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KPMG recently released the study entitled me my life my wallet that analyzes different factors affecting consumer behavior that's what we're discussing on this edition of inside a B I'm Brent de Guzman and I'm here with Shruti Meyer so Shruti you spoke to KPMG about this report just give us the the key findings right so it was a very interesting report like you mentioned it's about consumer behavior and they did go through a lot of different elements and aspects so the first one that they actually went through was geographical and geopolitical situation that is going to impact consumer behavior the second one was demographic and the third one was technology and he also spoke about disruption about how the world is just being thrown around as a verb and not as a noun whereas it actually is a noun and it is a global trend that is inevitably taking place everywhere so it was a very interesting report and there were three people Willie Crewe and Julio Hernandez from the KPMG global team who were there and foreign Saade from the low Gulf region who was actually there to speak about it but they did put a lot of emphasis on Millennials and they said that the purchasing power of Millennials is incredible at this moment which is actually kind of been underrated right now so tell us more about Millennials I mean I wire Millennials the revolution well Millennials are the revolution again this was one of the key findings of the report that came out recently so right now globally there are two point five billion Millennials and the 2.5 billion Millennials tend to inherit about 33 trillion dollars right so although they don't have it they are very very soon going to inherit that amount so the amount of power they have is incredible but there is a very drastic shift in their preferences in their patterns etc so Millennials don't truly believe in in materialistic stuff they believe in experiences so the biggest example of that would be for the first year for the first time in so many years last year there was a huge increase in in the restaurant sales so basically the restaurant dollars eclipsed grocery dollars so that kind of shows how experience is kind of taking over materials essentially that is one buy into thing that he spoke about but also talking about a consumer behavior and consumer patterns he said that 73% of the Millennials globally they will borrow or they'll share stuff and they don't really go out and buy stuff so that's what they believe saving money in that aspect and again Millennials right now if you see the trend they don't buy cars they don't buy property they're always renting cars and property so obviously that's going to affect the automotive industry that's going to affect the real estate industry and finally one very important thing that he said was 84 percent of Millennials don't reached or believe or trust traditional forms of advertising so where exactly are they getting their information from how are they the influence so all this needs to be taken into consideration and social media of course plays a massive role in that so about trust them how is that changing cuz it seems that you know every week or every few weeks there's no huge reports of data pre data breaches so are people generally comfortable giving away their personal information well globally they're not but UAE is a different market it has been very very unique in its own way and it has been unique in this way as well so 78% of the consumers in the UAE they are comfortable sharing their personal information and personal data but as long as they obviously have their own criteria as to why and when they would share it share it and they would only do it if the ideas are being personalized or they getting better offers better deals for the products that they are actually sharing their information to but as you know Europeans they're very very cautious when it comes to sharing their data and then there's the other extreme where you see Chinese the Chinese market Indians it very comfortable sharing their data they don't really think about the breaches the personal privacy intrusion etc that that's not really what goes through the soft process essentially but globally like I said more than half of consumers aren't really comfortable especially with what we've been seeing right when you're on whatsapp and you're just sending messages about safe particularly and/or a product next day you will see that as an advert right so that has been happening a lot we've seen what's been happening with Facebook so these are examples of how our information is being misused and mis utilized so that's why globally people are little cautious but in the you not as much but there are certain sectors where people are more confident in giving their information for example health care 63% of consumers or 63% of the people in the UAE are comfortable sharing the information to health care sector there's again banking 52% are comfortable sharing their information retail in just 51 it's a little lower in retail and technological forms also it's just about around 35 sorry 8% so it varies widely ing to the industry but it's still comparatively high compared to the rest of the world and what about online shopping is trust initially there well obviously when you shop online you kind of have to put certain information into the e-commerce platform it's trust an issue well one of the major challenges of the whole online this tree would be trust of course there are different elements to it one is you know when you order something online you're not sure if you are actually going to get the product that you order it or if it's going to be satisfactory if you can return it so these are just very very basic concerns but apart from that 46% of the consumers were also concerned about theft of credit card details because that that goes directly into the cloud and you don't know where it's going who is using the information right 38 percent were also concerned about unauthorized tracking of their online details and habits so and this has been happening we've seen it across so different elements of it but trusted remains a challenge for the e-commerce industry you know what one thing that we cover a lot at a/b is you know the whole debate between whether brick-and-mortar online shopping is taking you know preeminence what it came here to say about that well so when you're talking about drinking water and of course ecommerce as the two segments of KPMG was very sure about not seeing them as competitors of each other so they didn't want them to be fighting against each other because number of firms are crossing UAE across the world I'll actually implemented digital transformation into all such Affairs so we saw what's happening with email malls where num she is actually becoming apart NomCom again the online platform is just supporting Dubai Mall in its operation so you know there's a lot of hand-in-hand activities going on where they're supporting each other and transformation like I said is it's inevitable it has to come in all of the sectors and all of us fears but one of my favorite example of this China what's happening in China there's such a huge mobile penetration there's such a huge internet penetration across the population in China and they've got their own social medias and got their own websites that they handle so apparently now China is where more innovation will take place than Silicon Valley so earlier with Silicon Valley but now China is the market where a lot of innovation and technological advancements are really taking place and ing to KPMG news report by 2020 or between 2020 and 2030 there are going to be a building new customers just in China so that's that's the target market right now you know there's some and earlier China was an export market and now it's become a consumer market and they are really focusing on that and again a great example of how online shopping and retail online is actually doing really well so recently we are a few months back we had the Black Friday and Cyber Monday etc and in China they have something called singles day which they celebrate on the 11th of November that's 11:11 and it's it's a very it's a very similar online trend where you know there are a lot of offers a lot of deals so on just that day on the singles day in November there was the sauce sales of 15 million dollars from just two platforms its Alibaba and 10 cent and on to all the entire weekend across all platforms that's online that offline that's real physical market in the US they only got about 15 billion dollars on cyber monday black side etc so you can see the difference in the market the difference in the platforms and how just Alibaba and $0.10 have actually overpowered all the other platforms in the u.s. interesting well oh well thank you sure to him and that's quite a lot to think about of course if you want to read more about all these topics go to Arabian Business 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