Insight into consumer demand and interpretation of the underlying reasons, Mintel recently released the report "Global Consumer Trends in 2024" and pointed out five major trends that will affect the global consumer market in 2024. These five trends are related to the increasingly important interpersonal relationship, the reality of coping with climate change and the uncertainty of the influence of artificial intelligence:
People and subjectsskill
In this world dominated by algorithms, we need to give full play to the potential of technological revolution to optimize our lives based on human skills and emotions.
Consumer pricevalue
Consumers will re-evaluate what is important to them, which will not only affect their consumption demand and desire, but also affect their concept of value.
Social rehabilitationpromote/begin/get up/perhaps/a surname/interest
In recent years, some consumers are addicted to online entertainment to get happiness, while ignoring meaningful interpersonal communication in reality. They will seek new forms of intimacy for their physical and mental health.
Green new ownerZhang
It is far from enough to integrate sustainable development into daily life and work. The realistic issue that consumers and brands will face in the future is how to survive in the new climate environment.
Face up to realitysolid
Brands and consumers will work together to deal with uncertainty in new ways.
Matthew Crabbe, Trend Director of Mintel in Asia Pacific, expressed his views on how these trends will affect the market, brands and consumers in 2024 and beyond:
Man and technology
"today’s rapidly developing AI technology seems to be expected to surpass human output capacity. When consumers and enterprises learnhabitWhen mastering balanced emerging technologies, consumers will also begin to appreciate the uniqueness of human beings-emotion, empathy, creativity and the desire to establish contact with real human beings. It is expected that there will be a new label of "human is advanced", that is, people will have the idea that products or services provided by real people are more advanced, which will make craftsmen with irreplaceable creative spirit of AI more popular. As the collective memory of the pre-technological era becomes more distant, nostalgic elements are also attractive to the younger generation who only understand the convenience of the digital world. Consumers’ demand for such services that care about human nature will increase, such as how to help people express themselves better and establish high-quality interpersonal relationships. "
Consumption value
"For budgetary reasons, consumers will weigh consumption choices more strictly and pragmatically, and balance quality and cost. The social and emotional value of the brand will become more and more important, because consumers pay more attention to the brand’s personal significance rather than the social significance represented by the brand. Brands that change the rules of the game, while respecting consumers’ priority on quality, will also establish emotional ties with consumers through personalized products and tap their exploration spirit. In the end, competitive brands will expand and use their traditions, achievements and success stories to prove their value. "
Social revival
"In recent years, great changes have taken place in the way of interpersonal communication. Although consumers have more electronic devices, the impact of social media and excessive information has also brought stress and burnout. Interpersonal relationship is becoming an important direction for consumers to explore health and happiness. Brands have helped to develop the self-healing industry by creating products to create a "comfort zone" for users, but now brands need to think about how to guide people out of the comfort zone of self-healing and return to the real world to continue to improve their personal health in the social environment. The brand will redefine healing, which is not only limited to self-care, but also extends to the relationship with others, such as expanding the social attributes of daily life scenes (from morning coffee to night skin care programs). Sensory attraction brought by human interaction-hugs, handshakes and other forms of social contact will be ways to improve health and quality of life. "
Green new idea
"Consumers are facing the challenges brought by climate change, and they gradually realize that they need to take the initiative and join hands to meet the challenges. Brand must achieve a breakthrough, from the strategic intention of focusing on sustainable development to practical, sustainable and landing solutions. By using forward-looking tools, enterprises can rebuild the framework to deal with the climate crisis, from reducing carbon footprint to actively regenerating and giving back to the environment, so as to gain the favor of consumers. Encourage consumers to embrace the green vision and mission, and believe that their collective efforts can have a positive impact on environmental protection and help cultivate consumers’ brand loyalty. "
Face reality
"Inflation, financial crisis and geopolitical risks will continue to aggravate global uncertainty, while climate change is the most concerned issue for consumers. In addition, the innovation and application of artificial intelligence technology have brought new uncertainties. Instead of resisting the influence of various sources of uncertainty, brands should give up whitewashing, adopt a more honest and frank attitude, provide better products and services, and share practical information and suggestions. Brands can help consumers realize the complexity of their emotions and lead a dialogue to accept negative emotions. "
About Mintel
Mintel understands the needs of consumers and interprets the underlying reasons. As the world’s leading market research and consulting company, we analyze consumers, markets, product innovation and competition patterns, and provide a unique perspective on global and local economies. Since its establishment in 1972, our predictive analysis and professional recommendation have helped customers make more informed business decisions more quickly. Mintel helps enterprises and talents grow. For more information, please visit Mintel official website.