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The McKinsey Podcast
Think you know what consumers want? Think again.
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.
34:25
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Quick takeaways
- Consumers prioritize experiences over goods, emphasizing the need for value in their purchases.
- Employee engagement and storytelling are key for CEOs to build energy and inclusivity within organizations.
Deep dives
Future Consumer Spending Patterns
Consumer behavior is shifting globally, with emerging markets' young consumers displaying a high willingness to spend on premium products. Additionally, the older demographic, often overlooked, shows significant spending power in experiential categories. Despite rising living costs, the middle class plans to splurge on discretionary items like travel and dining, reflecting an unexpected trend of increased spending.
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Discover
highlights
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