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Top Global Consumer Trends 2024!

Prepare for the future with Euromonitor International 2024 Consumer Trends. These insights can help guide your organisations growth plans for the year ahead. Let’s dive into the Top Global Consumer Trends 2024! @Eolas are constantly watching and anticipating future trends when it comes to our consumer and healthcare clients research requirements.

Ask AI

It is no surprise that AI has made the top 6 trends, generative AI has taken the world by storm, with ChatGPT reaching 100 million people within 2 months of launch. The rapid growth and adoption of AI tools have enabled millions of people to produce content with little technical expertise.

We have seen people using AI in many ways, including drafting resumes, creating recipes, to writing articles, among many other tasks. According to research, 72% of consumers use technology to improve their daily lives.

(Euromonitor International Voice of the Consumer: Lifestyles Survey 2023)

Chatbots and voice assistants are also becoming increasingly popular, and there has been a shift in consumer behaviour towards these tools. Over 40% of consumers said they would be comfortable with voice assistants offering them personalised recommendations.

AI tools, if used effectively could give organisations a competitive advantage.

Delightful Distractions

Consumers are seeking time away from everyday stressors. People are seeking relief from the mundane every day and their anxieties. Delightful Distractions both invigorate and uplift emotions.

Brands that find ways to give consumers a piece of bliss will build stronger connections with customers. 55% of consumers said they shopped in stores that created engaging experiences.

The last couple of years has been filled with economic uncertainty, political unrest, and climate issues. All this negativity has taken a toll on the mental health of many people. Now, people want happiness in their day to day lives. These delightful distractions help create a memorable impact thus improving brand perception and customer relationships.

Greenwashed Out

Consumers are becoming increasingly fatigued about hearing about the climate crisis. Individuals are taking steps to help improve the planet, but it is evident that consumers realise their individual contributions can only do so much. In 2023, over 60% of consumers tried to have a positive impact on the environment. However, the climate issues have not improved with extreme temperatures, severe draughts and devastating floods evident in communities around the world.

Consumers are realising their contributions alone aren’t proving successful in improving the situation, therefore they want organisations to step up and prove their eco pledges.  These Greenwashed Out people aren’t accepting empty promises and false intentions.

The good news for organisations is that investing in long term energy efficient measures can be cost effective, and eco-friendly operations can have an immediate effect on the bottom line.

Politically Polarised

Social and political movements are continuing to trigger debates around the globe, and the 2024 elections are expected to escalate tensions further. Businesses need to approach these topics with care and remain authentic to the brand ethos. Political and Social issues are at the core of personal identities. These ideologies shape perspectives, priorities, and attitudes. And as a result, shoppers are tending to support brands that align with their values and morals. Social responsibility, political affiliation or sustainability initiative all motivate spending.

At the same time, consumers can also feel indifferent about corporate stances or simply don’t take these factors into consideration when shopping. They’ll search for products based on price, quality or benefits. Some may even steer clear of brands that promote a partisan agenda. Social or political views tend to be less persuasive in the buying process.

Regardless, people are more inclined to avoid companies that push campaigns around controversial topics. The backlash can affect the brand reputation, but if it goes well, it could strengthen customer loyalty. It is hard to keep everyone happy. Brands that are more vocal must accept both the potential risks and rewards associated with tackling a controversial issue.

Value Hackers

In 2023, price hikes have left consumers struggling to cover their expenses, nearly 3 in 4 consumers expressed concern about the rising cost of everyday items. People were forced to make cutbacks and opt for cheaper options. They have become Budgeteers out of necessity to keep up with the cost of living.  Saving money remains a priority, but shoppers are still looking for ways to stretch their wallets.

Value Hackers try to reduce spend without compromising quality. And they’re getting crafty to make this happen. Consumers are actively looking for dupes, paying with credit card or rewards points, switching to premium private label brands and participate in free activities.

Consumers are adopting new financial or lifestyle tricks to make the most of their income. Cost effective and added value solutions can help companies meet their consumer needs. Communication is critical. If shoppers don’t understand your value proposition, they’ll switch to a competitor or find alternatives like dupes. Promote the right information that will influence their decisions. Education falls under this umbrella, too. Share tips and tricks on ways to save or teach your customers about versatile ways to use your products.

Wellness Pragmatists

Consumers want to look and feel their best, consumers are opting for convenient solutions that deliver immediate results. Consumers today want to reap instant benefits without too much commitment. They don’t expect radical changes overnight, but they will expect improvements even if they are small to start. Advancements in science and technology continue to enhance health and beauty innovations.

Advancements in science and technology continue to enhance health and beauty innovations. Companies are using bioscience and smart technology to push the envelope of innovation. Brands keep refining personalisation capabilities in cosmetic and supplements, for example, to target specific concerns.

These 2024 insights can help your organisation stay ahead of the competition and anticipate shopper’s motivations and fulfil unmet consumer needs.

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