The Fourth Industrial Revolution is transforming the consumption landscape by igniting opportunities for value creation through game-changing technologies. With consumer spending as an engine of economic activity that drives approximately 60% of world GDP, embracing the power of technology as a catalyst for creation of new value is paramount to progress across developed and emerging economies.
To shape a digital future that will deliver positive outcomes for all stakeholders, key actors must navigate forward in a responsible manner by addressing the following challenges: meeting consumer demand amid changing demographics and new patterns of consumption; adopting game-changing technologies (e.g. Artificial Intelligence, IoT, Robotics) that are poised to transform value chains; and tackling ensuing societal challenges such as urban-rural divides, workforce transformation to support new business models, denigration of the environment due to over-consumption, and ongoing concerns regarding trust and transparency in the world of big data.
To date, Future of Consumption System Initiative has engaged over 150 organizations (private sector: consumer and other industries; public sector: government, academia, civil society, international organizations) to transform the consumption landscape.
Our MISSION: Why do we exist?
Advance responsible consumption for the benefit of humanity.
Our VISION: What is the future we wish to see?
“We envision a future where innovation and technological advancement empower citizens to lead better lives. They have easy access to choices to better sustain themselves, their communities, and the planet.”
Our GOALS: What outcomes need to be achieved to realize the future state?
Be the trusted platform for transforming consumption through public-private partnerships by enabling the following outcomes:
1) Inclusive Growth Models: As the needs and aspirations of different demographic segments vary, it will be critical to bridge divides across geography, age, incomes, gender and skills (workforce transformation).
2) Consumer Well-Being: Proactive efforts will have to be made to enable consumers to make healthier choices. Access to and affordability of health and wellness options leveraging new business models and new ecosystems will have to be ensured.
3) Environmental Sustainability: Consumer engagement around mitigating challenge of resource scarcity (e.g. water) and climate risks, as well as around tackling plastics pollution, among other issues will have to be addressed.
4) Trust and Transparency: To ensure high consumer confidence, trust issues around consumer data privacy and security will need to be addressed. Additionally, transparency in supply chains will also be needed to ensure safety and quality of products consumed.