Consumers are Changing, Brands Need to Change with Them

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AseanOutlook.com – The Samsung NEXT Innovation team is focused on delivering insights and strategies that paint a picture of how consumers, industries and technologies could evolve over the next 5 to 10 years.

Led by President of Samsung NEXT and Chief Innovation Officer of Samsung Electronics David Eun, the team dedicates its work to studying how the world is changing, and from there, where it will evolve and what this could mean for Samsung, its products, partners and customers, and industries at large.

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During his keynote at Web Summit last year, Eun unveiled Samsung NEXT’s perspective on the future of the home. Today, companies everywhere are trying to figure out how to deliver new experiences to consumers, which raises crucial questions, such as: Do we really understand the future consumers of experiences? Do we know what they want? What should companies consider doing to be successful?

As technology evolves to meet the challenge, the consumer landscape is also rapidly changing. In the early-to-mid 1900s, consumers in the U.S. were mostly homogenous — that is, primarily young, white, and male. The demographics have changed dramatically over the last 50 years, as people of color or people who are not white now comprise 40 percent of the U.S. population, have strong purchasing power, and contribute to Gen Z being the most diverse generation in the nation.

Today, consumers from diverse backgrounds have $3 trillion in purchasing power in the U.S., which is comparable to India’s GDP. They are more likely to seek out products and experiences tailored to their interests, with 70 percent saying they would pay more attention to personalized products. And they are much more likely to support companies that align with their values.

“As we accelerate into this new age of experiences and grapple with this new normal, companies everywhere are trying to figure out how to deliver experiences in this new reality,” Eun said.

To discuss how those shifts in demographics and consumer demands are being met by brands, Eun held a conversation with Steven Wolfe Pereira, co-founder and CEO of Encantos, and Michelle Ebanks, the former CEO of Essence Communications, which was streamed during the annual Collision conference.

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