Global market research company Euromonitor International has unveiled its Top Global Consumer Trends 2024 report, shedding light on evolving consumer values and shopping motivations. This annual report delves into emerging trends, exploring how consumer behavior is reshaping their needs and motivations. The report emphasises the critical role of Artificial Intelligence (AI), the significance of sustainability initiatives, and the influence of social, economic, and political factors in understanding global consumer trends for the current year.
In a marketplace where consumers are relentless in seeking deals, brands are urged to enhance incentives and innovate around affordability. The report underscores the importance of recognising the impact of AI and the interconnectedness of sustainability and socio-economic factors in shaping consumer choices.
The report further highlights a notable consumer trend: an increasing focus on health and wellbeing. Consumers are actively seeking ways to break away from the mundane, indicating a shift towards prioritizing personal wellness in their lifestyles.
As businesses navigate these evolving trends, understanding the multifaceted influences on consumer behavior becomes paramount. Euromonitor's comprehensive report serves as a valuable resource for businesses looking to adapt and thrive in the dynamic landscape of global consumer trends. The insights provided offer a strategic perspective on aligning products and services with the changing values and preferences of the global consumer base.
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.
