Euromonitor predicts consumer trends for 2024
Within the report, Alison Angus, head of innovation at Euromonitor International, states: “Consumer preferences are closely linked to the sustainability agenda, technological progress, and the impact of socio-political issues. Companies should handle sensitive subjects with caution while staying true to their brand's core values.”
Effective wellness support
The report states that consumers are seeking efficient and effective health solutions that deliver immediate results, over multi-step regimens or time-consuming treatments. Furthermore, they are prioritising available remedies that can fit conveniently into existing lifestyles, with little investment or commitment.
It says that such demands have meant consumers are more open to new, unconventional health innovations to deliver these desired outcomes, such as through biohacking.
It reports that 85% of consumers would be willing to pay more for products with proven efficacy or benefit. The main health areas consumers are noted to be seeking support for include sleeping problems, weight management, and stress and anxiety. Mental health and skin health support were also key areas.
The report urges companies to prioritise efficacy and invest significantly in studies or trials to substantiate claims and show real benefits to create credibility.
It adds the benefits of data to enable for the effects to be displayed using real-time monitoring and smart tools, allowing for consumers to track their progress and adjust their regimens as needed.
“Companies are using bioscience and smart technology to push the envelope of innovation," the report states.
"Customised, nutrient-dense meals that require minimal prep continue to infiltrate the food sector. Brands keep refining personalisation capabilities in cosmetics and supplements, for example, to target specific concerns. New launches should aim to help your customers reach their wellness targets.”
AI assistance
Following the launch of ChatGPT, which reached 100 million users within the first two months, generative AI is noted to be one of the fastest-growing consumer applications. Whilst consumers are increasingly using the tool for a variety of outcomes, the report says that 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 offering personalised recommendations, but less than one-fifth felt the same about using bots to answer complex customer service questions. Generative AI could enhance or refine these functionalities, resulting in a better user experience.”
It notes that generative AI may help companies with more efficient content creation and ideation, whilst enhancing user experience and personalisation by providing an enhanced level of consumer insight.
One such company implementing such technology is the French retailer Carrefour, who have launched the online shopping assistant Hopla to provide product suggestions based on budget or dietary restrictions. Furthermore, Coca-Cola created their Y3000 Zero Sugar with a unique flavour profile and utopian future style, using both human and machine intelligence.
Greenwashed out
The report observes that consumers have been making a significant effort throughout 2023 to live more sustainably, with over 60% trying to make a positive impact through everyday actions.
Yet, following continuous extreme climate events, consumers are increasingly aware that real change needs to be a collective effort from governments and large companies, with many questioning the efforts of such establishments.
Thus, there has been a heightened awareness of the use of ‘green washing’ by companies, and a new demand for transparency and traceability.
Whilst emission reduction and carbon footprint mapping can be complex, the report highlights: “The good news: investing in long-term energy-efficient measures can be a cost-cutting strategy. Partnering with the right suppliers helps you avoid future penalties, and eco-friendly operations could have an immediate effect on your bottom line.”
The UK-based platform Provenance is a company validating sustainability claims to fight greenwashing, with consumers able to search the site for health brands with verified credentials.
