What Trends Will Influence Production And Consumption Over The Next Decade?

So there are a couple of trends I’ve noticed that I think will shape businesses that succeed and scale over the next decade because they will essentially be the drivers of production and consumption, the two pillars on which business rests.

If you divide consumers by age into ten year bands, starting from when they begin to consciously make their own buy decisions (sometime in their mid-teens) based on available spending data, you get an interesting view of spending power and attitudes. I’ve summarized this below

Earnings and Consumption By Age Grouping

The two most important groups businesses must plan for if they will be successful over the next decade therefore are the current 15–24 group who will enter the highest spending part of their lives as well as the current 25–34 group who will enter the highest earning as well as second highest spending phase of their lives. I’m going to call this current 15–34 age-group the crucial generation for the purposes of this piece. So what have I observed about these groups and then the general trends as well?

On The Whole They Will Be Poorer

They Will Prefer Services As Opposed To Products

Their Service Standards Will Be Higher — And The Will Be More Vocal About It

They Want Single Experiences And Multiple Options

Ease and Intuitive Interaction Is Their Watchword

On The Production Side

So there you have it — the trends I’ve observed. As usual, agree, disagree or add in the comments. I look forward to your thoughts.

A Beautiful Mind