Industry Trends

Mega trends will disrupt all major industries

Mega trends cannot be stopped or ignored. They change everything about how we are used to do things. There 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:

Finance Services

STEEP trends stand for:

Socio-cultural


  • Socio-cultural trends include factors like consumer behaviour demographics, religion, lifestyles, values, and advertising
  • Socio-cultural trends reflect changes in societies structure, behaviour, 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 demographic growth of Latinos in the Unites States

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 increase usage of digital technology , biotechnology, nanotechnology or mechatronics.

Economical

  • Economical trends include economic conditions, like purchasing power of consumers and structure of their expenditure
  • Economic trends can include the instability of the currency or factors like employability or 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 trends include attitudes towards energy saving and also 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 trends can include political situation, political stability
  • Political trends also include other influences from local and international political realities and geopolitical situation that can influence industries, like bans and regulations


For example:

The rise of strongman in democracies across the world