2023-11-16 00:07:46
Global market research firm Euromonitor International today published the report Global Consumer Trends 2024.
news-body-cta">This press release includes multimedia. See the full statement here:
Top Global Consumer Trends 2024 (Graphic: Business Wire)
The annual report reveals rising trends that provide insight into evolving consumer values and explores how consumer behavior is redefining consumer motivations and purchasing needs. It also examines how the impact of Artificial Intelligence (AI), the importance of sustainability initiatives, and social, economic and political factors are crucial to understanding global consumer trends this year.
Euromonitor’s Global Consumer Trends in 2024 are:
Ask AI: New artificial intelligence tools are evolving to become co-creators with consumers, influencing their decisions and reshaping their expectations of engagement with brands. These platforms will be increasingly integrated into consumers’ daily lives. Companies should utilize generative AI to bolster personalization and improve the overall customer experience. Pleasure in Distractions: Consumers are looking for an escape from the stress and anxieties of everyday life to get away from the ordinary. About 29% of consumers would feel comfortable with brands monitoring their emotions and personalizing experiences according to their mood. Green Authenticity (Greenwashed Out): While consumers are trying to live more sustainably, they question whether companies and governments are making the most of available resources to create a meaningful impact. They want organizations to take the initiative and show evidence of their ecological commitments. Progressively Polarized: Political and social issues are at the center of personal identities. These beliefs influence perspectives, values and attitudes. Consumers will not stop expressing their convictions. Social responsibility, political affiliation and sustainability initiatives will motivate consumption. Value Hackers: With the current cost of living crisis, consumers are adapting their financial mindsets, with 44% of consumers planning to save more in 2023. They are using increasingly smart strategies to get the best deals. Wellness Pragmatists: Consumers are looking for quick, effective solutions to improve physical and mental well-being. Proven effectiveness will play a significant role in your purchasing decisions.
Alison Angus, Head of Innovation at Euromonitor International, said: “Consumer preferences are strongly linked to the sustainability agenda, technological progress and the impact of socio-political issues. Companies should handle sensitive matters with caution, staying true to their brand’s core values.”
For more information, see the full report here.
NOTES TO THE EDITOR
More than 40% of consumers would feel comfortable with voice assistants offering personalized recommendations, but less than a fifth felt the same regarding using bots to answer complex customer service questions Environmental concerns continue to be a priority. More than 60% of consumers tried to have a positive impact on the environment in 2023 52% of consumers only purchased from companies or brands they completely trusted in 2023 53% of professionals stated that expanding promotional initiatives will be a strategic priority for your company in the coming months 85% of consumers would be willing to pay more for beauty products with proven efficacy or benefits
SOBRE A EUROMONITOR INTERNATIONAL
Euromonitor International is the world’s leading provider of global business intelligence, market analysis and consumer insights. From local to global and tactical to strategic, our research solutions support decisions on how, where and when to grow your business. With offices around the world, analysts in over 100 countries, the latest data science techniques and market research on every key trend and driver, we help you make sense of global markets.
View original version on businesswire.com:
Contact:
Euromonitor Press Office
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Source: BUSINESS WIRE
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