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NEWS
Accenture says AI is bringing on a decade of deconstruction
POSTED 05 Nov 2023 . BY Tom Walker
People are reassessing their life choices Credit: Shutterstock/Alena Ivochkina
The rapid advance of technology in all areas of life is putting society in flux
Accenture’s Annual Life Trends report shows half of people globally are significantly altering their life goals
According to the report, this shift in mindset is creating challenges and fragility for businesses
For the report, Accenture surveyed 15,227 respondents across 21 countries
The rapid advance of technology in all areas of life is putting societies in flux, creating uncertainty and forcing people to reassess their plans for the future, according to a new report from consulting firm Accenture.

The Annual Life Trends report shows that half of people globally are significantly altering their life goals, prioritising job stability and retirement over marriage or getting a college degree.

Another 48 per cent now only plan 12 months ahead (or less) – with some not making any plans at all.

Mark Curtis, global sustainability lead for Accenture Song, said: “We’re entering a decade of deconstruction spurred on by changing consumer values, AI’s explosive growth and the relentless speed of change."

According to the report this shift in mindset – brought on in part by the increasing intrusion of technology into people's lives – is creating challenges and some degree of fragility for businesses, as people are deconstructing everything in their lives and trying to assess their place in the world.

As an example of the way the relationship between consumers and businesses is changing, the report charts how, for years, the correlation between customer experience and revenue growth has inspired organisations to hold the customer at the centre of every decision.

Now, economic considerations are forcing cuts, creating friction between customers and brands in the form of price increases, reduced quality, value engineering, increased and aggressive subscription-only models – which is forcing some governments to legislate to protect consumers – and poor customer service.

The reductions in quality or size (‘shrinkflation’), declines in service (‘skimpflation’), customer service shortcomings and unwelcome subscriptions are adding up to a sense that brands are quietly reversing on their promises.

At the center of this trend, the report states, is a critical perception problem – where companies see actions for survival, some customers see greed.

Liz Terry, editorial director at Leisure Media, said: "In the face of so much change and the redrawing of expectations, there are important opportunities for all leisure businesses, given how fundamental they are to people's lives, how nimble and responsive leisure is as a sector – from spa and wellness to health and fitness, hospitality and visitor attractions – and how customer-focused we can be when the customer is made a priority.

"Operators in all parts of the sector can commit to being a grounding influence in a time of huge upheaval for so many people and to reprioritising customer care and customer love, so we continue to deliver the experiences so many people are yearning for and value.

"Given businesses in so many parts of life are failing to deliver, this is our chance to really stand out."

The changing relationship between consumer and business is one of five global macro-cultural trends which Accenture predicts will revolutionise how business leaders approach customers when working to accelerate growth.

For the report, Accenture surveyed 15,227 respondents across 21 countries in August 2023 to validate the trends.

The five trends in summary are:

01 Where's the love?
Necessary cuts across enterprises have shunted customer obsession down the priority list – and customers are noticing.

02 The great interface shift

Generative AI is upgrading people’s experience of the internet from transactional to personal, enabling them to feel more digitally understood and relevant than ever.

03 Meh-diocrity

Creativity was once about the audience, but has become dependent on playing the tech system. Is this what creative stagnation feels like?

04 Error 429: Human request limit reached

Technology feels like it’s happening to people rather than for them. Is a shift beginning, where they regain agency over its influence on daily life?

05 Decade of deconstruction

Traditional life paths are being rerouted by new limitations, necessities and opportunities, significantly shifting demographics.

To read the full report, click here.
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Generation Z (Gen Z) has been cited as the next big generation of consumers that the wellness industry needs to target, but how should spas appeal to their new lifestyle which is more ‘switched on’ and ‘fast-paced’ than previous generations?
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NEWS
Accenture says AI is bringing on a decade of deconstruction
POSTED 05 Nov 2023 . BY Tom Walker
People are reassessing their life choices Credit: Shutterstock/Alena Ivochkina
The rapid advance of technology in all areas of life is putting society in flux
Accenture’s Annual Life Trends report shows half of people globally are significantly altering their life goals
According to the report, this shift in mindset is creating challenges and fragility for businesses
For the report, Accenture surveyed 15,227 respondents across 21 countries
The rapid advance of technology in all areas of life is putting societies in flux, creating uncertainty and forcing people to reassess their plans for the future, according to a new report from consulting firm Accenture.

The Annual Life Trends report shows that half of people globally are significantly altering their life goals, prioritising job stability and retirement over marriage or getting a college degree.

Another 48 per cent now only plan 12 months ahead (or less) – with some not making any plans at all.

Mark Curtis, global sustainability lead for Accenture Song, said: “We’re entering a decade of deconstruction spurred on by changing consumer values, AI’s explosive growth and the relentless speed of change."

