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Global Consumption Trends for 2024 by Euromonitor International
Euromonitor International, a global authority in in-depth market analysis, has just unveiled its annual report highlighting the major global consumption trends for the year 2024. This edition underscores the significant influence of artificial intelligence, sustainability, as well as social, economic, and political factors on the evolution of consumer values and purchasing motivations.
Exploring Dominant Trends
In an economic landscape marked by uncertainties, Euromonitor predicts that artificial intelligence, sustainability, and social, economic, and political dynamics will shape consumption trends in 2024. Faced with financial uncertainties, consumers will seek economic opportunities, prompting brands to strengthen purchase incentives and innovate to enhance their accessibility. The report also highlights a major trend: a growing focus on health and well-being.
Key Identified Consumption Trends
Euromonitor identifies six major trends that will shape 2024:
1. Ask AI - New tools emerge as co-creators available to consumers, influencing their choices and redefining their expectations regarding engagement with brands. Euromonitor suggests the use of generative AI to enhance personalization and customer experience.
2. Delightful Distractions - Consumers seek escapes from daily stress, with approximately 29% comfortable with the idea of brands tracking their emotions and personalizing experiences based on their mood.
3. Greenwashed Out - Environmental concerns remain a priority, with over 60% of consumers seeking to have a positive impact on the environment. They expect companies to make concrete efforts and provide evidence of their ecological commitments.
4. Progressively Polarised - Political and social issues influence personal identities, shaping perspectives, values, and attitudes. In 2024, consumers will actively express their convictions, motivated by social responsibility, political affiliation, and sustainable development initiatives.
5. Value Hackers - Inflation pushes consumers to adjust their financial mindset, with 44% planning to save more. Consumers adopt smart strategies to secure the best deals.
6. Wellness Pragmatists - Consumers seek quick solutions to improve their physical and mental well-being. Proven effectiveness plays a crucial role in their purchasing decisions, with 85% willing to pay more for beauty products with demonstrated benefits.
Alison Angus, Head of Innovation at Euromonitor International, emphasizes that in a context of increasing sensitivity to sustainability issues, technological advancements, and sociopolitical challenges, businesses must approach these topics with caution while remaining true to their core values. Euromonitor International continues to play a vital role in understanding the dynamics shaping the global consumption landscape.