What 300,000 people say about the future of work and consumer behaviour
Based on the views of 300,000 people from around the world, global management consulting Oliver Wyman has released a comprehensive study on the future of work and consumer bahaviour. A round-up of the report’s key findings.
Spanning a period of five years, Oliver Wyman surveyed people about their shifting attitudes across topics that matter to society and business, including technology and artificial intelligence, the future of work, consumer confidence and spending, brands and loyalty, climate and activism, disinformation, inflation and recession.
The overarching conclusion of the 140-page report: Geoeconomic and technological disruptions are increasing emotional strain and fundamentally reshaping how people invest, shop, work, use technology, use healthcare, and live.
Key findings from the report include:
Financial independence has become a defining goal and source of anxiety
Financial independence has emerged as the fastest-growing unmet need among respondents, rising to 41% from 32% in 2022. This shift is accompanied by heightening anxiety; the pressure to make money to feel successful has nearly doubled (+80%) over the same period.
Consequently, interest in the FIRE (Financial Independence, Retire Early) movement has jumped from 24% to 37%, and financial literacy is now cited as the top skill individuals wish they had learned earlier in life.
Wellness efforts are intensifying, even as people feel less well
The share of people who practice at least four wellness activities has risen from 22% to 30% since 2021, while the group that previously reported inactive lifestyles shrunk from 15% to 4%. Yet the self-reported sentiment surrounding mental health has slipped 7 points, sitting just below peak-Covid-19 levels.
People turn to AI first for health
People are growing comfortable relying on AI for personal health inquiries. Over half of respondents have turned to AI for everyday health questions (55%), specific conditions (47%), and urgent health needs (37%).
Fulfillment has become a central workplace expectation
The need for fulfillment in the workplace is reported as the second most important job quality, up six spots in the ranking from 2023 trailing only behind compensation.
However, dissatisfaction with leadership is mounting. Fifty-one percent of respondents view current leadership models as outdated, and complaints regarding “subpar leadership” have increased nearly 60% since 2023.
This is the last generation to work only with humans
Two-thirds of employees (67%) now interact with AI in conversational, “human-like” ways, and 28% would prefer an AI manager over a human one. However, the integration of software agents and autonomous robots is creating uncertainty regarding role clarity and performance standards for many workers.
Rising consumer expectations are making loyalty increasingly fragile
Consumer patience has decreased significantly. While 33% of respondents say brands are meeting their needs better than in 2022, the baseline for satisfaction has risen. Sixty-four percent of consumers indicate they will abandon a brand after a single poor experience, a figure that rises to 69% among high-income shoppers.
Commenting on the findings, Ana Kreacic, partner and chief knowledge officer of Oliver Wyman, said: “Taken together, we found clear evidence of people changing across numerous dimensions, from what they value and how they feel to how they work and lead to how they invest and spend. Much of this change is being driven by a new variable that has quickly taken a central role in business and society: artificial intelligence.”
“The changing social, economic, and personal dynamics are helping to rewrite the rules of business. For businesses and leaders, this signals a need to adjust strategies to align with a workforce and consumer base that is becoming more demanding, more independent, and increasingly reliant on AI. Leaders who understand the interplay across all of these categories will have a major advantage in the years ahead.”
