Emerging markets are shifting preferences towards more tailored products

Influenced by an increase in economic stability and a rise in spending power, consumers in emerging economies are shifting their preferences from mass-marketed products to more tailored ones that better suit their personal needs.

In fact, according to GlobalData’s 2016 Q3 global consumer survey, nearly three in five (57%) of Central and South American consumers perceive products that have claims personalised to them or their needs as more or significantly more favourable, followed by 43% of consumers in Asia-Pacific, and 35% of those in Middle East and Africa.

Given that the ‘one size fits all’ approach is becoming no longer applicable to these consumers multinational brands trying to enter emerging markets should address this change in consumer behaviour. Therefore in order for brands to do well in emerging economies such as Asia, Latin American, and the Middle East, where the demographic tends to offer more potential for growth than developed markets, brands must tailor their products to suit local demands.

One way brands can respond to this growing fragmentation of consumer demands is by customising their products to the needs and preferences of local consumers.  In particular, consumers in these markets are increasingly showing demand in products tailored to specific needs such as free-from products, non-traditional flavours or new formats. Having said that, to gain a competitive advantage over local players it is crucial for multinationals to understand the key trend drivers influencing changes in consumer behaviour across regions.

Related links

https://www.globaldata.com/store/search/consumer/?query=UK