Understanding the impact of artificial intelligence (AI), sustainability, social, economic and political factors will be critical for businesses seeking to identify what motivates consumers this year, reported global research company Euromonitor International.
Businesses need to step up incentives and innovate around affordability as shoppers relentlessly hunt down deals, said Euromonitor, listing its six top global consumer trends:
- Ask AI - new tools are evolving into co-creators, influencing consumer decisions and reshaping their expectations of brand engagement. These platforms will become increasingly integrated into consumers' daily lives. Businesses should use generative AI to enhance personalisation and improve the overall customer experience.
- Delightful distractions - consumers seek an escape from daily stress and anxieties, with 29% reporting they are comfortable with brands tracking their emotions and personalising experiences to their moods
- Greenwashed out – while consumers want to live more sustainably, they question whether companies and governments are fully are using 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 and influence perspectives, values and attitudes. 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 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,” said Alison Angus, head of innovation at Euromonitor International.
For the full report, see: https://www.euromonitor.com/
