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Future of the consumer industry - The Middle East focus

Buying Into BetterTM

Change is a staple of humanity. This rapid pace of change is especially evident in consumer industry, which has undergone dramatic transformations over the past two decades. The GCC region, particularly Saudi Arabia, the UAE, and Qatar, has experienced significant economic growth, emerging as a global talent hub. This influx of talent highlights the region's potential and the vast opportunities it presents. This influx of talent underscores the region's potential and the opportunities it offers. Yet today, the industry stands on the precipice of an even more momentous paradigm shift and faces a once-in-a-century economic, social, and technological transition.

Over the past 24 months, Deloitte has:

Engaged over 1000 professionals, industry experts, clients, and consumer industry insiders. Interviewed luminaries, economists, sociologists, policymakers, authors, academics, and Wall Street analysts. Analyzed consumers across 20 countries monthly through Deloitte's State of the Consumer Tracker. Deep dived into the changing consumer landscape in the Middle East and explored the regional cultures and developments (Giga projects, Digitization of cities, technological advancements, etc.)

The research group was deliberately designed to be cross-industry, cross-functional, and highly diverse, spanning multiple generations. This intentional inclusivity aimed to ensure a comprehensive and thorough understanding of the forces shaping the future of the consumer industry, making our research more robust and reliable.

Why did we undertake this extensive research to consider the next decade of the consumer industry? 

The number and urgency of questions from our clients have increased recently, reflecting a growing degree of uncertainty. This mirrored the uncertainties we were also grappling with. The similar challenges faced by our clients and every consumer company led us to explore a profound and seemingly unanswerable question: What forces will shape the next decade of the consumer industry in the Middle East? 

Through this extensive research, we have identified six forces that will play a fundamental role in shaping the Consumer Industry over the next decade.

By understanding how these forces will shape the future, CEOs can proactively steer their companies toward success, navigating the opportunities and challenges ahead. 

With the right knowledge and tools, they can actively shape outcomes, rather than passively reacting to them. Thus, the role of business extends beyond profit generation; it involves addressing real problems and meeting human needs responsibly and sustainably. To achieve profitable growth, companies must balance short-term shareholder value with long-term growth and societal responsibility. This balance is not just a choice but a responsibility that CEOs must bear, demonstrating their commitment to creating a future that benefits both business and society.

In a world filled with exponential change, unprecedented disruption, and increasing uncertainty, it is imperative for us to come together and take action to shape a better future. We all have a role to play as consumers, executives, and citizens. Simply put, consumers, companies, governments, communities, and society must commit to improving things. This commitment will require us to make ambitious choices at the intersection of prosperity and purpose and rethink our value on things. 

Recognize the six forces shaping our future.

Continuously monitor, assess, and plan for different scenarios based on the changing landscape.

The future of the consumer industry requires that we all chart this path of buying into better.

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