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Insight of the Day: Consumer mindsets in late 2024: Determined and intentional

Findings:

  • Consumers globally are regaining confidence and spending power in 2024 compared to 2023.

  • 32% of consumers feel financially worse off, but this figure is improving from previous periods (34% in January 2024, 39% in January 2023).

  • 30% feel better off financially, up from 28% in January 2024 and 26% in January 2023.

  • Economic inequality is slowly reducing, with more people becoming financially secure or thriving (27% in 2024 vs. 21% in 2023).

  • 40% of consumers remain cautious in their spending, unchanged from last year.

Key Takeaway: The consumer mindset is shifting from cautious to intentional consumption, driven by improving financial confidence and an expanded understanding of value that now includes sustainability and innovation.

Trend: Consumers are focusing on value-based consumption, where price remains important, but additional factors like sustainability, innovation, affordability, and health also influence purchasing decisions.

Consumer Motivation:

  • The desire for products that offer long-term value and efficiency.

  • Interest in energy-efficient, sustainable, and innovative products that also provide financial savings.

What is Driving the Trend:

  • Economic recovery and improving financial metrics.

  • Growing awareness of sustainability and innovative product solutions.

Who are the People Article is Referring to:

  • The article references global consumers, a broad demographic including all economic classes. The emphasis is on those who are either thriving financially or spending cautiously due to prior economic struggles.

Description of Consumers Product or Service Article is Referring To:

  • Products in this context include energy-efficient items, innovative brands that reduce costs, and potentially pet food/treats that are both affordable and sustainable.

  • The age group is not specified, but the article generally refers to working-age adults who are financially conscious.

Conclusions:

  • Consumers are becoming more intentional with their spending by balancing financial caution with interest in products offering long-term value.

  • The focus is not solely on price but also on innovation, sustainability, and cost-efficiency.

Implications for Brands:

  • Brands need to offer products that align with these expanded definitions of value, such as innovations that reduce energy or manufacturing costs, making it clear to consumers how these savings benefit them.

  • Emphasizing sustainability and health-related benefits, while maintaining competitive pricing, could capture consumer interest.

Implications for Society:

  • As consumer behavior leans toward sustainability and innovation, businesses and industries will be pressured to adopt greener practices, fostering a positive environmental impact.

Implications for Consumers:

  • Consumers are likely to continue being price-conscious but with growing expectations for sustainability and innovation in the products they purchase.

Implication for Future:

  • Future consumer trends will likely emphasize even more innovation in reducing costs and environmental impact, making sustainability and affordability key product differentiators.

Consumer Trends:

  1. Main Consumer Trend: Intentional consumption, where consumers balance financial caution with interest in sustainability, innovation, and affordability.

  2. Consumer Sub-Trend: An increasing demand for products that offer energy efficiency, sustainability, and innovative cost-saving measures.

Big Social Trend:

The shift toward sustainable and value-driven consumption is creating a new norm where consumers expect brands to provide not just affordable products, but also ones that align with eco-conscious values and innovations.

Local Trend:

In more financially secure regions, consumers are more focused on sustainability and innovation, while in less secure areas, affordability is still the primary driver.

Worldwide Social Trend:

Globally, the focus on sustainable consumption is becoming more prominent, with consumers across markets demanding products that are affordable but also reduce their environmental footprint.

Name of the Big Trend Implied by the Article:

Intentional Consumerism – a shift from pure caution to a more intentional, value-driven approach to purchasing decisions.

Name of Big Social Trend Implied by the Article:

Sustainability and Innovation in Consumer Choices – consumers are now expecting more from brands than just low prices, with sustainability and innovative cost-saving methods taking center stage.

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