CONSUMER INSIGHTS

Euromonitor study lists its top consumer trends for the year ahead

By our News Team | 2023

With the ongoing cost-of-living crisis, consumers are adjusting their financial mindset and 44% of people plan to save more money in 2024.

Global market research company Euromonitor International has released its ‘Top Global Consumer Trends 2024’ report.

 

The annual study reveals emerging trends that provide insights into consumers’ evolving values and explores how their behaviour is redefining their shopping motivations and needs.

Consumer Insights

Photo by Markus Spiske from Pexels

It examines how the impact of artificial intelligence (AI), the importance of sustainability initiatives, and social, economic and political factors are crucial in understanding global consumer trends this year.

 

Among the top Global Consumer Trends in 2024, according to Euromonitor:

 

Ask AI

 

New tools are evolving into co-creators for consumers, influencing their decisions and reshaping their expectations of brand engagement. These platforms will become increasingly integrated into consumers’ daily lives. Businesses should utilise generative AI to enhance personalisation and improve the overall customer experience.

 

Delightful Distractions

 

Consumers seek an escape from daily stress and anxieties to break away from the mundane. Some 29% of consumers would be comfortable with brands tracking their emotions and personalising experiences to their moods.

 

Greenwashed Out

 

While consumers are attempting to live more sustainably, they question whether companies and governments are fully utilising available resources to create a meaningful impact. They want organisations to step up and show proof of their eco pledges.

 

Progressively Polarised

 

Political and social issues are at the core of personal identities. These belief systems influence perspectives, values and attitudes. Consumers will not refrain from expressing their convictions. Social responsibility, political affiliation and sustainability initiatives will motivate spending.

 

Value Hackers

 

With the ongoing cost-of-living crisis consumers are adjusting their financial mindset and 44% of consumers plan to save more money in 2024. They are employing increasingly clever strategies to get the very best deals.

 

Wellness Pragmatists

Consumers are seeking fast and effective solutions to improve both their physical and mental wellbeing. Demonstrated effectiveness will play a significant role in their purchasing decisions. 

 

“Consumer preferences are closely linked to the sustainability agenda, technological progress and the impact of sociopolitical issues. Companies should handle sensitive subjects with caution while staying true to their brand’s core values,” says Alison Angus, Head of Innovation at Euromonitor International.

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.