As we continue through 2024, understanding the subtleties of consumer trends is crucial for every brand. It’s not just about recognizing what people are doing, but more so why they’re doing it.
Why? Because knowing the latest trends helps you tailor your products, messaging, and even your approach to connect with your audience on a deeper level. Plus, it keeps you relevant in a world where attention spans are shorter than a TikTok video.
That said, let’s explore three 2024 consumer trends you may or may not have noticed by now.
1. Return to Office is Picking Up Speed
Bloomberg offers the Kastle Systems Index, which tracks building occupancies in 10 major metro areas. While not an exact science, this index helps directionally identify occupancy.
In 2023, more than half of the workers in major US cities made a return to the office. Add in survey results from ResumeBuilder that indicate 90% of companies will return to the office in 2024, and suddenly you’ve got the recipe for a change in consumer behavior.
Reduced Time for Personal Errands:
With less time available for personal activities due to office hours, consumers may find their shopping habits changing. The flexibility to run errands or shop during what used to be a work-from-home day is now replaced by a need to fit these tasks into evenings or weekends, potentially leading to a shift towards online shopping and delivery services.
Work Wardrobe Revival:
The demand for formal and semi-formal work attire, which dwindled during remote working, is likely to see a revival. This shift could lead to a noticeable change in the fashion retail sector, with more consumers shopping for office-appropriate clothing, especially as clothing prices continue to drop.
2. The Impact of Buy Now, Pay Later
According to Adobe Inc., Buy Now Pay Later (BNPL) offerings helped fuel a record start to the holiday shopping season in the US, and with good reason. In the classic BNPL arrangement, a customer purchases a product in installments and essentially receives a zero-interest loan (unless they pay late).
Some hail BNPL as a revolution in household finance, while others point out it’s another way to get overextended shopping addicts into more trouble. It really is too soon to say which side is right, but it’s not too soon to say that BNPL is changing consumer behavior.
Consumer Trends with Spending Patterns:
People might opt for BNPL for everyday purchases, shifting from using credit cards or depleting savings. This could lead to more frequent but smaller transactions, as BNPL makes it easier to manage cash flow over time for consumers.
Retailers may have to adjust their marketing and sales strategies to cater to the BNPL trend, including tailored marketing campaigns and a re-evaluation of pricing structures to accommodate this payment model.
Increased Consumer Purchasing Power in 2024:
BNPL can temporarily enhance consumers’ purchasing power, enabling them to buy higher-priced items that they might not otherwise be able to afford in a single payment. This could lead to a surge in demand for certain products, particularly in electronics, fashion, and home goods.
3. The Rise of Health and Wellness Technology
The health and wellness technology sector has been quietly gaining momentum, particularly in 2023. With an increased focus on personal health and well-being, individuals are turning to technology for solutions, potentially leading to significant changes in 2024 consumer trends and business strategies.
Increased Adoption of Wearable Devices:
Wearables like fitness trackers, smartwatches, and health monitoring gadgets have seen a surge in popularity. (Fit Bits, Oura Rings, Whoops, etc.) These devices not only track physical activity but also monitor vital health metrics, sleep patterns, and even mental health indicators.
Meanwhile, the adoption of telehealth services, accelerated by the pandemic, continues to grow. Consumers are increasingly comfortable with virtual doctor visits, online consultations, and digital health monitoring, expanding the scope of healthcare technology.
The integration of devices into telehealth services is likely to create ongoing demand for health and wellness throughout 2024.
Growth in Wellness Apps:
There’s been a notable rise in the use of wellness apps, offering everything from guided meditation and mindfulness to diet tracking and personalized workout plans. These apps cater to a growing consumer desire for convenient, at-home wellness solutions.
Consumers may allocate more of their budget to health tech products and services, potentially at the expense of traditional gym memberships or in-person wellness services.
The Importance Behind Consumer Trends
It’s clear that the subtle yet significant shifts in consumer behavior observed in 2023 are set to continue shaping noticeable 2024 consumer trends. These themes, often overshadowed by more conspicuous market movements, are indicative of deeper changes and highlight the importance of looking beyond the obvious.
These are just a few of the seemingly small events of 2023 and 2024 making an impact on brands across the board.
