What Are The Business Forecasts for 2022

According to the latest Euromonitor consumer surveys

- 57% of global consumers plan to increase their savings in 2022,

20% of global respondents intend to reduce their overall consumption, and

- 38% of global respondents plan to buy less but better quality goods.

Globally, therefore, consumers are clearly more cautious about the future and there is still a desire to prepare for a protracted pandemic. The emphasis on responsibility in consumer values also supports the above answers.

In Bangladesh, the Government (Ministry of Finance: Economic Survey 09/2021) forecasts 5.9% economic growth for 2022.

In Bangladesh, therefore, the biggest change is not in the amount of consumption but in its way and destinations. This is crystallized in two things: Digitalisation and responsible consumption.

It was already stated above that the share of digital commerce even decreased at the end of 2021. But this has happened relative to the wild growth rates of 2020. Despite the decline, the covid age as a whole has doubled or tripled the share of digital commerce compared to traditional developments. What about in 2022?

Statista (ECommerce report 06/2021) forecasts “no more” 8% annual growth for e-commerce in the coming years. This is much less than what you are used to before the covid era. On the other hand, the final saturation point of e-commerce is still a long way off. Depending on the industry, the share of e-commerce in total sales will still double or even triple. But after wild covid growth, getting to previous figures alone in 2022 is not a matter of course.

It may be that the first half of 2022 will also be difficult for digital commerce companies accustomed to growth, but in the long run, growth will materialize. And while the expected growth rates are lower in percentages than before, they are even higher in absolute terms before the pandemic.

At the latest, every retailer whose digital purchasing path is not in the order must build processes and a concept that supports a multi-channel customer experience.

In 2022, consumers will increasingly embrace social responsibility and demand that companies and brands do the same. Correspondingly, more than half of CEOs experience “strong pressure” to build a more responsible and sustainable business (Euromonitor: Sustainability Post-COVID-19 01/2022).

Responsibility will be a competitive advantage not only to win over consumers but also for employees. In a war, talent is best coped with by companies that, for their part, strive to act responsibly and make the world a better place with concrete actions.

Economic recovery and the transformation of consumer behavior are still strongly linked to the covid-19 pandemic. Infection rates and the persistence of telework and restrictions will have a significant impact on consumption patterns in 2022, and on the other hand, the Third World’s survival from the pandemic could have a significant impact on global economic growth. The prediction has hardly ever been more difficult.

However, it is a good idea for a person planning their own business to assume that the old-time will not come back. If your strategy is to wait for “recovery,” tear it up and make a new one. The forthcoming change in the way and destinations of consumption is great and there are many opportunities for the brave and adaptable.