Step boldly into the brave new world of 2024, where businesses are not just driven by data, but sculpted by it. As we navigate this transformative era, one seismic shift stands out - consumers' growing reliance on Artificial Intelligence (AI). Salsify, a leading name in Product Experience Management (PXM), tells us that AI has evolved from being a fascinating novelty to an indispensable life companion. It's now steering our shopping decisions, influencing our entertainment selections, and permeating every corner of our everyday lives.
Another significant trend, Salsify says, is the permanent establishment of social media in commerce. Businesses that leverage these platforms for marketing, customer engagement, and sales are gaining a competitive edge.
Consumer patterns are also shifting towards experiences over material possessions. The quest for adventure and recreation is influencing purchasing decisions, reflecting a change in lifestyle priorities.
Moreover, the global wellness market, valued at $1.8 trillion, is experiencing transformative trends, says strategy and management consulting firm McKinsey & Company. Health at home and biomonitoring are becoming increasingly important as consumers prioritize wellbeing.
As consumers increasingly seek to incorporate wellness practices into their daily routines at home, companies are responding by developing products and services that facilitate physical exercise, mental health practices, and nutritional wellness at home. And with the rise of biomonitoring, consumers are increasingly using wearable devices and health-tracking apps to monitor their health metrics, indicating a shift towards preventative healthcare and enabling individuals to make informed decisions based on real-time data.
Lastly, the 'just enough' trend reveals a shift in societal norms, says a whitepaper on consumer trends from WGSN, a trend forecasting company. Consumers are earning just enough to cover essentials, stepping away from traditional life milestones like marriage and children. This change is creating new opportunities for businesses to cater to these evolving lifestyles.
As we navigate through 2024, understanding and capitalizing on consumer trends is essential for businesses to stay relevant and succeed. Recognizing these shifts in consumer behavior and adapting accordingly ensures your business remains competitive in this rapidly evolving landscape.
This is where Driven to Succeed, LLC can assist. Ethnographies are one of our favorite types of market research. Observing people in their native environments can uncover so many gems that lead to more relevant marketing, innovation, and actionable strategies to spark brand growth. Let’s connect to see how we can help you achieve your 2024 goals.
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Driven to Succeed is an award-winning global market research and consulting firm that compliments data (the “what”) with empathetic research and conversations (the “why”) to uncover actionable insights so mid-market companies and Fortune 500 brands can innovate and grow. Our team has walked a mile in your shoes with over 100 years of experience in Market Research, Marketing, and P&L Management for global iconic brands and startup companies across diverse B2B and B2C industries. Learn more at https://www.DriventoSucceedLLC.com.