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NEW YORK — The consumer industry is facing a once-in-a-century economic, social and technological transition amid a backdrop of significant challenges. To that end, Deloitte recently completed an extensive, 18-month-long
effort studying the industry. In a report released this week, “Buying Into Better: The Future of the Consumer Industry.” Deloitte identified the six forces critical to navigating the next decade of change for the Retail and CP industry. and examines the implications across three dimensions of business: Markets, Models and Mechanics.
Based on Deloitte research and collaboration with more than 800 industry leaders, the report focuses on these six forces of change:
- The changing consumer, becoming more diverse and transforming across multiple dimensions
- An evolving society and culture, with consumers breaking free of traditional anchors
- Exponential Tech, with advancements in infotech and a broad set of technologies, including biotech and material science, that will make progress of the past decade pale by comparison
- Radical industry upheaval, with the dynamics shaping the industry increasing in pace and intensity
- Extreme climate change and its economic impact that will put pressure on the consumer industry to transform itself
- Shifting economics, policy, and power that are taking a hard pivot and becoming increasingly uncertain and requiring a more flexible approach to management
