What We’re Saying

5 of the Fortnight!

8 May 2024

The new gender spending gap:

In the ever-evolving landscape of consumer behaviour, a notable trend has emerged: women are poised to dominate discretionary spending by 2030. According to recent research, women are projected to control a staggering 75% of discretionary spending within the next decade. This shift has profound implications for businesses across categories.

At MCCP, we recognise the importance of understanding this demographic shift as it will shape the market for consumer goods and services, for a start. This shift will mean that women are increasingly becoming the primary decision-makers in households.

Businesses must adapt their strategies to cater to the preferences and needs of this influential consumer segment. By leveraging insights into women's preferences, behaviours, and aspirations, companies can gain a competitive edge in capturing a share of the market. At MCCP, we can help provide actionable insights to help businesses thrive in this dynamic consumer landscape.

 

Resetting the Green Agenda:

Incorporating sustainability into the day-to-day is not enough; consumers and brands will be faced with the reality that survival within a new climate context has to be the priority.

According to Earth Day 2024, almost three in five consumers around the world agree that if businesses in their country do not act now to combat climate change, they will be failing their employees and customer. People are increasingly recognising that a passive approach to the climate crisis is simply not enough to tackle environmental challenges. Brands must shift away from traditional strategies that focus on zero-sum sustainability initiatives and towards continuous innovation and tangible solutions that provide the customer with a win, while also supporting the environment.

We at MCCP recognise the value in highlighting forward-thinking approaches so brands can reframe climate messaging from merely reducing their carbon footprint to actively regenerating and giving back to the world, making the situation less overwhelming and more appealing to consumers.

Our strategists at MCCP recommend that brands revisit their long-term projections to demonstrate meaningful and measurable progress towards sustainability targets, and quickly make changes based on changing circumstances to stay ahead of their competitors.

 

Gender rules rewritten:

Our gender no longer defines us. And we don’t want it to. From fashion to family dynamics, we’re unravelling the roles that gender boxed us into and doing away with binary gender divisions. As we move past male / female stereotypes, we’ll lean into new identity markers that transcend our physical sex.

When thinking about gender rules MCCP sees the effect a demographic shift can have. We have identified three key areas to navigate this new context.

  1. CHANGE THE GAME: Beyond avoiding stereotypes, brands can stimulate cultural shifts with advertisements that completely turn gender norms on their head.
  2. BE  YOUR OWN WORST CRITIC: Brands must take an outside-in view of their organisation and ask themselves critical questions such as ‘Is your branding or packaging reinforcing outdated gender ideals?’ to recognise where change is necessary, and possible.
  3. WALK THE TALK: Actions speak louder than words, for brands that seek to be on the forefront of evolution being active and hosting experiences that cross gender lines and prove biases wrong. A lived experience can be more powerful than a digital message.

 

The rebirth of traditional Irish culture in a modern context:

In a world often shaped by innovation and change, there's a noticeable return to our Irish roots, a revival that speaks to something deeper. Traditional Irish music, with its rich heritage and timeless allure, is experiencing a remarkable resurgence, it is not just another genre of music; it's a cultural reset that is rooted in a wider trend surrounding reconnection and nostalgia. Gen Z especially has embraced Irish heritage recently reconnecting them with their cultural identity.

We see this play out through a contemporary twist on traditional Irish fashion, dance, music, and social settings connecting to our past. This week, we saw artists announced for Electric Picnic such as The Wolfe Tones, Damian Dempsey, and Kneecap. We also see this authenticity of Irish culture spill into UK culture with the Mary Wallopers and RTÉ Choice Music Prize winners Lankum playing at this year’s Glastonbury festival.

MCCP’s take is that tradition isn't just about aesthetics or market appeal for this generation. It's about roots, authenticity, and a sense of belonging. Whether it's the music they listen to, the brands they support, or the customs they cherish, Gen Z's embrace of tradition signifies a connection to heritage - a living testament to the enduring relevance of our cultural legacy in the modern world. Within this cultural revival lies an opportunity for businesses, to explore the profound connections between tradition and contemporary appeal with their customers.

 

Don’t wait for AI - start now!

Generative AI is turning everything upside down, right now. If businesses haven’t started their Gen AI journey, they need to start now, or risk irrelevance.

Because people are already using these tools to do the easy stuff: draft resumes, develop recipes, plan trips and other basic tasks, but new applications continue to pop up. Consumers will keep testing the capabilities of this technology into more creative areas such as individualised products and experiences tailored on their rich needs, wants and motivations. Combine this with other emergent technologies like augmented reality and 3D printing and you can see the power moving from the mass brand to the individual consumer.

 

At MCCP, we say the potential impact of this technology cannot be underestimated or ignored. Companies need to prioritise “authentic automation”, getting the balance right between what you can do today and what consumers need tomorrow, but you need to start now (and talk to us)! meetus@mccp.ie

 

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