BizRadio in conversation with Ask Afrika’s Client Services Director, Dr Amelia Richards.
Podcast | Click HERE to listen
Ask Afrika is renowned for their research and insights into the African market and willingly share the key findings from Global Consumer Perspectives with those involved in global marketing and strategic planning, to help them understand the potential ramifications for their business. TGi, the world’s leading provider of single source consumer insight, has launched a new initiative that examines emerging consumer trends that are likely to impact business on a global level. Focusing on key global markets, Global Consumer Perspectives is a thought-provoking examination of why prominent consumer trends are occurring. TGI’s robust, industry-currency insight will enable brands to understand how these broad consumer trends will impact on their business, with detail down to category level – askafrika.co.za
On a global level we see an increase in educated young people, within the South African market we coin them as the ‘informed taxpayers’ and this implies that brands should take cognisance of how they educate consumers about the advantages and disadvantages of using a brand. With more consumers attaining a university degree or higher, consumers will be more and more discerning and competent, coupled with the ease of accessing information on the web. The new poser balance in terms of competence means advertisers will need to rethink their traditional persuasion models.
Globally the 18-24 year old market segment is described as ‘a lost’ generation. Why? Up to 89% agree with the statement ‘I worry a lot about myself’, it is a market segment that are twice as likely to be unemployed as well. This market segment has been the ideal target market for brand for many years. Understandably many see this as the way to get people into the brand … to build loyalty from being there at the start of their adult lives. But for the moment this group has less financial promise, and maybe older groups should rather be targeted for brand growth.
In the developing countries such as South Africa the middles class is more career centred. They are willing to sacrifice time with their family to get to the top of their careers. The implication is this – help the middle class with work/life balance with products and services that help soothe the competing priorities , especially in developing markets where this may not yet be an issue but will be. Promote product ability to enhance wellbeing and taking care of themselves. DStv took this into consideration a few years back and developed a child care centre close to work premises that enable employees to be close to their children whilst working.
Within the debt arena, South Africans came out high in terms of using credit. They are more willing to use credit cards to afford things they wouldn’t normally buy. Western consumers are more anxious about getting into debt than the middle class in developing countries. Most developing markets are comfortable with using credit cards. Careful financial planning is a key focus in the developing countries, where the uptake of credit card living is higher.
These are the first of global trends, the rest will be shared in the next session. TGi provides local and global consumer trends that are important especially to multinational brands.
Also read & listen to: Business can’t operate in a society that fails | #BizResearch