Consumer trends to expect in 2024
Euromonitor International, a global market research company has released the Top Global Consumer Trends 2024 report, offering insights into consumers’ evolving values. It also explores how new behaviors are redefining consumers’ shopping motivations and needs. The report identifies how the impact of generative AI, the importance of sustainability initiatives and social, economic and political factors are crucial in understanding global consumer trends in 2024. Get the report (registration required).
Ask AI: Increasing desire for AI and personalization
New generative AI tools are evolving into co-creators for consumers, influencing their decisions and reshaping their expectations of brand engagement. These platforms will become increasingly integrated into consumers' daily lives. According to Euromonitor´s Voice of the Consumer, Lifestyles Survey, 72% of consumers used technology to improve their daily lives in 2023. Businesses should utilize generative AI to enhance personalization and improve the overall customer experience.
Consumers seek an escape from daily stress and anxieties to break away from the mundane. Twenty-nine percent of consumers would be comfortable with brands tracking their emotions and personalizing experiences to fit their moods.
Consumers want to offset the hustle and bustle of everyday life with an infusion of fun. Delightful distractions often make a memorable impact helping to improve brand perception and customer relationships.
Greenwashed out: Consumers want real sustainability
Environmental concerns remain top of mind. According to the Voice of the Consumer: Sustainability Survey, over 60% of consumers tried to have a positive impact on the environment in 2023.
While consumers are attempting to live more sustainably, they question whether companies and governments are fully utilizing all available resources to create a meaningful impact. They want organizations to step up and prove their eco pledges.
Consumers want to deal with trustworthy companies. Political and social issues are at the core of personal identities. These belief systems influence perspectives, values and attitudes. In fact, more than one-third of consumers expect more political unrest in their country over the next few years.
Consumers will not refrain from expressing their convictions. Regardless, people are quicker to call out or avoid companies that push marketing campaigns around controversial topics – especially if these appear exploitative. Social responsibility, political affiliation and sustainability initiatives will motivate spending.
Value hackers: Consumers want affordable and quality items
With the ongoing cost of living crisis, consumers are adjusting their financial mindset with 44% planning to save more money in 2023. They are employing increasingly clever strategies to get the very best deals.
Value hackers try to reduce spending without compromising quality and they are getting crafty to make this happen. These consumers actively look for dupes (or knockoffs), pay with credit card or rewards points, switch to premium private label brands and participate in free activities.
Optimal health without hassles. That’s how wellness pragmatists tackle self-care. Consumers are seeking fast and effective solutions to improve both their physical and mental wellbeing.
Products with proven results will play a significant role in their purchasing decisions. We found that 85% of consumers would be willing to pay more for beauty products with proven efficacy and real benefits.