Artificial intelligence, sustainability and social, economic and political factors will determine global consumer trends in 2024, according to the latest report from Euromonitor International. Simultaneously, in a context of economic uncertainties, shoppers will continue to hunt down deals and brands are urged to enhance incentives and innovate around affordability. The report further highlights a notable consumer trend: an increasing focus on health and wellbeing.
Thus, according to Euromonitor, the 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. As more than 40% of consumers said they would be comfortable with voice assistants offering personalised recommendations, these platforms will become increasingly integrated into consumers’ daily lives. According to Euromonitor, 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 - Environmental concerns remain top of mind. More than 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 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. In 2024, consumers will not refrain from expressing their convictions, found Euromonitor. 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: 85% of consumers would be willing to pay more for beauty products with proven efficacy or benefits.
In a context where 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,” commented Alison Angus, Head of Innovation at Euromonitor International.