With consumers concerned and economists ‘deeply pessimistic’ about 2024, brands will need to convince consumers to leave the house, let alone spend money, predicts The Media Store’s Consumer Trends 2024
The independent media agency predicts finding the right audience will become even more critical for brands, in this climate, with the market expected to see a renewed focus on targeting and first-party data in order to reach the right customer at the right time.
The report said brands will need to know exactly where consumers are spending, to capitalise on moments of value, while also allowing campaigns to shift and flex to changing habits.
The rise in hermit culture in 2024, as people stay in, invest in, and entertain at home, will also propel an increase in knowledge culture – a steady resurgence of microlearning via online platforms.
The report suggests brands have a significant opportunity for leadership to address the increasing lack of transparency around fake information. Similarly, consumers are looking for brands to take leadership around sustainability, with 70% of consumers wanting clearer information about brand’s environmental credentials.
The report also predicts the continuing rise of AI, fandoms and baby boomers. With over 55s currently spending disposable income at a rate that outpaces inflation, this lucrative demographic is set to move centre stage in 2024.
The report also predicts the explosion of contextual commerce as the growth of text message-based functionality, customers liaising with chatbots to organise purchases, and the rise of short-form shopping via TikTok and YouTube.
Sam Cousins, chief strategy officer of The Media Store, said, “Finding the right moment is key. The higher the relevance in that moment, the higher the conversion. Essentially, customers are looking for a frictionless experience with less steps, easier navigation and more relevant products. The evolution of AI, matched with customer data and behavioural insights, will help find these moments of value for advertisers.”
–
Top image: Sam Cousins