1、3 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Me, my life, my wallet4Me, my life, my wallet4The multidimensionalcustomerIn an era defined by
2、 uncertainty, the companies that get closest to their customers will emerge ahead of the pack. This begins with an “outside-in” view, building new ways of understanding how and why people make decisions.ou already know that customer behavior is changing. Power has shifted from companies to consumers
3、, the mobile phone has become the remote controlof our lives, trust in institutions and traditional advertising has diminished. Customer trade-offs and decisions are more opaque and moving faster.Youre already aware that the structureand composition of industry has changed.New entrants with radicall
4、y new business models are enacting disruption across the value chain, reshaping ecosystems from sector to sector.Meanwhile, company lifespans are shrinking and the paths to billion-dollar valuationsare accelerating.All these challenges are well documented across business media, research reports and
5、conference presentations. But how should you use this information to understand not only where your customers are today but where theyllbe tomorrow? How can you rethink the basis of competition and pivot your operations andbusiness models to win in the battle for growth?Its time for a new approach.
6、One that employs a multidimensional framework to engage what is now a multidimensional consumer.Genesis of our findingsFor several years, weve worked shoulder to shoulder with clients to understand customer attitudes, behavior and expectations in our present era of disruption and uncertainty. Faint
7、signals of change grew louder and bigger patterns began to emerge beyond one individual sector, building a sense of urgency and leading to our belief that were witnessing a structural change, not a temporal one. As our teams constructed a new way of thinking about a changing customer,we embarked on
8、a multifaceted research program to validate our thinking and bring to bear the voice of the consumer.Combined with the extensive, worldwide experience of KPMGs network of member firms, this has enabled us to identify how best to engage the 21st-century consumer, and our approach provides a tangible
9、framework to help companies identify, understand and respond to todays changing customer.Five MysPresenting the Five Mys a framework to help navigate the complexity of consumer decision makingThe underlying drivers of human decision making have become exponentially more complex in recent years. Yet
10、transactional data, traditional market research and demographic profiles alone are proving inadequate to explain not just what customers are doing, but why.As a result, many of our clients have found themselves out of step with a changing, more informed and more empowered customer.Theyre struggling
11、to understand customer motivations and how these translate into new products and propositions, new services or ways of doing business and, crucially, how they should align their organizations to keep driving growth.We start by taking an outside-in view of customer behavior that enables companies to
12、understand the multiple layers and related calculus of human decision making.And our research has led us to focus on five key dimensions of customer behavior motivation, attention, connection, watch andwallet. Considering any one of these dimensions in isolation tells only one aspect of a customerss
13、tory. Together, however, they enable companies to navigate the complexity of consumer decision making, and build a richer understanding of changing attitudes, needs and behavior. 01 My motivation Trust, authenticity and social values are critical but intangible motivators of the choices todays consu
14、mers make. 02 My attention The fight for consumer attention has never been more intense, exacerbated by unprecedented volumes of content at our fingertips. 03 My connection Todays technology connects humans to information and each other 24/7, driving shifts in our social interactions and behavior. 0
15、4 My watch The companies that understand the constraints of time and anticipate how that changes across life events are best placed to engage customers in the moments of greatest impact and to meet their needs head on. 05 My wallet How consumers adjust their share of the wallet across life stages an
16、d pivotal life events is changing, creating a ripple effect of change across not just one, but all categories to which they allocate their money.In the first part of this report, we explore each of the Five Mys in detail, illustrating how they contribute to a deeper understanding of the changing cus
17、tomer and potential impacts on the customer wallet. Based on our in-depthresearch, we discuss how these forces manifest across different generations and in different parts of the world.Customer walletIntroducing the customer wallet the reality of how we spend and saveY 2017 KPMG International Cooper
18、ative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.5The three dimensions of how customers make decisionsUntil now, there has not been a compelling, comprehensive account of how
19、to understandcustomers or consumers as the real living, breathing, complex human beings that they are.The holistic view of me as a customer can be gathered by understanding three key dimensions to knowme better.Five MysMy motivation, my attention,my connection and my trade-offs between time and mone
20、yWhile potential earning power and disposable income have long been used in segmentation and in determining customer attractiveness,the forces that open and close our wallets are undergoing significant change.When, where, how and why we spend is becoming more complex, influenced by a greater variety
21、 of forces and greater availability of choice. Its becoming less predictable, as demographic and economic shifts challenge the accuracy of legacy earning and spending trends. And the trade-offs were willing to make across differentcategories are constantly evolving, powered by mass adoption of new t
22、echnologies and the rise of the on-demand economy.The complex, unpredictable and changing nature of our wallets calls for a new way of thinking about the interrelationship among income, borrowing, savings and spend. We need to consider this mix in the context of why were making the choices we are an
23、d how the mix changes across generations and is influenced by pivotal life events.Later in the report, we focus on the customer wallet, a framework which, when used in concert with the Five Mys enables companies to go beyond the limitations of socioeconomic profiles and credit scoring.Generational s
24、urfingIntroducing generational surfing the unpredictability of our life patternsFor years, companies have relied on assumptions about our life stage, using age as a proxy, to determine our spending power, likely needs and relative attractiveness as customers.But things are no longer happening at the
