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Mega trends will disrupt all major industries
Mega trends will disrupt all major industries
Mega trends cannot be stopped or ignored. They change everything about how we are used to doing things. There are many ways to categorize trends, but the most popular is STEEP, where each letter stands for the following:
Socio-cultural
Technological
Economical
Environmental
Political
STEEP categories are then used to analyze each of the following industries:
STEEP categories are then used to analyze each of the following industries:
STEEP trends stand for:
STEEP trends stand for:
Socio-cultural
Socio-cultural
Socio-cultural trends include factors like consumer behaviour demographics, religion, lifestyles, values, and advertising
Socio-cultural trends reflect changes in societies' structure, behaviours, habits, and population changes, different ways of cultural appreciation
Socio-cultural trends also include lifestyle choices, raising awareness of certain facts, understanding and making sense of certain happenings
For example:
The spread of English everywhere or the demographic growth of Latinos in the United States
Technological
Technological
Technological advances have greatly changed the manner in which businesses operate
Technological trends also include awareness and acceptance of the new technologies
New emerging technologies that are disruptive
For example:
The increased usage of digital technology, biotechnology, nanotechnology, or mechatronics.
Economical
Economical
Economical trends include economic conditions, like purchasing power of consumers and the structure of their expenditure
Economic trends can include the instability of the currency or factors like employability or an increase of GDP
Economical growth and shifting economical dynamics, as well as growing market segments can e interpreted as economical trends.
For example:
The growth of manufacturing and consumer markets in China, India, and Southeast Asia
Environmental
Environmental
Environmental trends include attitudes towards energy saving and also the environment
Environmental trends also include factors like green thinking in society, awareness of climate change, and choices regarding environmental change
For example:
The impact of climate change and increase volatility in weather patterns
Political
Political
Political trends can include political situations, political stability
Political trends also include other influences from local and international political realities and geopolitical situations that can influence industries, like bans and regulations
For example:
The rise of strongman in democracies across the world
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