consumer behavior

Key Consumer Behavior Trends to Watch in 2024

The 2024 is right around the corner and it is a perfect moment to look at the key consumer behavior trends that will shape advertising in the month to come. We went through various reports provided by reputable research companies to highlight insights that can stand useful for publishers’ content and advertisement creation.

 

 

Prioritizing Quality Over Quantity and seeking longevity.

In the face of a cost-of-living crisis, consumers are increasingly valuing quality over quantity. This shift sees a move away from disposable products and fast fashion towards long-lasting, premium items. Brands that emphasize durability and value in their products are likely to resonate more with the shifting consumer mindset. The thrift is a swelling trend all over the world. Spend more per item, but buy less in the long run.

Consumers also are becoming more realistic in their search for value expecting functionality in the first place. Brands that consistently deliver functional value and emphasize reliability and trust in their messaging will resonate more with consumers.

 

consumer behavior

 

Brands redefine their relationship with consumers, prioritizing functionality at the core of their message and ensuring the reliability, trust, and authenticity of their identity.

Buying secondhand is an inlining and steadily increasing trend, together with a global shift toward valuing quality and sustainability-conscious consumption.

 

consumer behavior

 

 

The Rise of the Ethical Spender

Sustainability and ethical considerations are no longer peripheral concerns for consumers; they are central to purchasing decisions. The thrift is a swelling trend all over the world. In 2024, we see a robust trend where consumers prefer eco-friendly brands, even amidst economic challenges. Brands that authentically invest in sustainable practices and transparently communicate their efforts will find favor with the modern, socially conscious consumer.

 

 

Personalize or go south

Gone are the days of one-size-fits-all advertising. In 2024, personalized content and experiences take center stage, with consumers showing a willingness to share data in exchange for tailored services. Brands that master the art of personalized marketing are likely to capture the attention of the modern consumer.

General consumer behavior trends are that people are growing less annoyed by personalized ad recommendations and more inclined to share their personal data.

 

consumer behavior

 

This raises a question of the third-party cookies depreciation coming in 2024. We will be exploring this soaring topic during our webinar LINK on the 5th of December at 11.00. Don’t miss the opportunity to learn more!

 

 

Influencers as Trusted Voices

Influencers continue to wield significant influence over consumer decisions. Product endorsements by popular content creators are more likely to translate into sales, indicating the trust and rapport they have built with their audience, while trust in customer reviews is declining. There’s a noticeable decline in the trust consumers place in customer reviews, with concerns about authenticity and the rise of automated feedback. This shift makes personalized recommendations and influencer endorsements more potent than ever. Over 60% of U.S. consumers found customer reviews helpful in 2019, which dropped to around 40% in 2023. Personalized advertising will be key in 2024. A trend that is consistent around the world.

 

consumer behavior

 

Source Statista

 

 

Embracing the Human Touch in a Tech-Driven World

As technology continues to advance, there is a growing appreciation for what makes us uniquely human – emotions, empathy, and creativity. Brands that can blend technological efficiency with a human touch will stand out.

 

consumer behavior

 

As the pre-tech world is growing more removed even younger generations are prone to nostalgia for oldy-goody. Emerging nostalgia is a powerful tool brands that can infuse this sense of nostalgia, emphasizing the human element in their offerings, are likely to strike a chord with consumers.

 

consumer behavior

 

Accountability in Climate Action

Consumer behavior shows that everybody is growing increasingly concerned about brands’ commitment to sustainability goals. Transparency and genuine efforts to address environmental issues seriously are becoming crucial for brands to maintain consumer trust and relevance.

 

consumer behavior

 

Source Mintel

 

 

Trust in news plummets

Global trust in the accuracy of news is declining. This trend is powered by the growing popularity of social media as a news source, where unverified information is as widespread as maple syrup in Canada. Its role plays growing concerns about AI’s potential for misuse in spreading misinformation as well.

Publishers should address these problems at once creating their 2024 content strategy and working around AI-generated texts. Take a look at the dos and don’ts of chat GPT use in programmatic.

 

consumer behavior

 

 

The Untapped Potential of Baby Boomers

Baby boomers represent a growing market segment, often overlooked in favor of younger consumers. Brands that authentically represent and cater to this demographic’s interests and lifestyles can tap into a lucrative market. According to research by CreativeX, the majority of older groups in ads appear in family or domestic settings, and only 1% are shown in professional environments.

This means advertisers aren’t reaching the 24% of employed boomers who describe themselves as career-focused, the 35% of grocery-shopping boomers who say they like to explore the world, or the 31% of clothes-buying boomers who are interested in live events.

 

consumer behavior

 

The “oldies” are booming on social media, and they have a lot to offer. Despite the crises, numbers are staggering 43% of boomers who save think their current funds would cover their basic living expenses for 6+ months, compared to 18% of Gen Z

 

consumer behavior

 

Source GWI

 

As we move towards 2024, these trends underscore a fundamental shift in consumer behavior. Brands that can adapt, offering authenticity, personalization, sustainability, and a human touch, are going to thrive in the shifting environment.

 

Reach out to join our growing community of publishers in 2024 and start monetizing your ads

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