New Consumer Behaviors Will Shift US$3Trillion in Economic Value, Accenture Report Finds
23 Noviembre 2020 - 5:59AM
Business Wire
New risks and opportunities are emerging across
industries as people avoid public spaces, fly less, and spend
differently as a result of COVID-19
With the pandemic driving people to spend more time at home,
avoid air travel, and change their spending habits, businesses can
expect to see a shift of more than US$3 trillion in economic value,
according to Accenture (NYSE: ACN).
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As a result of behavioral changes,
corporate liquidity and revenue streams across a range of
industries will suffer. (Photo: Business Wire)
The report, titled The Big Value Shift, quantifies the broad
impact of long-term changing consumer behaviors and provides
actionable insights for companies to build strategies to thrive in
the face of disruption. Through a proprietary macroeconomic model
that incorporates data from 38,000 companies across 25 industries,
as well as household spending data for 15 countries that account
for approximately 80% of global GDP, Accenture conservatively
found:
- More than US$2 trillion of annual value may shift away
from industries such as restaurants, traditional retail, and
commercial real estate as consumers pass more of their leisure time
at home.
- Changes in spending may cause a net decline of up to US$687
billion in annual value across consumer-facing industries.
- If current declines in air travel persist into a longer-term
shift, up to US$318 billion of annual value will flow to
different industries and ecosystems.
“Ripple effects of today’s changing consumer behaviors are
causing waves that will reshape industries and their ecosystems.
Companies must be ready — with responsive business models,
technology-enabled operating models that are agile, and a growth
mindset rooted in data and advanced analytics — to uncover new
value and better meet customer demands as this wave of change
approaches their industry,” said Kathleen O’Reilly, global lead of
Accenture Strategy.
According to the latest Accenture Consumer Pulse survey, nearly
three-quarters (73%) of respondents expect to feel most comfortable
spending their free time at home over the next six months. This
shift is impacting the traditional retail and leisure industries
with value transferring to companies that offer ecommerce and
digital-entertainment options.
“The crisis has forced an uncomfortable reckoning for many
brands — but, handled wisely, this will result in new ways of doing
business that deliver better experiences for consumers and growth
for organizations,” said Oliver Wright, global lead of Accenture’s
Consumer Goods & Services industry group. “Before Covid-19,
in-store shopping was, for most companies, the only ‘game in town’
with ecommerce and digital marketing an afterthought. The companies
that fully integrate enjoyable and efficient digital and physical
experiences that deliver faster, more convenient services will be
the winners in the future.”
The highly suppressed demand for air travel has had a profound
impact on the travel ecosystem from airlines and airports to
aircraft manufacturers, and even further downstream to hotel
chains, energy, and resources companies. Data suggests that
business travel will be one of the last segments to experience a
sustained recovery. As consumers will still have vacation time,
value is likely to migrate to sectors like domestic tourism,
digital entertainment, and outdoor recreation.
Emily Weiss, global lead of Accenture’s Travel industry group,
said, “Fundamental changes in behavior, including heavily reduced
air travel and consumer discomfort in public spaces, creates
opportunity in other areas. Companies need to innovate to drive new
revenue streams and look at their ecosystem partnerships to offer
value-added services that cater to new ways of working and the
health-conscious consumer. For example, the hospitality sector can
leverage existing assets to provide hotel rooms for day rates so
people can work away from home, but still in a safe space.
Critically, these efforts could also become a permanent and
profitable avenue for growth in the post-pandemic era.”
The Big Value Shift is the first in a series of Macroeconomic
Insights that looks at major economic and sustainability trends
arising from the COVID-19 crisis and offers guidance for business
leaders as they strategize and navigate their companies through
unchartered business territory.
About Accenture
Accenture is a global professional services company with leading
capabilities in digital, cloud and security. Combining unmatched
experience and specialized skills across more than 40 industries,
we offer Strategy and Consulting, Interactive, Technology and
Operations services—all powered by the world’s largest network of
Advanced Technology and Intelligent Operations centers. Our 506,000
people deliver on the promise of technology and human ingenuity
every day, serving clients in more than 120 countries. We embrace
the power of change to create value and shared success for our
clients, people, shareholders, partners and communities. Visit us
at www.accenture.com.
Accenture Strategy works with boards, CEOs, and C-suite
executives to create 360° value for all stakeholders by defining
and answering their most strategic business questions — including
growth, profitability, technology-driven transformation, mergers
and acquisitions (M&A), operating models and
sustainability—with insights from AI and data science, combined
with deep industry and function expertise. For more information,
follow @AccentureStrat or visit www.accenture.com/strategy.
Copyright© 2020 Accenture. All rights reserved
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version on businesswire.com: https://www.businesswire.com/news/home/20201123005657/en/
Maggie Nolan Accenture Strategy +1 917 452 3964
margaret.d.nolan@accenture.com
Aleks Vujanic Accenture — Retail, Travel & Hospitality +44
7500 974 814 aleks.vujanic@accenture.com
Tara Burns Accenture — Consumer Goods & Services +44 07850
435 158 tara.burns@accenture.com
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