12 Feb, 2024
The collapse of impulse buying, and what to do about it.Read More
19 Jan, 2024 | 2 minutes
Back in December, a LinkedIn post shared an open source repository that is currently hosting around 200 trend reports for 2024. It’s a marker for how information rich we are, and how bombarded we’ve become. Luckily, AI is on hand to make sense of it all. And here’s what our AI powered selection tool made of a stack of reports when we asked it to list ten key areas of interest. You can compare this to what MMR’s Chief Ideas Officer made of the same stack of reports.This is AI vs. human capability, and it’s done in the hope of some kind of augmented intelligence.
Consumers are now more willing to share their personal data for personalized content and experiences, indicating a shift in consumer behavior. The use of adblockers has declined, showcasing a growing acceptance of personalized advertising and data sharing. This change poses a challenge for brands and marketers to innovate new ways to reach audiences while adhering to privacy restrictions. Consumers now prioritize brands that align with their personal goals and values. As a result, the advertising industry is shifting its strategies towards long-term results and sustainable growth. This transformation emphasizes the importance of providing genuine value and prioritizing the quality of services to build trust and foster long-term customer relationships.
The rise of sustainable consumption is shaping consumer buying habits worldwide. Younger consumers are willing to pay more for sustainable products, signaling a shift in priorities. Over 40% of consumers are open to paying extra for sustainable food, beauty and personal care, and apparel and footwear. However, concerns about cost and availability still hinder widespread adoption. This trend is driven by a growing awareness of the negative consequences of processed food and a desire for healthier, more environmentally friendly options. As the world population peaks and declines, the focus in food production will shift towards promoting crop diversity and ensuring the resilience of our food system. Sustainability remains a key driver in shaping messaging and brand loyalty for the future.
The advent of Artificial Intelligence (AI) has brought about a significant transformation in our society, impacting the dynamics of human interaction. This technological advancement has the potential to reshape various aspects of our lives, from workforce automation to personalized customer experiences. As AI continues to evolve, it is expected to revolutionize industries such as healthcare, transportation, and education. With the ability to analyze vast amounts of data, AI enables us to make informed decisions and predictions, ultimately enhancing efficiency and productivity. However, concerns about privacy, ethics, and job displacement also arise, highlighting the need for careful regulation and responsible implementation of AI technologies.
Generation Alpha, the newest generation, is transforming consumerism and family dynamics with their adventurous palate, non-traditional family structures, and reliance on technology. Influenced by health-conscious millennial and Generation X parents, this emerging consumer group presents opportunities for food manufacturers to cater to their unique dietary preferences. With a focus on health, organic foods, and ethical sourcing, Generation Alpha is shaping emerging consumer trends. Moreover, their openness to trying new foods benefits food producers. As this generation grows, their impact on the world of consumption and family structures will continue to be significant, revolutionizing the way we approach these aspects of life.
The global cost-of-living crisis and inflation have led to a significant decline in purchasing power for consumers worldwide. With a reported 41% increase in the cost of living, consumers are increasingly concerned about rising living costs. This has resulted in a shift in consumer buying habits, with households turning to private labels as a way to combat the financial strain. Additionally, consumers are now spending 18% more than they were in 2021, indicating a worrying trend that is expected to continue into 2024. These macroeconomic factors highlight the profound impact of global inflation and the cost-of-living crisis on consumer purchasing power.
The mainstreaming of mental well-being has had a profound impact on consumer behavior. As society becomes more aware of the importance of mental health, people are prioritizing their well-being when making purchasing decisions. This shift has led to an increased demand for products and services that promote mental well-being, such as meditation apps, wellness retreats, and stress-relief products. Additionally, companies are now incorporating mental health initiatives into their marketing strategies, recognizing that consumers value brands that prioritize their mental well-being. This trend has the potential to reshape the consumer landscape, driving innovation and creating new opportunities for businesses to cater to the evolving needs and values of consumers.
Podcasts have become a dynamic and influential medium in the media industry, offering transformative opportunities for marketers. With the Asia-Pacific region witnessing a surge in podcast popularity, advertisers are reallocating significant portions of their ad budgets to connected TV (CTV), signaling its growing importance. Additionally, podcasts are diversifying in the region, with listeners showing a preference for organic ads and taking action after encountering podcast ads. The projected global revenue of the podcast industry reaching USD 4 billion by 2024 indicates a substantial growth opportunity for advertisers. Furthermore, advancements in AI may enable non-native language podcasts, expanding content diversification and accessibility for both creators and listeners. The transformative power of podcasts is reshaping the media landscape, presenting marketers with innovative avenues for reaching their target audience.
The shift towards minimally processed food and drink for a healthier and sustainable future is driven by increasing consumer awareness and concerns about health, nutrition, and the environment. Consumers are seeking natural and minimally processed products that offer enhanced nutrition and reduce environmental impact. This trend is supported by solid data and expert opinions, making it meaningful and actionable for brands. Additionally, there is a growing demand for sustainable choices, driven by consumers' willingness to invest in eco-friendly products. Brands that prioritize sustainability and offer minimally processed options can cater to this rising demand and foster brand loyalty. Overall, this shift reflects a broader global concern for health, sustainability, and a more balanced approach to food consumption.
In the post-pandemic era, the need for human connection and social engagement has become crucial. As consumers prioritize well-being and self-care, they seek meaningful relationships and new forms of intimacy to improve their physical and mental health. Building a community around a brand has become more important than ever, as consumers value connection and engagement. Social connections are vital for survival, alongside managing health through diet and exercise. Brands that foster resilience, provide novel experiences, and remind consumers of their history and tradition can position themselves as stable pillars in an uncertain world. Services that promote human skills and empathy will emerge, emphasizing the importance of nurturing customer relationships.
This year, we pitched human capability and ingenuity against AI. Tune into our reflections of this experience in this short video.