The McKinsey Podcast Think you know what consumers want? Think again.
7 snips
Jul 25, 2024 
Sajal Kohli, a McKinsey senior partner, dives deep into the complexities of consumer behavior. He reveals how consumers are prioritizing experiences over goods and the impact of younger generations, especially in emerging markets. The conversation touches on trends like premiumization, wellness, and sustainability, emphasizing that even eco-friendly products must remain affordable. Additionally, storytelling emerges as a powerful tool for leaders in engaging their teams and fostering an inclusive organizational culture. It's an enlightening take on what drives today’s consumers.
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Emerging Market Youth
- Emerging markets' young consumers (15-34) are highly willing to spend, preferring premium products.
- They are more optimistic about the economy than their Western counterparts.
Retired and Ready to Spend
- Often overlooked, the 'retired and ready to spend' group is growing due to longer lifespans and declining birth rates.
- This group prioritizes experiential spending like travel, regardless of location (developed or emerging markets).
Squeezed but Splurging
- Despite rising living costs, the middle class is splurging on discretionary, experience-enhancing items.
- Their spending in areas like travel and dining out mirrors that of high-income consumers.
