The top 6 global consumer trends for 2024
As the year draws to close, it’s the opportune time to take stock of your customer and ask yourself, ‘how can I better meet their demands next year?’ To help guide your brand messaging and strategy, Global market research company Euromonitor International has unveiled its Top Global Consumer Trends report, forecasting the emerging consumer values and shopping motivations for 2024.
Artificial intelligence (AI), sustainability and social, economic and political factors are predicted to underscore the global consumer trends for next year, according to the report. Simultaneously, amid cost of living pressures, shoppers will continue to seek out deals. The report also highlighted an increasing focus on health and wellbeing.
Euromonitor’s top Global Consumer Trends for 2024
Ask AI: New 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. Businesses should utilise generative AI to enhance personalisation and improve the overall customer experience.
Delightful Distractions: Consumers seek an escape from daily stress and anxieties to break away from the mundane. Some 29 percent of consumers would be comfortable with brands tracking their emotions and personalising experiences to their moods.
Greenwashed Out: While consumers are attempting to live more sustainably, they question whether companies and governments are fully utilising available resources to create a meaningful impact. They want organisations to step up and show proof of their eco pledges.
Progressively Polarised: Political and social issues are at the core of personal identities. These belief systems influence perspectives, values and attitudes. Consumers will not refrain from expressing their convictions. Social responsibility, political affiliation and sustainability initiatives will motivate spending.
Value Hackers: With the ongoing cost-of-living crisis consumers are adjusting their financial mindset and 44 percent of consumers planned to save more money in 2023. They are employing increasingly clever strategies to get the very best deals.
Wellness Pragmatists: Consumers are seeking fast and effective solutions to improve both their physical and mental wellbeing. Demonstrated effectiveness will play a significant role in their purchasing decisions.