At Streetbees, we conduct annual research to identify data-backed trends that will shape the consumer landscape in the coming year. In this blog, we’ll highlight the four key customer trends for 2024 that we’ve identified through our research with real consumers. By understanding these trends, you can make informed strategic decisions to guide your brand in the year ahead.
Goals for 2024: Seeking Stability
After a tumultuous 2023, consumers are eager to regain control and stability in their lives. Health and wellness topped priorities in 2023 but while it remains important, there's a stronger emphasis on achieving financial security (56%), advancing careers (41%), and nurturing personal relationships (33%). This shift reflects a broader desire to establish a solid foundation for the future.
Financial Security
Consumers are keen on managing debt, increasing income, and saving money to achieve a sense of financial stability. Last year's economic instability has driven individuals to prioritise securing their finances to better handle potential uncertainties.
Career Advancement
Promotions and increased responsibility are high on the agenda, with many also looking to build personal brands and explore entrepreneurial ventures. This indicates a proactive approach to career development, with a significant number of people planning to pivot towards part-time work to pursue their passions.
Personal Relationships
Building meaningful connections is a priority, as many felt they neglected relationships in 2023. There’s a renewed focus on nurturing existing relationships and being open to new ones, highlighting the importance of personal connections in achieving overall stability.
Here's a closer look at the four key consumer trends we’ve identified for the coming year.
Trend 1: "Where is the Love?"
The first trend, "Where is the Love?", revolves around the quest for stability. In 2023, instability affected consumers' lives, the brands they engaged with, and the world at large. This year, people seek stability in their finances, careers, and relationships. Brands, too, need to focus on providing reliable products and services. Consumers want the comfort of consistency alongside innovation. Reliable customer experiences will be key to rekindling loyalty and trust in 2024.
Trend 2: "I Did It My Way"
Exploration and personal fulfilment define the second trend, "I Did It My Way". The 2020s have been dubbed the "decade of deconstruction", with people increasingly exploring non-traditional paths. Concepts like "quiet quitting" and "personal truth" are gaining traction, reflecting a desire to prioritise personal needs over societal expectations. Consumers are valuing experiences over assets, with travel and activities topping their lists despite financial pressures. Brands can connect more deeply with their audiences by facilitating unique experiences and challenging traditional norms.
Trend 3: "Just the Two of Us"
Partnerships take centre stage in the third trend, "Just the Two of Us". The rise of fandom in 2023 showcased the power of audience synergy. Brands successfully tapped into built-in fan bases through strategic partnerships, creating value by aligning different audiences across platforms and industries. This year, brands should focus on building connections through identity-based partnerships, leveraging adjacent fandoms, and listening to existing fan behaviours. Collaborative efforts like "Barbenheimer" highlight the effectiveness of consumer-led initiatives.
Trend 4: "Virtual Insanity"
The final trend, "Virtual Insanity", addresses the rapid advancements in technology. While people are excited about new tech, they also want it to serve their needs. Generative AI, in particular, is seen as a major digital trend, but consumers expect it to enhance their experiences rather than serve brands' interests. Brands must carefully consider their approach to technological innovations, ensuring they align with consumer expectations and improve customer experiences.
Conclusion
As we step into 2024, understanding these trends can help businesses navigate the changing landscape and meet consumer needs effectively. Stability, personal fulfilment, meaningful partnerships, and consumer-centric technology will be crucial in the year ahead.
For a deeper dive into these insights and research behind these trends shaping 2024, download our full whitepaper 'The Past, the Present, and The Possible: Customer Trends in 2024'.