The next billion consumers represent new growth opportunities worth trillions of dollars in consumer spending across the globe. However, the next billion consumers are not a monolithic cohort, as they vary hugely from market to market. In order to capture and capitalise on these new opportunities, companies need to understand who the next billion consumers are, where they come from, what drives their spending, and what are their needs, preferences and behaviours.
It is not all about the bottom of the pyramid (BOP)
Uncovering and targeting the next billion consumers is more about discovering the forgotten consumer and unleashing their spending, than reaching low-income consumers at the bottom of the pyramid. The next billion consumers are diverse;……………
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