Dave Korinek diving into consumer trends in 2024 and beyond! So critical to understand the why, how and what drives your customers to buy. ⚡
Ignorance is not bliss. It's frustrating that consumer buying habits are constantly evolving. Let’s take a look at what’s changing as we venture further into 2024. Understanding and adapting to relevant trends is more critical than ever to stay connected with the hearts and minds of the consumer. Young Consumer are Spending 🌍 There’s an uptick in younger consumers willing to spend on premium products. In a recent survey by McKinsey & Company, it shows that “By 2030, 75% of consumers in these markets will be between 15 and 34 years old.” Golden Years, Golden Wallets 🏡 Aging consumers are willing to spend on experiences like travel, entertainment and home improvement. Stretched, but Still Spending 💸 Even in the midst of economic pressures, middle-income consumers are still spending money on travel, entertainment, home decor and wellness. Shift in Brand Loyalty 🔄 Consumers quest to find new brands is a sign that loyalty is fading, possibly from both brands and consumers. In the face of economic uncertainty, some brands have lost sight of their customer experience, focus on retention and waning marketing spend. Leaving many consumers open to exploring brand alternatives, private labels and emerging brands. Affordability Over Eco-Friendliness 🌱 Financial pressures are causing consumers to prioritize affordability over sustainability, with a declining willingness to pay a premium for sustainable products. However, consumer expectation from a brand’s sustainable best practices is a factor in their purchase decision. Wellness Movement Continues 🧘♀️ Since 2020, we’ve seen year or year steady growth as people stay focused on health and wellness. Consumers, with women leading the charge, are spending more on personal-care, beauty and fitness products and services. Social Commerce Gets Real 🛍️ More people are buying products that popup in their feed than ever. In a recent social trends article by Shopify, it stated, “Social commerce retail earnings are predicted to reach nearly $80 billion by 2025.” We’re seeing smart brands are using data and analytics to put their products right in front of their targeted audience on social and it’s working very well. It’s so important to stay connected with these trends and find ways for your brand to meet consumer expectations in 2024 and beyond! #ConsumerTrends #BrandStrategy #Marketing #Personalization #HealthAndWellness #DigitalTransformation Magnetic Creative