London, UK - Euromonitor International has released its annual Global Consumer Trends report, identifying six key factors shaping consumer behavior in the year ahead.
The report's findings provide a comprehensive overview of consumer engagement factors.
Why It Matters:
Understanding these trends is essential for businesses to adapt to changing consumer preferences, especially in a rapidly evolving economic and technological landscape.
The report's insights are critical for companies aligning their strategies with consumer expectations.
The Key Points
- Impact of Artificial Intelligence (AI): AI increasingly influences consumer-brand interactions, with 29% of consumers open to mood-based personalized experiences. However, only 19% trust AI for complex customer service tasks, suggesting the need for careful AI implementation.
- Sustainability skepticism: 63% of consumers doubt companies' environmental claims, indicating growing skepticism and a demand for proof to counter "greenwashing."
- Financial prioritization: Economic pressures have led 44% of consumers to focus on saving money, with many looking for cost-effective deals and becoming "value hackers.
- Wellness and trust trends: There's a shift toward a results-oriented approach to wellness, with 85% of consumers willing to pay more for products with proven benefits. In addition, 52% of consumers prefer buying from trusted brands that align with their values.
What They Say:
Alison Angus, Head of Innovation at Euromonitor, comments:
"Consumer preferences are closely linked to sustainability, technological advances, and socio-political issues. Brands must navigate these areas while staying true to their core values."
What Comes Next?
The report underscores the importance of authenticity and innovation for businesses in addressing economic uncertainty and consumer responsibility.
It advocates using AI and data analytics to enhance personalization and trust.
With a deeper understanding of changing consumer beliefs and financial constraints, businesses can better position themselves in the 2024 market.