According to the HSBC report, "Future of Consumer Demand," changing demographics and consumer behavior will present new opportunities for American companies in the coming decades whilst posing threats to traditional business and marketing strategies.
Authored by Trajectory, the report takes insights from in-depth interviews with business thought leaders and surveys of 90,000 consumers, including over 6,000 in the United States.
Half of U.S. consumers surveyed said adventure, risk-taking and living an exciting life were among their top considerations when making a purchase. Comparatively, the global average among consumers from advanced economies was 44 percent.
Cate Luzio, global co-head of international subsidiary banking, for HSBC believes this phenomenon is requiring companies to "adapt or risk falling behind."
Luzio continued: "American consumer behavior is changing rapidly. This means businesses — particularly those providing high-value services like fashion and retail — need to be alert to these changes so they can respond positively to drive business growth."
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