2024
consumer
sentiments
Understand what's next in global consumer behavior
Trends
1. Being Human
In a world increasingly dominated by algorithms, we will need human skills and emotion to make the most of this technological revolution.
2. More Than Money
Consumers will reassess what matters most to them, affecting not only what they want and need, but their perception of what constitutes value.
Consumers who find comfort through screens at the cost of meaningful, real-life relationships, will seek new forms of intimacy for the sake of their physical and mental health.
3. Relationship Renaissance
Incorporating sustainability into the day-to-day is not enough; consumers and brands will be faced with the reality that survival within a new climate context has to be the priority.
4. New Green Reality
Brands and consumers will work together in new ways to deal with uncertainty.
5. Positive perspectives
1. Being Human
In a world increasingly dominated by algorithms, we will need human skills and emotion to make the most of this technological revolution
The past year has seen advancement after advancement in technology and AI, with each innovation changing the game by making life and work more efficient. Technology allows consumers to automate mundane tasks, freeing up time to pursue meaningful activities. Unlike technologies of the past that existed as tools, today's rapidly advancing AI-powered technologies seem to be on track to outpace human output.
While consumers and businesses learn to balance the use of emerging technology, consumers will begin to appreciate what makes humans so unique-emotions, empathy, creative ideas and desire to connect with fellow human beings. To strike a balance between progress and preservation, brands and consumers will increasingly seek out uniquely human elements as a contrast to faceless algorithms.
"As the collective memory of a pre-tech world grows more distant, nostalgia will appeal even to younger generations that only know the conveniences of a digitized world"
2. More Than Money
Consumers will reassess what matters most to them, affecting not only what they want and need, but their perception of what constitutes value.
Traditionally, value has been defined as the ratio of quality received to price paid in a purchase transaction. Brands often simply manage the price side of that equation when attempting to deliver better value which, while important, is not where the powers of influence end. Consumers have increasingly diverse ideas of what indicates "quality" in a product or service.
As budget pressures force tighter trade-offs, consumers are becoming more realistic in their search for value as they strike a balance between quality received and cost incurred. While attributes like sustainability, convenience and heritage remain important, brands should present them through a quality lens. In this way, they can directly contribute to a perception of value by demonstrating how these attributes make a product functionally better.
"Brands must reestablish and strengthen their relationship with consumers, placing consistent delivery of functionality at the core of their message and ensuring reliability, trust and authenticity feed into their identity and vision."
3. Relationship Renaissance
Consumers who find comfort through screens at the cost of meaningful, real-life relationships. will seek new forms of intimacy for the sake of their physical and mental health.
Interpersonal communication has changed dramatically in recent years. Although consumers have more access to communication tools than ever before, the onslaught of social media, text chains and video calls has led to stress and burnout. Traditional points of personal connection, such as shared office space or the family television set, are being replaced by remote working and personal devices. Activities that used to be done together are now done in tandem but separately. Increasingly, this is creating a fragmented network of relationships that is difficult to build and maintain.
At the same time, interpersonal relationships are emerging as a facet if wellbeing that consumers are eager to explore. While health is often managed through diet and exercise, social connection is also critical to survival and thus an important health factor to maintain. As a result, both public and private organizations are rising to the occasion to bring people together and find new ways to help consumers shift passive relationships to active ones.
"External forces like climate change will create even more interpersonal disruption but will inspire new community types which brands will need to respond"
4. New Green Reality
Incorporating sustainability into the day-to-day is not enough; consumers and brands will be faced with ethereality that survival within a new climate context has to be the priority.
Consumers are facing the reality of an existencial climate threat, which demands a radical and collaborative response. Consumers are increasingly recognizing that a passive approach to the climate crisis is not enough to tackle environmental challenges. Sustainability can no longer be a mere selling point but should be seen as an essential element of survival. Brands must shift away from traditional strategies that focus on zero-sum sustainability initiatives and towards continuous innovation and tangible solutions that push the boundaries of what's possible and necessary.
By highlighting forward-thinking approaches, brands can reframe climate messaging from merely reducing their carbon footprint to actively regenerating and giving back to the world, making the situation less overwhelming and more appealing to consumers. This is increasingly relevant as mistrust of brands' environmental initiatives is growing, pushing them to openly communicate their practices and demonstrate measurable impact. And above all else, consumers are fully aware that doing nothing is not an option.
"Trust and reassurance will add a new layer to ESG initiatives as brands adopt climate adaptability as a core tenet of their business practices"
5. Positive Perspectives
Brands and consumers will work together in a new way to deal with uncertainty.
Uncertainty is the only certain there is. Soaring prices and political instability will continue to fuel global uncertainty, while climate change concerns like wildfires, flooding and extreme temperatures are at the forefront of consumers' worries. AI is adding a new layer of uncertainty, which stems from not only privacy concerns and a lack of familiarity but also the fear of AI-informed advances threatening job security and increasing unemployment rates, which may affect consumers' mental health.
Rather than reciting the impact of multiple sources of uncertainty, brands need to steer away from their sanitized portrayal of reality and adopt a more honest depiction, presenting genuine products and services, with actionable information, that help consumers feel more grounded, reassured and able to deal with uncertainty.
"Uncertainty is a variable that isn't going to change but rands can support consumers in building resilience to withstand, and co-exist alongside potential adversities."
In our fast-paced digital age, we're all about quick and cutting-edge solutions. If you want a partner who keeps up with the speed of the digital world, choose typ.
Patience is not a f*@king virtue.
