Changing consumer lifestyle and demographics will pose new challenges to marketeers. A study by Bain & Company( quoted by TBWA & Brandnoise) - Download 2020.pdf brings this out very well.
Key points according to me:
- Unexpected sources of competition - Campbell's competition is not other soup brands but McDonalds, Burger King as consumers are seeking fast, nutritious meals to match their fast paced lifestyle. They tested marketed 'quick serve pouche' soups! Teens were seen to be buying less confectionery items as they were spending more on mobile phones! For De Beers competition is not other diamond brands but categories like travel, watches, cars, home theatres etc.
- Cross over buying - Low end consumers seeking luxury products and hi-end consumers seeking cheaper basic goods.
- Retail environments have to have "engaging" experiences as consumers will seek more variety.
- Companies will have to go beyond the purchase experience.
- Fitting product life cycle with customer life cyle will become an important part of any marketing strategy as premium products will become mass market products in quicker time than before.