25、 same time, or in the same order, as withDefining the Five MysMy motivation Characteristics that drive behavior and expectationsMy attention Ways we direct our attention and focusMy connection How we connect to devices, information and each otherMy watch How we balance the constraints of time and ho
26、w that changes across life events My wallet How we adjust our shareof wallet across life eventsearlier generations. Life stages are shifting and extending, and life events arent as reassuringly predictable as they once were.To help companies ride the waves of change, weve developed generational surf
27、ing, a fresh way of thinking about the changing patterns of consumers lives and anticipating their needs, behaviors, trade-offs and choices as they move from one life stage, or wave, to another.In the third part of this report, we explore how life events are “drifting” among generations and reveal w
28、here our research has found new, pivotal life events that introduce new forces on the customer wallet.Change isnt looming in the distance. Instead, its the reality being faced by companies all over the world and no company, regardless of maturity or sector, is immune from these forces and competitiv
29、e pressures. Its demanding fresh ways of thinking about the customer.The Five Mys, customer wallet and generational surfing combine to provide that fresh thinking, bringing companies closer to their multidimensional customers, meeting them where they are and on their terms, and helping them navigate
30、 the change and disruption of both today and tomorrow.Influencing eventsEvents of my formative years that shaped my values and influence my behaviorsLife stageWhere I am in my life stage journeySource: GMC 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no cli
31、ent services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Me, my life, my wallet6The multidimensional customer0405The multidimensional customerA holistic look at consumer behavior1213Paying attention to the right signalsA closer look at the signals
32、 of change1415STEP eventsThe events that shape who we areUnderstanding the Five Mys 1623Deciphering the complexity of human decision making2427The Five Mys profilesA multifaceted view of the consumerMe,my life,my wallet2831Customer walletCustomer walletThe fight for a share of the walletGenerational
33、 surfing 3237Predicting the trends before they breakLife event drifts 3839Life event shift across the generations1213Paying attentionto the right signals3237Generationalsurfing1623Understanding theFive Mys46 48 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides n
34、o client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Curated by me,for me78689The perfect stormThe perfect stormExperiencing the age of disruptionCustomer centricity4041The Customer-centric ecosystemUnderstanding the customer in full cont
35、ext4648Curated by me, for meEmbracing the era of personalization4951The empowered patientPutting healthcare in the hands of the patient5255Industry view 42In search ofa simplified financial lifeTaking the pain out of financial experiencesThe customer through the sector lensesData becomes king 4345Co
36、mbining data to know the customer5657Reorienting around the person, not the riskThe technology revolution in insuranceChasing customers across the worldUnited States:A brave new world 5863The ubiquity of the tech platformUnited Kingdom:The connected consumer 6469The rise of the digital nation7075Ind
37、ia:Leapfrogging towards digital economyA continent in the ascendancyThe easternboomer effect 7677Reverse mentoring across the generationsChina:window into the future 7883A consumer empire on the verge of going globalOne app to rule them all? 8485WeChat: the platform behemoth70 75India: Leapfrogging
38、towardsdigital economy86 89The perfect storm 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.Me, my life, my wallet8HighlightsA glimpse into the
39、 technologically powered world of today through consumers own words, sentiment and actions and a preview of the research themes and insights explored throughout this report.Me, My Life, My Wallet draws on an in-depth body of research, combining trends analysis of social, technological, economic and
40、geopolitical data; ethnographic interviews with consumers on four continents; and a proprietary quantitative survey of consumers in China, India, the UK and the US. Consider this small preview of the detailed insights explored over the course of this report and ask yourself: Do I really know my cust
41、omer as well as I think I do, or as well as I should?To lose my phone.I would feel anxiety.Nomophobia.Zi, 28, millennialCurator, TaiyuanFirst thing I do in the morning is check my notifications, so thatd be from Facebook, Instagram, WhatsApp, or iMessage.Texts first and then moveto social media.Avan
42、tika, 25, millennialPastry chef, Mumbai, IndiaChecking our phones is the first thing we do in the morningWhile greater anxiety is associated with losing ones wallet globally, the connectivity of people in China swings the balance the other wayPercentage who would rather lose phonePercentage who woul
43、d rather lose walletUS74%26%UK61%39%India57%43%China29%71% 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.9I use WeChat every minute, every hou
44、r to chat with friends, family, brands and get my news.Helen, 52, boomerTeacher, Guangzhou, ChinaFirst thing I do in the morning is check TimeHop on Facebook to see what happened before in my life.Emma, 34, millennialLife coach, Norfolk, USFirst thing I read in the morning are WeChat, Facebook and I
45、nstagramto catch upwith friends. Stay in touch.Annie, 23, millennialStudent, Hebei, ChinaMy phone is my alarm clock, so the first thing I doin the morning is check whatnotifications I got. If I posted an Instagram before I went to bed, I want to check if I have a lot of likes in the morning.Kelly, 3
46、0, millennialMarketing, New York, USThe US has the highest percentage of technology laggard boomers, and China has the lowestmillennials glance at their phone screen at least once every five minutes without being prompted by a notification1 in 4 of millennials in China open their phone or mobile dev
47、ice to relieve boredom88%of people in China useWeChat or Alipay to purchase goods or services83%China boomer9%India boomer22%UK boomer24%US boomer26% 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the indepe
48、ndent member firms of the KPMG network are affiliated.Me, my life, my wallet10Payment methods usedUS UK China India72% 90% 72% 88% 38% 60% 34%use credit cards use debit cards use PayPal use WeChat or Alipayuse banks mobile appuse Paytm use Banks mobile appTrust in platforms and devices used regularl
49、yUS19%use a smartwatch regularly79%use platforms*22%have complete trust in platforms54%use a tablet regularly73%use platforms*28%have complete trust in platformsUKuse their laptop regularly71% 60%use a tablet regularly91%use platforms*64%have complete trust in platformsChina21%use a smartwatch regularly4
