A recent study by Accenture reveals that 68% of Malaysians are significantly reshaping their life goals, with a focus on job stability and retirement superseding considerations such as marriage or obtaining a college degree. Additionally, 36% of Malaysians plan their lives for less than 12 months or do not plan at all, according to the 17th annual Life Trends report from Accenture.
This shift in mindset, partially attributed to rapid technological advancements, introduces a level of uncertainty and fragility for businesses. As individuals deconstruct various aspects of their lives to find their place in the world, companies must adapt to changing consumer values.
Azwan Baharuddin, country managing director of Accenture Malaysia, said, “We’re heading into a decade of change influenced by shifts in consumer values, the explosive growth of AI, and more. Brands in Malaysia should adapt fluidly, capitalize on opportunities, and align with the dynamic choices customers are making to craft seamless experiences that challenge norms.”
These insights have enabled Accenture to identify five global macro-cultural trends anticipated to revolutionise how businesses and leaders remain relevant to their customers, accelerating growth.
1. The Customer is Always Right, Right?
The traditional emphasis on customer experience and revenue growth is facing challenges due to economic considerations. Nearly half of customers feel undervalued during difficulties with customer service. This trend is marked by price increases, reduced quality, unwanted subscriptions, and poor customer service, leading to a perception problem where some customers interpret actions for survival as greed.
2. The Great Interface Shift
With 80% of Malaysians familiar with conversational AI, generative AI is transforming internet experiences from transactional to personal. Conversational AI is expected to reshape interfaces, influencing product recommendations, task completion at work, and wellness and healthcare advice.
3. Is Creative ‘Meh-diocrity’ Looming?
Creativity is undergoing a shift as algorithms and technology play a significant role in content creation. Consumers in Malaysia and globally express dissatisfaction with indistinguishable app designs. Businesses are urged to invest in creative talent and embrace originality amid a landscape of increasing mediocrity.
4. Error 429: Human Request Limit Reached
The relationship between people and technology is at a critical juncture. A significant portion of Malaysians feels that technology complicates their lives, demanding too much without positively impacting well-being. Consumers are taking measures such as removing notifications, setting screen time limits, and uninstalling apps to regain a sense of agency.
5. Decade of Deconstruction
Traditional life paths are being rerouted, with Malaysians making plans for their lives less than 12 months ahead or not planning at all. The value placed on traditional milestones like marriage, college graduation, and moving out of the parental home is decreasing. Businesses must adapt to these new mindsets to remain relevant to the evolving consumer.
Accenture’s Neeraj Gulati said, “The value paradigm is changing at an astronomical pace, creating space for brands to shift from being products and service providers to inspiration providers.” Brands that align with this evolving value system are poised for growth in revenue and profits.
To access the full Accenture Life Trends 2024 report, visit here. Explore the findings in Accenture’s thought leadership app, Accenture Foresight.
