Presentation of "The return of the consumer" by José Luis Nueno

May 12th 2014

José Luis Nueno, an IESE professor, explained to about 50 executives of prominent companies from various sectors on Friday the new consumption model that is already being imposed in our country, clearly influenced by two variables: the loss of purchasing power and the increase of social inequality. In the presentation of his latest book, edited by AECOC, the IESE professor portrayed a society marked by the social gap opened by the economic crisis; in Spain, 26 million Spaniards accumulate 70% of the wealth.

Currently, the recovery in consumption is taking place basically in three ways: return to categories that had been forgotten, replacement and relevance. During the long economic crisis, categories to which we are now returning have been forgotten, purchases of durable goods (furniture, electrical appliances ...) have been postponed but others considered relevant by the consumer, such as mobile phones, have not been renounced. For this reason, Spain is the second country in Europe and the fourth in the world in penetration of smart phones.
According to Nueno, in any society, the level of education and the family are two dynamic elements of consumption and, of course, the existence of an important middle class. He recommended to the executives gathered by AECOC that they should focus their attention on the 2.000 million new consumers in the world who need to be served and that they respond to the rebound of a lower-middle class favored by two factors: the loss of purchasing power of the middle class in countries like Spain and the existence of an emerging middle class in less developed countries.
José Luis Nueno's reflections were complemented by a discussion table moderated by the general director of AECOC, José Mª Bonmatí, in which the general director of Mahou-San Miguel, Alberto Rodríguez-Toquero and the general director of Toys R Us participated. , Jacobo Caller.

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