Global Scans · Consumer · Weekly Summary

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WHAT'S NEXT?: Technology will become the new sales assistant, always on, always friendly, always delivering. Consumers will co-create and create products to their exact needs. Brands will have to focus on seizing mobile moments on apps that already have consumer's attention. Instantly explore below how lifestyles, buying behaviors and attitudes are changing and where you fall short in the battle to win consumers hearts and minds.

• Surprisingly resilient consumption last year has helped to support the US economy, but analysts expect higher interest rates to slow consumer spending and add pressure on imports. The Telegraph
• Looking forward to 2024, the HKMA plans to focus on balancing digital innovation with risk management, enhancing operational resilience, combating financial crimes, protecting consumers, and supporting sustainable practices. Fintech Hong Kong
• As cities worldwide seek sustainable solutions for urban mobility, the emphasis on robust bus-related transport systems presents an opportunity for India to lead by example. RTF | Rethinking The Future
• Chinese consumer's spending on personal luxury goods surpassed pre-pandemic levels by the end of 2022 and has continued to grow year-on-year to reach US$ 59 billion by 2023, with its personal luxury goods spending forecasted to reach $88 billion by 2028. Luxurious Magazine
• While the path of economic recovery in China remains highly uncertain, price growth is projected to gather pace in 2024 on the back of accelerating consumer spending and reviving tourism flows. Luxurious Magazine
• In the upcoming week, China will release consumer and producer price data, with a minor improvement expected in deflation levels for both measures. ShareCafe
• US hybrid sales have been rising as consumers balk at high EV prices and are anxious about the range of electric cars, especially in more rural areas, where there could be long distances between charging stations. Times of India
• Many consumers expect CarPlay (and Android Auto for you Google people) to be a feature in their new car to the point that they would refuse to buy a car if it did not have CarPlay. iMore
• From a macro perspective, while higher inflation and interest rates have pressured consumer demand, inflation has been moderating and the Federal Reserve's indication that interest rates could be lower by the end of 2024 has been a key factor in recent optimism and consumer confidence. Insider Monkey
• In line with global trends towards sustainable mobility, BMW's commitment to environmental stewardship will be evident in both manufacturing processes and vehicle materials. The Tech Edvocate
• The adoption of mobile wallets in South America is expected to continue to grow as more consumers switch to digital payments. XE
• The adoption of mobile wallets in Africa is expected to continue to grow in the coming years, as more people gain access to mobile phones and the internet. XE
• Long-term import demand drivers are strong, MLA's snapshot report says with China's affluent consumer base forecast to continue expansion, along with growing appreciation for high quality red meat products. Beef Central
• The Network to Mobilize Clean Energy Investment for the Global South will amplify the investment needs of developing nations and advance actionable solutions to increase green energy capital flows globally. Atlantic Council
• The introduction of new technologies in digital validation and data management, such as the FDA mobile app and web portal dedicated to reporting drug shortages, will improve visibility within manufacturing and allow for early communication to the FDA regarding potential disruptions. ISPE | International Society for Pharmaceutical Engineering
• Consumer confidence in New Zealand rose in January amid growing confidence that inflation is in retreat and that the Reserve Bank of New Zealand will have no need to raise interest rates further. MarketScreener
• Cardholders of the Delta Skymiles Reserve and Delta Skymiles Platinum Amex cards, including both consumer and business variants will receive up to $120 in rideshare credits starting today. BankBonus.com
• The world's biggest maker of memory chips said it expected mobile and PC makers to place more and better chips in devices as use of artificial intelligence expands, while the need to replace older servers would also aid a gradual recovery in demand. ThePrint
• Imports of fertilisers, sunflower oil, machinery components and electronic goods to India are getting delayed, raising the risk of higher costs to consumers. Al Jazeera
• The Federal Reserve is expected to keep interest rates at their current levels amid improving consumer confidence and a declining inflation rate. NBC News
• Ph.D., with ACG Research, 2024 will see growing demands for hyper-personalization of consumer services to monetize the investment in broadband connectivity. Calix
• In 2024, key pillars of global growth will weaken as restrictive monetary policy and depleting savings will slow consumer spending and lower business investments. Euromonitor
• Global coal demand is expected to continue moving eastwards, with China, India, and ASEAN countries combined consuming three-quarters of global demand. IEA

Last updated: 08 February 2024