- Annual report reveals emerging insights into consumers’ values and shopping motivations
- Impact of Artificial Intelligence, sustainability and social, economic and political factors critical in understanding global consumer trends this year
- Businesses need to step up incentives and innovate around affordability as shoppers relentlessly hunt down deals
- Consumers are seeking to improve their health and wellbeing by taking a break from the mundane
The annual report reveals emerging trends that provide insights into consumers’ evolving values and explores how their behaviour is redefining their shopping motivations and needs. It examines how the impact of Artificial Intelligence (AI), the importance of sustainability initiatives, and social, economic and political factors are crucial in understanding global consumer trends this year.
Euromonitor’s top Global Consumer Trends in 2024 are:
- 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% 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% 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.
Alison Angus, Head of Innovation at Euromonitor International, said: “Consumer preferences are closely linked to the sustainability agenda, technological progress and the impact of sociopolitical issues. Companies should handle sensitive subjects with caution while staying true to their brand’s core values.”
For more information see Euromonitor’s Top Global Consumer Trends 2024 report here.
NOTES FOR THE EDITOR
- More than 40% of consumers would be comfortable with voice assistants offering personalised recommendations, but less than one-fifth felt the same about using bots to answer complex customer service questions
- Environmental concerns remain top of mind. More than 60% of consumers tried to have a positive impact on the environment in 2023
- 52% of consumers only bought from companies or brands that they completely trusted in 2023
- 53% of professionals said that escalating promotional initiatives will be a strategic priority for their company in the coming months
- 85% of consumers would be willing to pay more for beauty products with proven efficacy or benefits
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