In a recent McKinsey & Company report on The consumer sector in 2030: Trends and questions to consider they explore how retail and packaged-goods executives prepare for the future. With disruptive technology and speed of change, it is important that companies that wish to be on top in the year 2030, must prepare for the future by studying emerging trends and charting their course now.

Some trends we can expect are:

  • middle-class consumers globally will almost triple by 2030
  • more than 75 percent of the world’s population will own a mobile phone
  • majority of consumers will be urban
  • the average consumer will be slightly older
  • businesses can expect continued consolidation

The article continues with asking 5 questions that companies engaging the consumer sector should consider:

  • What makes us distinctive?
  • How can we engage consumers in an ongoing dialogue?
  • Are we set up to reallocate resources swiftly and at scale?
  • What strategic relationships should we seek out and nurture?
  • How can we use technology to differentiate, not just enable?

By exploring these questions and implementing a plan over the next 15 years, companies will be well positioned to led the market in the future.

To explore these questions further, read the article here.