Pearl Strategy and Innovation Design recently attended the webinar hosted by Mintel where experts and analysts shared the five particularly interesting trends for brands to pay attention to now and in the years ahead. Here is our take on it.
Summary
The latest Global Consumer Trends report identifies five key trends shaping consumer behavior in 2024 and beyond. These include the increasing importance of human skills and emotions in a technology-dominated world, a reassessment of value beyond price, and a shift towards meaningful, real-life relationships for better mental and physical health, prioritizing the new climate and environment reality, and the collaboration of consumers and brands to positively manage uncertainty. These insights, gathered from global market data and consumer behavior analysis, offer brands guidance on engaging with consumers in a rapidly evolving space.
Being Human
In an algorithm-dominated world, human skills and emotions remain essential in technology advancement. Consumers seek a balance between technology and tradition, valuing human elements like emotions, empathy, and creativity. A new “Human-as-Premium” label will emerge, giving greater influence to artisans and emphasizing the unique human touch. Brands will concentrate on connecting the dots, by blending digital and physical experiences and ensuring that products improve multiple aspects of life.
More Than Money
Consumers are redefining value by focusing on sustainability, convenience, and heritage, alongside price and quality. An emphasis on reliability, trust, and authenticity will be increasingly important for brands. To connect emotionally, brands should highlight their heritage and leverage nostalgic elements. With declining trust in institutions, consumers expect brands to deliver functional benefits consistently as well as align with their values.
Relationship Renaissance
The “Relationship Renaissance” trend highlights significant shifts in how people connect. The rise of social media, text chains, and video calls has replaced traditional personal connections, leading to increased stress and burnout. As a result, consumers are now eager to explore personal connections as an aspect of their health and wellbeing. Brands face the challenge of bringing people back into the social world by reframing self-care to include meaningful connections with others.
New Green Reality
Consumers are realizing the existential climate threat demands a radical, collaborative response. Sustainability is no longer a selling point, it has become an essential element for survival. Consumers expect brands to be accountable for their sustainability goals through authentic communication and measurable progress. Brands should guide consumers towards sustainable choices by offering clear guidance while maintaining familiar habits. Looking ahead, brands must focus on making progress, providing adaptable solutions, and creating a sense of purpose to mitigate the high costs by promoting a sustainable and resilient future.
Positive Perspectives
Consumers are actively seeking meaningful, positive solutions to combat feelings of chaos and uncertainty. A brand’s honesty and their offering of authentic products and services, will help consumers feel positive. There’s a growing focus on improving spiritual wellness and mental health among consumers, and they are drawn to brands that support this journey. Going forward, brands can support consumers in improving their spiritual wellness and mental health journey by utilizing AI for personalized insights and guidance, helping predict wellness needs and assess mental health risks.
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Implications
These emerging trends explain a significant change in consumer expectations and behaviors. These changes are motivated by the complexity of technological innovation, environmental consciousness, and the desire for meaningful human experiences. Brands can successfully navigate these trends by prioritizing authenticity, sustainability, and an emotional connection. Brands that address mental and spiritual wellness will likely forge stronger connections with consumers who increasingly desire positivity in their life. By embracing these insights, brands can not only meet current consumer needs but also position themselves strategically for future growth in a rapidly changing global landscape.
Want more insights, strategy and innovation? connect with us at pearl-strategy.ca or John at johnchan@pearl-strategy.ca
Source: Mintel, July 01, 2024
