Understanding consumer trends
Pernod Ricard operates in the dynamic alcoholic beverages market where consumer behaviour, moments of consumption and drinking choices are constantly evolving.
According to UN forecasts, the global legal drinking age population will reach 9.8 billion by 2050 - giving us a larger pool of target consumers in markets all around the world. But those people - and the societies they live in - won’t be the same tomorrow as they are today.
To drive our success, we must stay tuned into how people are thinking and feeling, and the experiences they’re looking for, to ensure our global portfolio of brands continues to meet their needs. Within this landscape we’ve identified three mega-trends that will drive consumer change and inform our strategy over the coming years: an evolving middle class, female empowerment, and premiumisation.
The evolving middle class
More people are joining the middle class (those earning $11-110 a day), and this segment is expected to grow by more than a third to 4.8 billion consumers by 2030(1). Spending is predicted to grow to $62 trillion in the same period - up 50% versus 2020 levels.
Consumers with increased spending power are more likely to spend on premium offerings that suit their evolving aspirations, demands and social habits.
The majority of this growth will happen in Asia - which could represent two thirds of the entire global middle class population by 2030, or 3.5 billion people versus 2 billion in 2020. In China, the estimated percentage of the urban population considered middle class in 2002 was just 4%. In 2030, that number is expected to reach 86.8%(2).
The upper middle class (those earning between $51-110 a day) is also growing. By 2030 it is expected to expand by 400 million people, up from the previous 600 million in 2020(1). This population too, is expected to see increased spending - $27 trillion by 2030, up 50% from 2020 - offering more opportunities for higher quality and premium products.
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