Deloitte's Revealing Study on the Future of Consumer Behaviour in MENA

10x Industry

Mokshita P.
10x Industry
Published:

Deloitte's Revealing Study on the Future of Consumer Behaviour in MENA

Deloitte's study identifies key influences, including technological progress, demographic shifts, cultural evolution, industry disruption, climate change, and economic transformations. Bhavesh Morar emphasises the global impact with a focus on Middle East insights.

Deloitte, took a central role as the official AI & Tech Track partner at the Retail Leaders Circle MENA summit held in Riyadh. During the summit, Deloitte presented insights from a comprehensive global study that identified six primary forces influencing consumer behaviour in the coming years.

The study, which engaged over 600 professionals, industry experts, luminaries, academics, and clients through various interactive forums, revealed the following forces shaping the future of consumer behaviour:

  • Exponential xTech: Rapid advancements in digitalisation and bioscience are leading the development of new technologies and markets at an unprecedented pace. The exponential growth of AI and transformative technologies is changing industries and consumer experiences.

  • The Changing Consumer: Demographic shifts are leading to increasingly diverse consumer preferences worldwide. In Saudi Arabia, a young and dynamic population is changing the Saudi consumer landscape, presenting new opportunities and challenges for businesses.

  • Evolving Society and Culture: Consumers are breaking away from traditional norms and redefining their priorities, influencing how they spend their time and money. Businesses need to adapt to changing societal and cultural dynamics to stay relevant.

  • Radical Industry Upheaval: Consumer buying patterns are evolving, and businesses must innovate to meet shifting demands. Companies that embrace agility and innovation will thrive in an era of radical industry disruption.

  • Extreme Climate Change: Sustainable consumption practices are becoming imperative as consumers demand eco-friendly products and services. Businesses that prioritise sustainability will gain a competitive edge in combating climate change.

  • Shifting Economics, Policy, and Power: Economic and policy uncertainties are reshaping business landscapes globally. Companies must navigate changing regulations and geopolitical dynamics to maintain resilience and growth.

Bhavesh Morar, Retail & Consumer Leader at Deloitte Middle East, emphasised the global nature of these forces and their potential manifestation in each market based on unique conditions. Morar stated, "Understanding and adapting to these changes will be crucial for businesses seeking to thrive in an ever-changing marketplace."

Deloitte aims to provide guidance for businesses navigating the complex terrain of consumer behaviour in the Middle East, leveraging the profound impact of these identified forces on the industry. The firm encourages businesses to embrace agility, innovation, and sustainability to ensure resilience and growth in the face of global trends.