Prepare to lead in the future of the consumer industry
The future is fast approaching, and the consumer industry is on the precipice of dramatic change that will significantly impact the markets, models, and mechanics of consumer companies over the next decade. With all this uncertainty, one thing is clear: The strategies that led you to today likely won’t get you to the future.
Change is a staple of humanity. And nowhere is the velocity of change more evident than in the future of the consumer industry.
The industry is currently facing a once-in-a-century economic, social, and technological transition. To add complexity, this is happening against a backdrop of significant challenges, such as accelerated climate change, growing economic inequality, declining trust, increasing polarization, and worsening global financial conditions. Not only do companies need to navigate this once-in-a-century transition, but they should do it with an eye toward addressing critical issues for society and the planet more broadly.
The coming years of change
To harness the opportunities brought on by major forces of change in the consumer industry and boldly lead their organizations into the future, executives should understand the implications of these changes along three dimensions of business: markets, models, and mechanics.
Six forces of change
Through a series of conversations held over 18 months with more than 800 consumer industry executives, analysts, academia, and luminaries, along with input captured and monitored monthly in Deloitte's ConsumerSignals, Deloitte has identified six forces that will play a fundamental role in shaping the future of the consumer industry over the next decade. These trends don’t exist in a vacuum; the collective movement and acceleration of these forces will create a new competitive landscape where opportunities will emerge and innovation will drive the industry forward.
Today’s empowered consumers have their eyes on the future, and are using their dollars to effect the change they want to see in the world.
While facing monumental transitions, companies are choosing to extend their mission beyond shareholder value to encompass broader ecological and societal issues. Together, they’re buying into better
At Deloitte, we believe that the future isn’t something to be predicted, but instead created. Forward-thinking consumer organizations should act with agency and take on bold decisions concerning markets, models, and mechanics to be a valued brand of tomorrow. Ultimately, we will all need to buy into better.
Kasey Lobaugh, Principal, Chief Futurist US Consumer Industry
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The agency to harness change and build a better tomorrow
The future isn’t preordained. Instead, we construct our future one choice at a time. We have the influence, agency, and power to choose where we are going, and to shape the future of the consumer industry—and the world—for the better. What future do we want, and more importantly, what future do we have the courage to engineer? To navigate this ever-changing landscape, current—and future—consumer industry leaders need to recognize, monitor, and assess the six forces for effective scenario planning. The future will require companies to understand the implications of their decisions—and create a new approach to markets, models, and mechanics—as they chart their paths to buying into better.
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