Pearl Strategy and Innovation Design recently attended the webinar hosted by Euromonitor where experts shared top lifestyle and digital consumer trends projected for 2024. Here is our take on it.
Summary: In 2024, people want practical health solutions, care about the environment and look for enjoyable shopping experiences. Businesses should be clear about being eco-friendly, offer affordable choices and be positive and fun. It’s also important to understand social issues and use technology, like AI, to improve customer experiences. Online trends include making online shopping better with data and AI, being real on platforms like TikTok, understanding how people find deals online, focusing on sustainability in resale and making returns hassle-free. For businesses, it means being eco-friendly, positive, affordable, understanding social issues and using technology to make customers happy.
Wellness Pragmatists
Consumer Behavior: People want health solutions that are practical.
Business Strategy: Brands should focus on creating products that are easy to use and have scientific backing for their effectiveness.
Green Washed Out
Consumer Behavior: Consumers are increasingly environmentally conscious.
Business Strategy: Brands must substantiate their sustainability claims, form eco-friendly partnerships, and make sustainable options accessible to the masses.
Delightful Distractions
Consumer Behavior: Stressful lives lead to a demand for positive and engaging retail experiences.
Business Strategy: Brands are advised to infuse joy and distractions into products and services to create memorable and enjoyable interactions.
Value Hackers
Consumer Behavior: Consumers seek budget-friendly options without compromising quality.
Business Strategy: Brands catering to budget-conscious consumers can build a positive reputation by offering wallet-friendly options and developing compelling loyalty programs.
Progressively Polarized
Consumer Behavior: Social and political issues impact purchasing decisions.
Business Strategy: Brands should navigate these topics with authenticity, staying true to their values to strengthen customer loyalty.
Ask AI
Technology Impact: Generative AI is transforming consumer experiences.
Business Strategy: Businesses are encouraged to leverage AI tools for enhanced marketing strategies, innovative services and personalized user experiences.
Digital Shopper Trends
Intuitive E-commerce
Consumer Behavior: Consumers want an improved online shopping experience.
Business Strategy: Brands should use data and emerging technologies, like generative AI, to transform online shopping into a more intuitive and personalized experience.
TikTok Economy
Consumer Behavior: Short-form videos on platforms like TikTok influence consumers.
Business Strategy: Brands should engage in authentic and fun content creation to connect with younger consumers.
Outsmart Online
Consumer Behavior: Economic uncertainties drive consumers to seek the best deals.
Business Strategy: Brands should be aware of consumers’ resourcefulness, partner with budgeting apps, and refine digital platforms to attract budget-conscious shoppers.
E-commerce 2.0
Consumer Behavior: Environmentally conscious consumers drive e-commerce.
Business Strategy: Brands should invest in e-commerce initiatives, integrating payment logistics and verification services, and communicate these efforts as part of broader sustainability goals.
Revamped Returns
Consumer Behavior: Focus on hassle-free returns is increasing.
Business Strategy: Brands should explore innovative solutions like Best Buy’s outlets for used electronics, creating a positive return experience to ensure customer loyalty.
Implications: Overall, organizations should embrace eco-friendly practices, affordability, positive experiences, and technological integration to meet the evolving needs of consumers in 2024
Want more insights, strategy and innovation? connect with us at pearl-strategy.ca or John at johnchan@pearl-strategy.ca
Source: Euromonitor, Feb 2024
