How brands are using AI technology, and whether they are as sustainable as they claim to be, will be top drivers for consumer purchasing decisions in 2024.
These were among the findings of Euromonitor’s Global Consumer Trends 2024 report, released last week. The report aimed to reveal the factors that are behind consumers’ buying decisions and needs, as well as what they expect from retailers.
AI was found to be the top consideration for consumers for 2024. Euromonitor found that as technology evolves, AI will be influencing the decisions made by consumers, as well as reshaping what they expect in terms of brand engagement.
Euromonitor believes that businesses can make use of generative AI technology to enhance personalisation, therefore improving the consumer experience.
The report also highlights that consumers are beginning to question whether companies are genuinely being as sustainable as they claim to be. It alleges they want organisations to use their available resources to create a meaningful impact, but then also show evidence of commitment to their sustainability pledges.
In line with behaviour for 2023, the report also found that cost-of-living concerns will still continue to influence consumer behaviour. A focus on wellness will also continue, as consumers are looking for fast and effective ways to improve their physical and mental well-being.
The report found that almost three-in-10 consumers would be “comfortable” with brands tracking their emotions, and using the data to personalise shopping experiences to their moods.
“Consumer preferences are closely linked to the sustainability agenda, technological progress and the impact of sociopolitical issues,” said Euromonitor’s head of innovation, Alison Angus, adding that “companies should handle sensitive subjects with caution while staying true to their brand’s core values”.