Artificial intelligence, sustainability and social, economic and political factors will determine global consumption trends in 2024, according to latest report from Euromonitor International. At the same time, amid economic uncertainty, shoppers will continue to seek out deals and brands are being urged to strengthen incentives and innovate around accessibility. The report further highlights a notable consumer trend: a growing focus on health and wellness.
So, according to Euromonitorthe main global consumption trends in 2024 are:
Ask the AI - New tools become co-creators for consumers, influencing their decisions and reshaping their expectations for brand engagement. With more than 40% of consumers saying they would be comfortable with voice assistants offering personalized recommendations, these platforms will be increasingly integrated into consumers’ daily lives. According to Euromonitorbusinesses should use generative AI to improve personalization and overall customer experience.
Delicious distractions – Consumers are looking to escape daily stress and anxieties to get away from everyday life. Around 29% of consumers would be comfortable with brands tracking their emotions and personalizing their experiences based on their mood.
Greenwashed Out Environmental concerns remain a priority. More than 60% of consumers have attempted to make a positive impact on the environment in 2023. As consumers attempt to live more sustainably, they question whether businesses and governments are fully utilizing available resources to create a significant impact. They want organizations to step up their efforts and demonstrate proof of their ecological commitments.
Gradually polarized – Political and social issues are at the heart of personal identities. These belief systems influence perspectives, values and attitudes. In 2024, consumers will not refrain from expressing their beliefs, notes Euromonitor. Social responsibility, political affiliation and sustainability initiatives will drive spending.
Value Hackers – With the current cost of living crisis, consumers are adjusting their financial mindset and 44% plan to save more money in 2023. They are employing increasingly smart strategies to get the best offers.
Well-being pragmatists – Consumers are looking for quick and effective solutions to improve their physical and mental well-being. Demonstrated effectiveness will play an important role in their purchasing decisions: 85% of consumers would be willing to pay more for beauty products with proven effectiveness or benefits.
In a context where consumer preferences are closely linked to the sustainability agenda, technological progress and the impact of socio-political issues, “Companies must approach sensitive topics with caution while remaining true to their brand’s core values,” commented Alison Angus, Head of Innovation at Euromonitor International.
