An intensive BCG research project offers three key insights to answer what really drives consumer choice around the world:
Despite decades of globalization, consumers’ mindsets remain highly localized.A common global strategy would not be wholly effective in any of the 13 categories we studied.Although important, attitudes and demographics don’t satisfactorily explain choice unless the analysis also factors in the impact of the context in which products are used.
BCG CEO Rich Lesser talks with Aparna Bharadwaj and Lauren Taylor on what drives buying decisions in the post–COVID-19 world and how to maximize share in a target market.LISTEN NOW
Consumer Mindsets Are Local Despite GlobalizationWe found that consumers’ attitudes and behaviors remain highly localized, across all income and age segments. Differences are not only sharp between the East and West, but also between Asia’s two largest markets. Consumers in Australia, France, Germany, and the US exhibited far greater individualism, for example.
Why One-Size-Fits-All Global Marketing Strategies Are Unlikely to WorkGlobalization has created shared attitudes among demographic groups across markets, but consumer reactions have shifted purchasing behavior to reveal that consumer attitudes vary significantly from one market to the next. It is risky for brands to develop a broad marketing strategy without taking significant local nuances into account.
