Consumers have gone global too. The consumer increasingly is and feels like a citizen of the world, at least as far as media, food, fashion and other consumer tastes are concerned. Globalization means big things for big systems like trade, and everyday things for many consumers. More of us are partaking of products, ideas, trends, and cultural elements from some other part of the world. For example, Bangra music from India blends with American Rap, and shawarmas have become a lunch staple in US towns where the average consumer may not even know what continent they’re from. Technology is enabling this: it’s rendering geography irrelevant or at least differently relevant and giving us instant access to ideas and products from other places.
For more in this series, see #Consumer4sight
The bottom line for business: the consumer wants variety, and the world is now his or her consumption playground. If you don’t help them find new and interesting products and experiences from around our world, someone else will. And Western companies especially need a wake-up call: they are no longer the font of product innovation, nor do they have a guaranteed spot in the pantheon of global brands—new brands and products are emerging from the emerging markets, and that trend will accelerate.