Glocalization

A very interesting report on the future of Retail in 2015 was published jointly by TNS Retail Forward and Retail practice of PriceWaterhouseCoopers. The report talks about 2 distinct groups of people emerging based on the age profiles - the Baby Boomers: 65 and above who will still go for the big box retailers and the The Millenials: 35 years of age who are more environmentally conscious, technologically savy and purchase based on lifestyle. Another interesting prediction is the growing diversity in the population where more than half of the population under 25 identifying themselves as non-whites. The study talks about how "The 'one-size-fits-all' approach of the 1980s is not going to work as the population becomes more diverse and tech savvy during the next decade.'' The report talks about trend as "The best way to define this trend is through the term 'glocalization:' retailers will need to serve customers across major geographic, cultural, legislative and regulatory boundaries, all while catering to local tastes, traditions, lifestyles and economies."