Innovations in technologies, changes in consumer buying demographics and preferences, and economic challenges could result in uncertainties in the consumer products industry as 2020 evolves.

The economy is expected to stagnate and cause a rise of increased income divergence, lower consumer confidence and a stressed middle class resulting in minimal income growth causing changes in channel strategies and product portfolios to satisfy new price points.

Brand loyalty will be based on health, wellness, and societal responsibilities. Emotional ties to national brands could weaken due to growing consumer discontent with the perceived values of larger companies and a rise in consumer concentration on personal health, the environment and social impact. As a result, companies will be more inclined to balance their offerings and activities with consumer interests and values in mind.

Companies will rely more on digital marketing channels in order to reach consumers. Traditional brick-and-mortar business models will continue to decrease in importance as more consumers buy more goods digitally. As a result, more consumer spending and activity including promotion, search and procurement, will occur more in digital channels.

As digital marketing grows, consumers will spend more on customized products and experiences across the range of consumer products. It will therefore become more critical for companies to customize their products as well as their shopping experience.  Companies will depend more on new business models based on customization.

Greyson Global understands these changes and has the expertise to navigate you through the changes evolving within the consumer products industry. We can keep you aware of the potential resource shortages and the volatility in commodity prices. We can guide consumer product companies into taking the correct steps to assure that they reach their goals as they traverse these uncertain times.