Pearl attended a webinar where IPSOS experts shared the societal and consumer trends that shaped 2024. Here is our take on it.
Summary
As 2024 ends, brands must navigate shifts in climate urgency, mental health focus, and growing individualism. In Canada, domestic concerns like jobs and healthcare dominate, with skepticism about AI and technology rising.
Here are the top trends shaping the mindset of consumers and how brands can respond effectively:
- Climate Crisis: A Call for Leadership
As the climate emergency continues to accelerate, actionable solutions remain elusive. Brands that offer sustainable innovations and transparency can build trust and resonate with increasingly eco-conscious consumers.
- The Trust Deficit
In an age of information overload, skepticism and alternative facts, trust needs to be earned. Transparency, authenticity, and action are drivers of trust for brands striving to build loyalty and enduring relationships.
- Technology’s Double-Edged Sword
AI and technological advancements inspire both hope and concern for the future. Canadians are concerned for privacy risks, job displacement, and ethical use of data. Brands must balance the benefits of AI while being mindful to transparently address the fears of society to earn the trust of consumers and advance adoption.
- Prioritizing Holistic Health
Wellness has evolved beyond physical well-being to include mental health. With stress at an all-time high, consumers are embracing self-care rituals. Brands can meet this need by offering accessible and holistic wellness solutions, that address the need for mental health resources and preventative care.
- Escape to Individualism
With external pressures constantly mounting, people are starting to refocus inward to reclaiming their autonomy and prioritize personal values. Brands can cater to this trend by delivering personalized experiences, tools that empower consumers, and independence focused solutions.
- Living for Today
Economic uncertainty and global instability have spurred a “live for today” mindset. Consumers are seeking outlets of joy and escapism, creating space for brands to provide uplifting and guilt-free experiences that enable them to live in the moment.
Key Takeaways for Brands
- Be a Source of Self Protection: As the world becomes more uncertain and unstable, society is directing its attention inwards for safety. Sustainability is no longer just about the planet, it’s also about self.
- Build Trust, With Actions: Empathy, transparency, authenticity and delivering on commitments will foster long term loyalty and relationships.
- Make a Meaningful Difference: Address areas of need with bold and positive impact, whether it be in sustainability, health or innovation.
- Think Global, Act Local: Canadians are increasingly focused on domestic issues like jobs and healthcare, with broader global issues taking a back seat. Demonstrating understanding and empathy towards local needs will build relevance and foster trust.
Want more insights, strategy and innovation? connect with us at pearl-strategy.ca or John at johnchan@pearl-strategy.ca.
Source: IPSOS, November 2024
