Key consumer trends for 2024

The “State of the Consumer 2024” report by McKinsey & Company highlights significant shifts in consumer behavior and identifies nine key trends impacting the global consumer market. These include changing spending habits among middle-income and aging consumers, increased expenditure on luxury and wellness products, and a noticeable shift towards brand exploration due to weakened brand loyalty.

Key insights include:

Young consumers in emerging markets are particularly pivotal, showing a willingness to spend on premium products.
Older consumers are also spending more freely on discretionary items, contrary to traditional expectations.
The wellness market is experiencing robust growth, with global interest in health products and services intensifying.

The report outlines four imperatives for businesses aiming to succeed in this evolving landscape:

Develop microtargeting capabilities to better understand and reach specific consumer segments.
Invest in the wellness sector to capitalize on growing consumer interest and purchasing power.
Enhance social-digital experiences to engage consumers effectively online.
Offer premium products in relevant categories to improve brand loyalty and meet consumer expectations.

These strategies are crucial for companies looking to adapt to the dynamic consumer environment and achieve sustainable growth and competitive advantage.