Artificial intelligence, sustainability and social, economic and political factors will determine global consumer trends in 2024, according to the latest report from Euromonitor International.
The Top Global Consumer Trends 2024 report reveals emerging trends that provide insights into consumers’ evolving values and explores how their behaviour is redefining their shopping motivations and needs.
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."
The six top global consumer trends include:
Ask AI
New platforms based on generative AI are influencing consumers' decisions and reshaping their expectations of brand engagement and will become increasingly integrated into consumers' daily lives.
The report found that 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.
Delightful Distractions
Some 29% of consumers said they would be comfortable with brands tracking their emotions and personalising experiences to their moods as they seek an escape from daily stress and anxieties to break away from the mundane.
Greenwashed Out
Environmental concerns remain top of mind of consumers, with more than 60% having tried to have a positive impact on the environment in 2023.
Consumers are questioning whether companies and governments are fully utilising available resources to create a meaningful impact and expect organisations to step up and show proof of their eco pledges.
Progressively Polarised
The study also found that social responsibility, political affiliation and sustainability initiatives will motivate spending.
In 2023, more than half (52%) of consumers only bought from companies or brands that they completely trusted, data showed.
Political and social issues are at the core of personal identities and these belief systems influence perspectives, values and attitudes, the study noted.
Value Hackers
Consumers are adjusting their financial mindset as they navigate through a cost-of-living crisis.
In 2023, 44% of consumers planned to save more money and are employing increasingly clever strategies to get the very best deals.
Elsewhere, 53% of professionals said that escalating promotional initiatives will be a strategic priority for their company in the coming months.
Wellness Pragmatists
Consumers are seeking fast and effective solutions to improve both their physical and mental wellbeing and demonstrated effectiveness will play a significant role in their purchasing decisions.
Data showed that 85% of consumers would be willing to pay more for beauty products with proven efficacy or benefits.
