In 2024, consumer behavior will be increasingly shaped by the quest for joy, health without hassle, and smart spending amidst the ever-rising cost of living.
Euromonitor’s latest white paper cites how these trends will likely define the online marketplace and influence e-commerce, delivery, and transportation.
Two vital consumer trends in 2024
Consumers aren’t just passively navigating the post-COVID-19 world anymore. They are actively seeking solutions that complement their values and financial situation, while prioritizing their wellbeing.
The first trend, ‘Distractions,’ shows how consumers find moments of joy and escapism. This is driven by the need to break the monotony of routine and stress. The ‘Value Hackers’ trend shows how shoppers find ways to stretch their budgets without compromising their lifestyle.
Brands that exceed these demands will have an advantage in 2024. So, if you want to align your business with evolving consumer priorities, this research is for you.
Trend 1: A quest for joy and wellness
Euromonitor sums up the last couple of years succinctly – “a perpetual crisis.” The post-COVID world has been filled with natural disasters, unprecedented economic struggles, and political unrest.
It’s no surprise, then, for consumers to be seeking “delightful distractions” to evoke positive feelings. Euromonitor says consumers “want to offset the hustle and bustle of everyday life with an infusion of fun.”
Of those surveyed, 73% say stress and anxiety severely impacts their everyday lives, while 55% say they prefer to shop at places that “create engaging experiences.”
The takeaway: Brands who want to deliver on this promise would do well to focus on making their customers smile. This could be done through vibrant designs featuring bright colors and bold imagery. Focus on providing escapism by combining storytelling, technology, and entertainment value.
Trend 2: Smart spending as value hackers
Euromonitor’s term “value hackers” focuses on consumers who “outsmart the system” by hunting for the best deals and finding “clever ways to maximize their budgets without sacrificing quality.”
Price hikes have left many struggling to make ends meet, which in turn affects their purchasing power. However, some shoppers refuse to compromise on their chosen lifestyle, and they’re looking for novel ways to make their money go further.
The data shows that 74% of consumers were concerned about the constant rising cost of living last year, while 44% want to save more money. They tried this by cutting down on restaurant visits and non-essential spending, and by decreasing their energy use at home.
The takeaway: Brands who want to retain their cost-savvy customers are advised to think beyond the price of an item. Loyalty programs would appeal to value hackers, but education and information should not be overlooked.
This could be done by not only sharing accurate information about their purchases, but also sharing tips and tricks on how to save. “Teach your customers about versatile ways to use your products,” Euromonitor suggests.
About the author
Cheryl has contributed to various international publications, with a fervor for data and technology. She explores the intersection of emerging tech trends with logistics, focusing on how digital innovations are reshaping industries on a global scale. When she's not dissecting the latest developments in AI-driven innovation and digital solutions, Cheryl can be found gaming, kickboxing, or navigating the novel niches of consumer gadgetry.
