In a recent research report, entitled “Energizing Global Growth: Understanding the Changing Consumer”, Accenture’s Institute for High Performance looked at consumer behaviour, and what companies could do to achieve higher growth, both for themselves and the wider economy. This piece builds on a previous article that set out the nature of the problem – low growth in developed-market economies and the corresponding drop-off in consumer spending. In this article we explore the nature of consumer change itself, and what some leading companies have done to generate growth.
The past decade has witnessed a huge technological revolution, precipitating the mass adoption of consumer technologies. The proportion of the world’s population using the internet quadrupled from 2001 to 2011. The use of consumer technologies in the consumption process has been seized upon by businesses. E-commerce, m-commerce, and social media all play an important role in the strategies of most consumer-facing companies, and many new entrants have built successful business models on just one strand of this.