Consumer Behavior Trend 2024

Consumer Behavior Trend 2024

Understanding consumer behavior is crucial for brands to succeed in launching new products or services in today's world. The ongoing impacts of the COVID-19 pandemic, economic and political instability, and the rise of artificial intelligence (AI) have driven significant shifts in consumer behavior. In 2024, Mintel, a global consumer research firm, has identified five key consumer behavior trends that brands should prioritize now and in the future.


1. Being Human

Technology and AI are rapidly developing to the point where they can transform and help us live more efficiently and conveniently. They can reduce the use of human labor for routine tasks that do not require much specialized skill. As a result, both consumers and businesses are learning to balance these new technologies with the importance of human identity, such as emotions, empathy, creativity, and the need to connect with others.

In addition, brands and consumers are increasingly looking for human elements to create a balance between the new and the existing. As a result, brands still need to invest in the capabilities and skills of their people to maintain good customer relationships even though technology can help improve the efficiency of various tasks.


2. More Than Money

While price is an important consideration for brands during sales, it is not the only variable that influences consumers' purchasing decisions. Consumers are increasingly interested in 'quality' and have limited spending budgets, which leads them to place a high value on the value they receive for their money. 

Therefore, brands need to build strong relationships with consumers by focusing on communicating consistent and reliable performance, while also building trust, credibility, and accuracy.


3. The Relationship Renaissance

The advent of social media, chat apps, and video calls in recent years has brought about a positive change in interpersonal communication. It has become much easier, faster, and more convenient for people to stay connected. However, these benefits also come with drawbacks: the increased potential for consumers to experience stress and burnout, and the erosion of human connection due to decreased face-to-face interaction.

As a result, both public and private organizations are striving to create more opportunities for people to meet and interact in new and innovative ways. This is because interpersonal relationships are essential for consumer well-being and understanding.


4. New Green Reality

The climate crisis is becoming increasingly concerning. Consumers are realizing that a reactive approach to climate change is no longer sufficient to address the problem and are demanding that organizations take more serious action. Sustainability can no longer be used as a mere marketing tool but will be considered a key factor for business survival. Brands will need to adapt their old strategies and focus on creating tangible and actionable innovations and sustainable practices.


5. Cultivating Positive Perspectives

Amidst the growing uncertainties in consumers' lives, ranging from inflation concerns, political instability, climate change disruptions, and the fear of AI advancements threatening job security, brands must embrace a communication approach that prioritizes honesty and transparency. By avoiding sugarcoating realities, brands can empower consumers to feel more secure, confident, and capable of navigating these uncertainties.


Source: Mintel


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