Insight with 3 Mega Trends: Find Out What Will Change Business World Over the Next 5 Years?
On 12 October 2016, Dtac and TrendWatching.com co-hosted the “Dtac presents Trend Watching Global Trend Seminar 2016”. The event interestingly addressed the “Insight into 2021 Global Mega-Trends for the Next 5 Years”.
This topic was at the heart of the lecture by Victoria Foster. She foresaw that within the next five years, these three mega-trends will rage on.
1. Consumer Status is becoming a highlight. Consumers used to focus on products or physical attributes to feel luxury or superior quality. But things are changing. Consumers have now had growing preferences for experiences that reflect their value and identity. Surveys show more than 80 per cent of consumers pay for luxury experiences, not luxury products.
“This trend is already taking place. We can see that some businesses have already jumped at this trend. Banks, for example, have offered more lifestyle privileges to their customers. Health is being advertised as an asset for people to invest in. Airlines have added suites to their aircrafts. Hotels on green theme have blossomed. All these experiences reflect something about the status of consumers who go for such services. We will see more such things and more changes coming in the future,” Ms. Foster says.
2. Post-Demographics era is materializing. While demographics has long been used to predict people’s lifestyle, it will prove irrelevant in the future. Consumers are now expressing their identity more on their personal preferences and value than on demographic factors like age. It is no longer valid to describe categorically that children will have this way of life while elderly will have that way of life.
This new mega-trend stems from four factors. Firstly, consumers can now access a greater variety of products and services as borderless trade spreads around. Secondly, there is growing acceptance for people’s choice of lifestyle including how they express themselves or pick their clothes. Thirdly, people have now acquired a better means to live the life they want through the increasingly advanced technology. Fourthly, consumers love to express their status, as mentioned in the first mega trend.
3. Digital Disruption will be putting the spotlight on not just technological progress but also consumer needs. Businesses, as a result, will find greater opportunities from technological availability. Waze application, for example, impresses consumers with its updates about Olympic Games venues so that tourists can avoid traffic congestion. Samsung, meanwhile, has already invented smart glasses. Backed by Virtual Reality, these devices allow parents to read bedtime stories to their children even if they are physically miles apart.
At the same seminar, Acacia Leroy took the stage with her lecture on “10 Key Asian Trends: Part 1 – Serving the Next Billion and Part 2 – Tech of Tomorrow”/
According to this speaker, the first five trends in Asia come up mainly because consumer behaviors change in response to their region’s urbanization.
1. All Hours Access: Many Asian cities don’t sleep anymore because there are some people up and working throughout the day. As flexible work hours are now available, several services in these cities are accessible round the clock.
2. Life on-demand is based on sharing economy. People don’t always have to own a thing to use it. Various entrepreneurs now make furniture lease available. Attire rentals are also widespread, enabling consumers to put on fashionable clothes all the time without the need to really buy one.
3. Effortless Earning: Because resources in Asian cities are not yet fully used, there are some gaps for creative entrepreneurs to make money. Advertising space on public-transport vehicles are parts of such effortless-earning trend, and so are paid travel mates.
4. Borders Breaches: Although border regulations are still in place, digital technology has already connected people across the globe. So, there are ample opportunities for new businesses. Grab Taxi service across the border ranks among the prominent examples.
5. Responsibility towards consumers: Surveys show consumer – business relationships remain rather weak. But the truth is consumers seriously look for responsibility from enterprises. So a business that demonstrates tangible responsibility towards consumers looks set to win people’s hearts.
Leroy adds that five other trends are mainly about technological advancement.
6. Message Control: Because popular chat applications can now provide various other services, consumers become the center of their own world. From We Chat, they can make money transfers, pay their bills separately, order laundry services, seek homework help, reserve a karaoke room, and more.
7. Virtual Safe Haven: Advanced technology has made it possible for people to find a safe haven in their virtual world and at an affordable price too. Samsung has already connected parents and children, who are physically apart, in the same virtual world via Virtual Reality. Children won’t miss their favorite bedtime story even if their parents are out of home. Agoraphobic people can also undergo treatments to fight their fear via the virtual world, rather than venturing in actual high spots. The real world, after all, can be far more dangerous.
8. Virtual Experience Economy: Virtual experiences can become a part of people’s real life. That’s what Pokemon Go has done to create new experiences for consumers.
9. Human Renewed: This trend is about artificial intelligence (AI). As AI technology advances, humans will find new opportunities, new jobs and new answers.
“Humans used to be afraid that steam engines would replace human workforce. But while humans lost their old jobs to these machines, new jobs have been created. Humans can enjoy new answers. Now that humans have developed AI, they will be getting new opportunities and new types of jobs too,” Leroy says.
10. Internet of Citizen: Thanks to Internet, people have their own power to drive the world. They can connect with the like-minded easily and pursue their cases together. The people’s sector, therefore, can function as real driving forces just like the government and private sectors now. A recent survey reveals 73 per cent of people don’t think the government can solve social problems. Up to 82 per cent also say the business sector should play a more active role on this front.
Photo Credit: http://happenn.com/trendwatching/