Save yourself the effort – Catapult innovation lab has once again curated the 7 most pivotal consumer behavior trends shaping 2024. Get a lightning-fast overview of the trends to watch out for next year, from the pursuit of quality to the ascent of neo-hedonism!.
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1. QUALITY vs. PRICE: It's Not Just About Price Anymore
Gone are the days when consumers prioritized the cheapest option. In 2024, consumers will increasingly seek value over price, emphasizing quality, durability and craftsmanship.
- What you need to do? Urgently invest in product innovation and expand your brand offering.
2. NEO-HEDONISM: Personalized Experiences
Consumers are increasingly materialistic and have a pleasure-seeking outlook on life, placing greater emphasis on experiences than material goods.
- Mivel jár ez együtt? Ideális esetben még több luxus, kényeztetésre összpontosító terméket és szolgáltatást kínálsz majd, amivel jobban ki tudod szolgálnia az élményszerű fogyasztás iránti újonnan felfedezett vágyakat..
3. PERSONAL HEALTH AND WELLNESS: Proactive Care
Consumers are taking a proactive approach to health and wellness, seeking personalized solutions and data-driven insights. This trend is boosting the growth of wearables, personalized nutrition, and genetic testing, enabling individuals to make informed decisions about their health and well-being.
- What are you waiting for? Look for the tying opportunity now!
4. TAKING THE STORY-TELLING FORWARD: AI-Driven Interactions
Artificial intelligence is fundamentally disrupting retail, from personalized product recommendations to AI-powered chatbots.
- Why should you get in the picture with this technological innovation? Use AI to improve the customer experience, optimize marketing campaigns, and increase engagement and loyalty to your brand through personalized interactions.
5. GREENREALITY: Responsible Choices
Consumers are increasingly aware of the environmental and social impacts of their purchasing decisions, seeking products and services aligned with their values. This trend is driving the growth of sustainable and ethical brands, as consumers are willing to pay a premium for responsibly produced products.
- Watch out, don't start greenwashing yourself! If unsure, read our post on Greenwashing: a deceptive communication (in Hungarian)
6. THE RENAISSANCE OF LOCALISM: Interconnected Neighborhoods
Consumers are drawn to local businesses that support their communities and offer unique experiences.
- It pays out to stay local! Don't forget community events and partnering with local organizations – they can boost your appeal.
7. EMPOWERMENT AND TRANSPARENCY: Control Over Data and Experiences
Consumers demand transparency and control over their personal data and online experiences.
- It's high time to set clear privacy policies and develop secure data practices. And, by the way, it's the law.