Voice of the Consumer: Lifestyles Survey 2024 Key Insights

Delivery

This report comes in PPT.

Key Findings

Good vibes, mostly

Consumers are feeling more optimistic about the future and increasingly less worried about global affairs. After a long period of navigating crises and restrictions, consumers are ready to look on the bright side and will be more responsive to positive interactions and experiences.

High inflation come-down

The economic burden placed on consumers by inflation is lessening. Consumers are still concerned about the rising costs of goods yet are also showing signs of cost-saving fatigue, expressing less interest in things like bargain hunting. Willing but still cautious to spend, consumers are set to be more discerning than frugal, with a noticeable shift towards quality name brands.

Sustainability for whom?

Sustainability is not a trend, but it is falling out of fashion. Consumers are developing a more mature understanding of what kind of sustainable goods, activities and claims make sense to them and are focusing on these.

The omnichannel shuffle

Globally, consumers are less motivated by both online shopping and in-store shopping. Rather than a trend away from consumerism, this is a sign that consumers are thinking less about channel advantages or limitations. Thanks to retailers' efforts to develop omnichannel or hybrid services, consumers can have it whichever way they want.

Consumers’ relationship with tech

Consumers mostly use technology devices for communication and social media. In 2024, the share of consumers making purchases via social media apps increases significantly. As social media apps integrate formal marketplaces, consumers will re-examine their stances on privacy and the utility of technology in their lives.