Good morning. It’s Thursday. Today we’re unpacking how pricing strategies are driving real revenue in food & beverage, the eCommerce surge across emerging markets, and rising consumer demand for AI-powered smartphones. First time reading? Join the execs and operators shaping the future of consumer markets. Subscribe here.

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— The Consumer150 Team

APAC Gift Card Market: Cash(less) is King

The APAC gift card and incentive market is on a steady rise, expected to hit $310.7B by 2028, growing at 7.15% annually. With consumers and businesses increasingly favoring digital and prepaid solutions, the industry is booming beyond just holiday shopping,think loyalty rewards, corporate incentives, and digital wallets.

Why it matters: As e-commerce and fintech expand, gift cards are becoming more than just last-minute presents—they’re a major financial tool. The real question: How will brands and retailers innovate to capture this momentum?

One thing’s for sure, cash may be optional, but convenience is mandatory.

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Consumers Still Aren’t Over 2019 Prices

Even as inflation cools, 66% of food & beverage executives say consumers are still comparing today’s prices to the “good old days” of 2019—and they’re not happy. With half of industry leaders admitting they can’t rely on price hikes for revenue growth in 2025, the era of easy margin expansion may be ending.

Why it matters: 42% of execs expect retailers to push back on further price increases, making pricing power a serious challenge. Meanwhile, only 30% believe they can raise prices by more than 3% without hurting demand.

The takeaway? Loyalty, innovation, and cost efficiencies will be the real revenue drivers moving forward,brands can’t bank on “just charge more” anymore.

Can Emerging Markets Sustain Their eCommerce Boom?

Fast growth is great—sustaining it is another story. Turkey, India, and Brazil are leading eCommerce expansion, but their Network Readiness Index (NRI) scores lag behind digital powerhouses like the U.S., Germany, and the Netherlands.

Without strong digital infrastructure, payments, logistics, and cybersecurity could bottleneck their growth. Meanwhile, high-NRI markets may grow slower but with more stability.

The takeaway? Explosive eCommerce growth is exciting, but long-term winners will be the ones that can handle the digital load.

Alphabet Goes Full Wiz: Google’s $32B Cloud Security Gambit

Alphabet just bet $32 billion on cloud security, acquiring cybersecurity unicorn Wiz in what’s now the company’s largest M&A deal ever, and the biggest globally in 2025 so far. If approved, Wiz will slot into Google Cloud, pushing the tech giant from partner to direct combatant with Palo Alto Networks, CrowdStrike, and Fortinet.

Wiz, a fast-scaling startup in multicloud and AI-era security, gives Google instant street cred in an increasingly lucrative battlefield. Oppenheimer analysts say the move could vault Google into the top 10 global security vendors. It also positions Google Cloud as a clear frontrunner in securing complex, multi-cloud environments, a growing enterprise priority.

This is also a regulatory test run: New FTC chair Andrew Ferguson may bring a lighter touch than Lina Khan, but a $32B Big Tech buy is still likely to draw scrutiny.

One thing’s clear, Google isn’t playing defense. It’s suiting up for a full-court press in cloud security’s biggest arena.

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AI Smartphones: Bridging the Gap Between Innovation and Consumer Interest

The push for AI integration in smartphones is met with varying degrees of consumer interest globally. Chinese consumers exhibit significant enthusiasm, with 31% showing high and 12% very high interest in AI features. In contrast, European consumers display a more cautious stance, with many indicating little interest in AI capabilities. Manufacturers like Samsung and Apple are undeterred, embedding advanced AI functionalities into their latest models, the Galaxy S25 series and iPhone 16, respectively. The pivotal challenge lies in aligning these technological advancements with consumer preferences, ensuring that AI features enhance user experience without overshadowing the core functionalities valued by users.​

BFCM Spending Expectations Keep Climbing

Black Friday-Cyber Monday (BFCM) is solidifying its role as the main holiday shopping event, with expected consumer spending in 2024 hitting $650—a 15% increase over 2023 and up nearly 60% since 2019. That’s a 9.4% CAGR over five years, outpacing inflation and wage growth. 56% of holiday budgets were expected to be spent during BFCM, as shoppers prioritized early deals, a notable jump from 47% last year. High-income shoppers led the charge, with those earning $200K+ having planned to increase their spending by 20% YoY. With 45% of consumers anticipated higher gift prices, the trend toward locking in discounts early isn’t slowing down. BFCM’s dominance in holiday shopping is no longer a prediction—it’s a reality.

Gen Z Isn’t Buying What You’re Selling (Unless It’s a Vibe)

Gen Z isn’t chasing the lowest price—they’re chasing experiences. According to new BCG research, this cohort values how a brand makes them feel over what it costs. They’re open-minded about brands at the start of their journey, but fiercely loyal to preferred retailers. And while their wallets may be thin, their urge to splurge is real—especially on products that align with their identity.

• Emotional value > Discounts: Brand experiences win over promotions

• Retailer loyalty: They’ll try new brands, but stick to familiar stores

• Trusted influence: Friends, family, Reddit > branded ads

• High-splurge mindset: Especially in beauty, skincare, and fashion

• Behavioral economics: Choices are driven by psychology, not by math

📊 Source: BCG’s deep dive into Gen Z consumer behavior across 6,000+ respondents

"If you can find a big, hairy deal with solvable problems, that’s where the real money is"

Brad Jacobs