democratization. (Even the name resonates with this.)
According to a Merrill Lynch study, more than 70% of respondents describe themselves as being “self-directed” in their investment choices; this application gives them the choice of where to invest. Another data point states that 55% of consumers are “happy to take some risks for the chance to enjoy greater rewards”. With no brokerage fees, both Millennials and experienced investors can easily take on risk (and potentially a lot of rewards) with Robinhood.
Southeast Asia’s major economies attracted more foreign direct investment than China for the second consecutive year: FDI in Singapore, Indonesia, Malaysia, the Philippines, Thailand and Vietnam totaled $128 billion compared to China’s $119 billion in 2014. Over the next decade, the region will make large infrastructural strides, including plans to build a high-speed cross-border rail network. The technology sector is also making advancements as local tech companies leave a footprint. Southeast Asia has become a part of the world that not only investors, but also brands, look at with keen interest.
These macro-level shifts naturally bring about a shift in consumer expectations. Let’s look at convenience: 85% of Thai and 74% of Indonesian consumers (vs. 61% globally) are very/ somewhat likely to pay for a service that provides extra convenience (e.g., home delivery) in the next year, up from 75% and 67% respectively in 2013. This is just a small taste of what’s brewing in the region. It will be interesting to see how brands approach these markets and engage with consumers in the coming years.
Here are three examples of local companies fulfilling consumers’ craving for convenience:
- HappyFresh: Initially available in Kuala Lumpur, Malaysia, and Jakarta, Indonesia, HappyFresh promises to blow out of the water the current expectation of next-day delivery by delivering groceries from well-known retailers within one hour.
- GrabTaxi is an app-based transportation network active in 16 cities across Malaysia, Singapore, Thailand, Vietnam, the Philippines and Indonesia; it recently announced a $65 million investment that it hopes will enable it to defeat Uber in Southeast Asia.
- Bridestory: Based in Indonesia, Bridestory allows users to browse from more than 6,000 wedding-related vendors, covering everything from catering to photography to hair and makeup. The site has recorded more than a million page views and 100,000 vendor interactions since its April 2014 launch.
To Learn More:
Reuters, RPT-Southeast Asia attracts more foreign direct investment than China for second year, 2015