Macro Trends and Consumer Decision Making

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Southern New Hampshire University *

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770

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Economics

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Feb 20, 2024

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Macro Trends and Consumer Decision Making According to Winters, “macro trends are long term directional shift which has an impact on large population, often on a global scale,” with current trends including urbanization, automation, changing demographics, and climate change. Such macro trends are significant as they are often driven by forces which affect us all and, since they essentially cannot be controlled by organizations or marketers, are pivotal to decisions made by consumers. With the Covid-19 reshaping the lives of millions across the world, the subsequent macrotrends of the pandemic have the potential to impact consumer patterns for years to come. As stated by Tokic, “the COVID-19 pandemics is likely to accelerate the trends of de- globalization and de-dollarization. Over the long term, the major financial consequence is likely to be the accelerated trend of rising inflation and long-term interest rate.” A report produced PricewaterhouseCoopers (PWC) predicts five major macrotrends as a result of the Covid-19 pandemic which include: The Store of the Future o “The store of the future will be omnichannel and experience-rich and will fuse the physical and digital worlds” (PWC, 2021). Brand Relevance o “Socially conscious consumerism will continue to grow as people seek brands that they trust and that align with their values” (PWC, 2021). Digital Supply Chain o “The supply chain of the future will operate with near autonomy, making ‘smart’ decisions to self-regulate” (PWC, 2021). The Future of Food o “Consumer demand for healthier products, along with expectations for greater transparency and sustainability in the food value chain, will increase” (PWC, 2021). ESG Ascendance o “Pressure from regulators and boardrooms to focus on ESG will continue to intensify” (PWC, 2021). Current Trends https://www.pwc.com/gx/en/consumer-markets/future-of-consumer-markets/future-of-consumer- markets-report-2021.pdf https://www.darrenwinters.com/macro-trends/ https://onlinelibrary-wiley-com.ezproxy.liberty.edu/doi/full/10.1002/jcaf.22448
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