Demographic Change Talk: 20th February 2018
The Business Opportunities Behind Demographic Change: The M&S Modest Fashion Case Study
Join us for this special event looking at why adapting to demographic change – and building the cultural literacy of your teams – can help your business unlock new markets for your products and services.
EW Group MD Rachael Wilson will be talking to demographic change expert Aaqil Ahmed about practical, real-life examples of this new movement in action.
To book your place, drop us a line on our Contact page.
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
RSVP: Get in touch to reserve your place.
How to Unlock New Markets by Adapting to Demographic Change – Lessons Learned from Business
The demographic make-up of the UK is changing rapidly. In 1971, people of colour made up only 2% of the UK population. By 2030 it will be closer to 20%. As a business, how will your customer markets be affected by the rate of demographic change? 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?
As an example, ‘Muslim Fashion’ is reportedly one of the industry’s fastest-growing sectors. Research indicates it will be worth more than £200 billion by 2020. With 29% of the global population projected to be Muslim by 2030, the importance of appealing to this demographic is clear.
Did you know?
If one member of your team shares a customer’s ethnicity, they are 152% more likely to understand that customer’s needs compared to a team that doesn’t.
Modest Clothing – the M&S case study
To start the conversation, we’ll be focusing on Marks and Spencer’s recent foray into modest fashion. We’ll be looking at:
- The market data on the Muslim pound that first started the modest fashion project
- The research M&S undertook to determine their course of action
- The lessons learned from the initiative so far.
We’ll also be looking at other case studies from the retail, FMCG and broadcasting sectors. Plus there’ll be an opportunity for you to ask Aaqil and Rachael questions about the specific opportunities for your business that responding to demographic change can bring.
“Whether it’s tailoring the marketing and purchasing of your products to different groups, revisiting your opening hours during religious festivals like Eid and Ramadan, or understanding the buying decisions of Arabic or Chinese consumers, there are plenty of baby steps that can be taken by businesses to improve their access to culturally diverse markets”, says Aaqil.
“By 2050 it’s predicted that 40% of the UK will come from some form of migrant background. Adapting to demographic change isn’t a nice-to-have for UK businesses. It’s essential that we understand that the status quo is no longer an option, and that we have an opportunity to embrace and lead other countries facing similar societal change.”
How can businesses respond to demographic change? Our experts in conversation
Aaqil Ahmed is an expert in demographic change and cultural literacy. He works with businesses to pinpoint the opportunities for growth linked to changing customer demographics and their specific cultural needs and norms.
Rachael has helped businesses from a wide range of industries to improve their staff engagement and customer satisfaction, to innovate and win new clients, to attract and retain the best talent, and to drive genuine cultural change.
To RSVP to this event: Get in touch