According to the report this shift in mindset – brought on in part by the increasing intrusion of technology into people's lives – is creating challenges and some degree of fragility for businesses, as people are deconstructing everything in their lives and trying to assess their place in the world.

As an example of the way the relationship between consumers and businesses is changing, the report charts how, for years, the correlation between customer experience and revenue growth has inspired organisations to hold the customer at the centre of every decision.

Now, economic considerations are forcing cuts, creating friction between customers and brands in the form of price increases, reduced quality, value engineering, increased and aggressive subscription-only models – which is forcing some governments to legislate to protect consumers – and poor customer service.

The reductions in quality or size (‘shrinkflation’), declines in service (‘skimpflation’), customer service shortcomings and unwelcome subscriptions are adding up to a sense that brands are quietly reversing on their promises.

At the center of this trend, the report states, is a critical perception problem – where companies see actions for survival, some customers see greed.

Liz Terry, editorial director at Leisure Media, said: "In the face of so much change and the redrawing of expectations, there are important opportunities for all leisure businesses, given how fundamental they are to people's lives, how nimble and responsive leisure is as a sector – from spa and wellness to health and fitness, hospitality and visitor attractions – and how customer-focused we can be when the customer is made a priority.

"Operators in all parts of the sector can commit to being a grounding influence in a time of huge upheaval for so many people and to reprioritising customer care and customer love, so we continue to deliver the experiences so many people are yearning for and value.

"Given businesses in so many parts of life are failing to deliver, this is our chance to really stand out."

The changing relationship between consumer and business is one of five global macro-cultural trends which Accenture predicts will revolutionise how business leaders approach customers when working to accelerate growth.

For the report, Accenture surveyed 15,227 respondents across 21 countries in August 2023 to validate the trends.

The five trends in summary are:

01 Where's the love?
Necessary cuts across enterprises have shunted customer obsession down the priority list – and customers are noticing.

02 The great interface shift

Generative AI is upgrading people’s experience of the internet from transactional to personal, enabling them to feel more digitally understood and relevant than ever.

03 Meh-diocrity

Creativity was once about the audience, but has become dependent on playing the tech system. Is this what creative stagnation feels like?

04 Error 429: Human request limit reached

Technology feels like it’s happening to people rather than for them. Is a shift beginning, where they regain agency over its influence on daily life?

05 Decade of deconstruction

Traditional life paths are being rerouted by new limitations, necessities and opportunities, significantly shifting demographics.

To read the full report, click here.
RELATED STORIES
Wellness a top priority for consumers globally, according to Mindbody and Classpass 2024 Predictions Report


Consumers now consider health and fitness to be an “essential” area for spending and, despite the global squeeze on disposable incomes, will continue to increase their investment in wellness.
How can the wellness industry attract Gen Z consumers?


Generation Z (Gen Z) has been cited as the next big generation of consumers that the wellness industry needs to target, but how should spas appeal to their new lifestyle which is more ‘switched on’ and ‘fast-paced’ than previous generations?
MORE NEWS
Excurio and The Muséum National d'Histoire Naturelle create evolutionary VR experience
Virtual reality creators Excurio has teamed up with experts from The Muséum National d'Histoire Naturelle to create Life Chronicles London, a free-roaming VR experience.
The Park Playground opens first immersive VR franchise in Porto
The Park Playground, has opened its first Immersive VR franchise in Porto, Portugal.
Bridgerton Season three – most Instagrammed locations
Following the release of season three Of Bridgerton, a study reveals its ten most Instagrammable filming locations.
Getty Museum refuses to surrender prized Greek bronze to Italy
The European Court of Human Rights has recognised Italy’s claim to a prized Greek antiquity.
Merlin unveils record-breaking Hyperia coaster at Thorpe Park
Merlin Entertainments has launched its new Hyperia rollercoaster at Thorpe Park to celebrate its 45th year.
Second Chaos Karts launches in Dubai
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COMPANY PROFILES
Vekoma Rides Manufacturing B.V.

Vekoma Rides has a large variety of coasters and attractions. [more...]
Simworx Ltd

The company was initially established in 1997. Terry Monkton and Andrew Roberts are the key stakeh [more...]
Red Raion

Founded in 2014, Red Raion is the CGI studio for media-based attractions. [more...]
IAAPA EMEA

IAAPA Expo Europe was established in 2006 and has grown to the largest international conference and [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

03-05 Sep 2024

ASEAN Patio Pool Spa Expo

IMPACT Exhibition Center, Bangkok, Thailand
03-08 Sep 2024

Spa Peeps International Corporate Cruise

Cruise London, Amsterdam, Zeebrugge, United States
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
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