Exploring The New Consumer Opportunity in Cuba
Cuban consumers have more discretionary income to spend—but first, companies must understand their culture.Watch the video
For companies with global footprints, understanding consumers in emerging markets—a population that is rapidly evolving and frequently difficult to decipher—is one of the toughest challenges they face. But taking that challenge on can be a valuable source of advantage in a highly competitive marketplace.
Half the world’s population lives in emerging-market countries, but these are not a homogenous set of markets. As consumers gain purchasing power, their needs and wants evolve more quickly.
Competition in these markets is intense. Without a solid understanding of consumers, companies risk diverting resources into ineffective areas of markets and sacrificing the opportunities they had hoped to gain. Investing in the wrong consumer insight approach or relying on incomplete or highly generalized data can lead to costly inefficiencies, short-term losses, and long-term disadvantage.
The true challenge at hand is how can companies decipher the "who, what, where, why, and how" of emerging-market consumers—and put those answers to use to unlock the growth opportunities in these dynamic markets.
The Center for Customer Insight’s wealth of propriety consumer data, derived insights, and local experts in these regions are pivotal in accurately prioritizing, clustering, and deciphering consumers.
The consumer markets of China and India will triple over the current decade, amounting to $10 trillion annually by 2020.
In Vietnam, the population of middle-class and affluent consumers will rise to 33 million by 2020.