• Euromonitor International has released its report on consumer trends for 2024, which highlights new consumer expectations.
Products that provide convenient and efficient wellness support, transparency regarding brand sustainability and the implementation of artificial intelligence to personalize the customer experience – these are the main trends emerging from the European agency's analysis.
In the report, Alison Angus, head of the innovation department at Euromonitor International, points out that "Consumer preferences are closely linked to the sustainability agenda, technological progress and the impact of socio-political issues. Companies should handle sensitive topics with caution while staying true to their core brand values."
Effective wellness support
The report states that consumers are looking for efficient and effective health solutions that provide immediate results, rather than multi-step regimens or time-consuming treatments. Additionally, they prioritize available remedies that can fit conveniently into their existing lifestyle with little investment or commitment.
According to her, such demands have made consumers more open to cutting-edge and unconventional health innovations to achieve these desired outcomes, such as biohacking.
It reports that 85% of consumers would be willing to pay more for products with proven efficacy or benefits. The main health areas for which consumers seek support are sleep problems, weight management, stress and anxiety. Mental health and skin health were also key areas.
The report urges companies to prioritize efficacy and invest significantly in studies or tests to substantiate claims and demonstrate real benefits to create credibility. Moreover, the report points out that many companies are already using bioscience and cutting-edge technology to push the boundaries of innovation.
Customized, nutrient-dense menus that require minimal preparation continue to grow in preference in the food industry. Firs continues to refine personalization capabilities in cosmetics and supplements to target specific consumer concerns.
AI assistance
Following the launch ChatGPT, which reached 100 million users in its first two months, AI is considered to be one of the fastest growing consumer applications. As consumers increasingly use the tool for a variety of activities, the report says they will expect brands to do the same.
The report explains: “Take chatbots and voice assistants, for example. More than 40% of consumers would be comfortable with voice assistants providing personalized recommendations, but less than a fifth felt the same way about using bots to answer complex customer service questions. Artificial intelligence could enhance or refine these functionalities, resulting in a better user experience.”
The report notes that AI could help companies create and refine content more efficiently, while improving the user experience.
One company implementing such technology is French retailer Carrefour, which has launched its online shopping assistant Hopla to provide product suggestions based on budget or dietary restrictions. In addition, Coca-Cola created Y3000 Zero Sugar, with a unique flavor profile and a futuristic utopian style, using both human and machine intelligence.
Greenwashing or False Greening
The report notes that throughout 2023, consumers have made a significant effort to live more sustainably, with over 60% of them trying to make a positive impact through daily actions. This trend will continue for the coming year.
However, in the wake of ongoing extreme climate events, consumers are increasingly aware that real change must be a collective effort from governments and large companies, with many of them questioning the efforts of these institutions.
Thus, awareness of the use has increased greenwashingcommunity by companies and a new demand for transparency and traceability has emerged. Greenwashing is the process of conveying a false impression or misleading information that a company's products are environmentally friendly. Greenwashing involves making an unsubstantiated claim to mislead consumers into believing that a company's products are environmentally friendly.
While reducing emissions and mapping your carbon footprint can be complex, the report highlights that investing in long-term energy efficiency measures can be a cost-cutting strategy. Partnering with the right suppliers helps companies avoid future penalties, and green operations could have an immediate effect on their bottom line.
Provenance platform, based in the UK, is a company that validates sustainability claims to combat greenwashing-, consumers having the opportunity to search on the site for brands with verified credentials.
Source: Top Global Consumer Trends 2024
Article written by Gabriela Dan, Editor of Arta Albă
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