Key Consumer Trends Identified for 2024
Euromonitor International identified several major trends in 2024, including the integration of Generative AI (GenAI), the evolution of value-oriented spending, the rising focus on health and wellness, and the growth of practical sustainability. Here's how these trends manifested globally and predictions for their evolution in 2025:
1. Generative AI: Friend or Foe?
2024 Insights:
Trend Manifestation: GenAI has been widely adopted for personalized products and enhanced customer experiences. Companies like Samsung (Bespoke AI), Haier (HomeGPT), and L'Oréal (Beauty Genius) showcased AI’s potential to streamline operations and create tailored consumer engagement.
Key Applications: AI-powered assistants, virtual anchors for livestreaming e-commerce, and product personalization.
2025 Forecast:
Challenge of AI Ambivalence: Rising consumer awareness of GenAI’s limitations will necessitate a balance between technology and human interaction.
Brand Actions:
Use GenAI transparently to build consumer trust.
Focus on touchpoints where AI adds clear value without replacing human connections.
Maintain authenticity in AI-driven marketing.
2. Value Beyond Price: The Rise of the Wiser Wallet
2024 Insights:
Economic Impact: Prolonged uncertainty led to cost-conscious spending, with 72% of consumers concerned about rising costs and 48% aiming to save more.
Brand Responses:
Walmart launched affordable, quality-driven private labels like “bettergoods.”
H&M embraced the secondhand market with its “H&M Pre-Loved” collection.
Coles revamped its premium private label to offer affordable luxury.
2025 Forecast:
Shift to Long-Term Value: Consumers will prioritize quality, durability, and multifunctionality over short-term price savings.
Key Industries:
Beauty: Affordable, multifunctional products that simplify routines.
Food: Products offering both affordability and premium health benefits.
Brand Actions:
Balance cost-effectiveness with sustainable, long-lasting quality.
Communicate clear, lasting benefits to attract "Wiser Wallet" consumers.
3. Living Longer and Healthier Lives: The Healthspan Plan
2024 Insights:
Consumer Focus: Wellness Pragmatists sought efficient, result-oriented health solutions that fit seamlessly into daily life.
Product Innovation:
Functional foods with health claims like “good source of vitamins” and “natural.”
Functional Beverages: Drinks featuring stress-relief and wellness ingredients (e.g., ashwagandha, chamomile).
Weight Loss Influence: Medications like Wegovy and Ozempic spurred demand for portion-controlled, nutritionally enhanced products.
2025 Forecast:
Preventative Wellness: Consumers will demand solutions that proactively address future health concerns.
Emerging Products: Personalized health assessments, real-time tracking devices, and nutrition tailored to life stages.
Brand Actions:
Invest in personalized, data-driven wellness solutions.
Highlight functional ingredients and preventative health benefits.
4. Practical Sustainability: Eco Logical Consumers
2024 Insights:
Consumer Sentiment: Over 60% wanted to positively impact the environment but were skeptical of greenwashing.
Brand Examples:
L'Oréal emphasized transparency in its sustainable fragrance initiatives.
LEGO invested in renewable materials for its bricks.
Procter & Gamble and Unilever promoted energy-saving laundry care.
2025 Forecast:
Consumer Expectations: Sustainable products must align with core needs—efficacy, quality, and convenience.
Brand Actions:
Ensure environmental claims are transparent and verifiable.
Offer sustainable alternatives that seamlessly fit into consumers’ lifestyles.
Focus on everyday products with eco-friendly features.
Key Takeaways for 2025
Generative AI will remain a transformative tool but must be used with transparency and balance to maintain trust.
Value-Oriented Consumers will focus on long-term benefits and multifunctionality in products.
Wellness-Driven Purchases will favor personalized, proactive solutions.
Practical Sustainability will demand credible environmental claims and seamless integration into daily life.
Implications for Businesses
Generative AI
Focus on enhancing consumer trust with purposeful, transparent use of AI.
Integrate AI to personalize experiences without replacing essential human interactions.
Value-Oriented Spending
Create products and services that offer lasting value and multifunctionality.
Balance affordability with durability and innovation.
Healthspan and Wellness
Highlight preventative health solutions and functional ingredients.
Leverage personalized data to deliver targeted wellness offerings.
Sustainability
Prioritize authenticity and transparency in sustainability initiatives.
Offer eco-friendly products that align with performance and convenience expectations.
Consumer Trend for 2025
“Value-Driven Personalization and Practicality”: Consumers prioritize personalized, sustainable, and long-term solutions in products and services.
Big Social Trend
“Eco-Conscious Longevity”: A focus on living longer, healthier lives while making environmentally responsible choices.
Strategy Recommendations for Brands
Leverage AI Responsibly: Use GenAI to deliver personalized, intuitive experiences while maintaining human touchpoints.
Offer Lasting Value: Develop products that balance affordability with quality and sustainability.
Embrace Preventative Wellness: Invest in innovations that address future health needs, such as personalized nutrition and functional foods.
Promote Authentic Sustainability: Ensure claims are transparent and focus on real impact.
Understand Consumer Sentiment: Continuously track consumer priorities to adapt product offerings and marketing strategies effectively.
Final Sentence (Key Concept)
"2025 will be defined by consumers’ demand for personalized, practical, and purpose-driven solutions, where technology, value, wellness, and sustainability converge to shape global consumption patterns."
Comments