Adapting to Demographic Change – The Business Benefits
The new opportunities for businesses adapting to demographic change
“People want to see themselves, because it confirms it confirms our sense of self.”
Rachael Wilson, MD, EW Group
Last week, our MD Rachael Wilson spoke to Refinery 29 about the growing pressure for reality TV to provide a more accurate mirror of the society we live in, and the importance of adapting to demographic change. Increasingly, audiences are calling for programmes to increase their representation of BME and LGBT people. Hardly surprising given the rapid change to the demographic make-up of the UK; by 2050 it’s predicted that 40% of the UK will come from some form of migrant background.
It’s not just in our TV programmes that we are demanding change – the trend is spreading to fashion, retail and work. As an example, ‘Muslim Fashion’ is reportedly one of the industry’s fastest-growing sectors, estimated to be worth more than £200 billion by 2020. Brands are embracing the business benefits of adapting to and harnessing this demographic change. Last month, we saw L’Oréal’s casting of Amena Khan, a British beauty blogger who wears a hijab, in a hair campaign. This followed model Halima Aden becoming the first hijab-wearing woman to make the cover of Vogue. Last year also saw Nike launch a Pro Hijab, which took a year of product development and research.
We’re increasingly seeing workplace initiatives to encourage greater diversity, such as the recently launched Diversity Pledge initiative for transport delivered by the Mayor’s Fund for London in partnership with the Joseph Rowntree Foundation. Its aim is to break barriers for young people from BAME backgrounds in starting sustainable careers in transport. The initiative highlights the sector’s recognition of the business benefits of broadening its talent pool to ensure it reflects the customers it serves.
The Business Opportunities Behind Demographic Change: Event in London
What is your business doing to respond to this demographic change? Do you know how your customer markets will be affected? Which customer groups would you like to attract? And which do you need to understand better? What can you learn from taking small steps to include different religious and cultural groups?
Next Tuesday, Rachael will be hosting a free talk with demographic change expert Aaqil Ahmed looking at case studies from the retail, FMCG and broadcasting sectors, including M&S’s recent foray into modest fashion. The event will be recorded live as part of the new EW Group podcast, Reworked.
Date: 20th February 2018
Location: Cinema Room, Henry Wood House, 2 Riding House Street, London W1W 7FA
Get in touch to reserve your place.