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Consumer Behavior
Sustainability
Shopping Trends
Digital Shopping
Customer Experience
ARTICLE #57
6 key consumer behaviour trends for businesses in 2024
Consumer Behavior
Sustainability
Shopping Trends
Digital Shopping
Customer Experience
Written by:
3 min read
Updated on: July 15, 2024
Toni Hukkanen
Head of Design
Creative Direction, Brand Direction
Toni Hukkanen
Head of Design
Creative Direction, Brand Direction
Toni Hukkanen
Head of Design
Creative Direction, Brand Direction
With everything changing and evolving for the better, has consumer behaviour also changed? Consumer behaviour is changing rapidly over the last few years. It has evolved to the extent that the old shopping methods are considered traditional. With everything changing so fast, the way businesses are responding to their consumers is also getting more innovative than ever.
Although COVID-19 is when such a major change in consumer behaviour started, that change was due to restrictions like staying at home, shopping online, working remotely etc. At least 75% of consumers first tried the new shopping behaviour in COVID-19. This changed shopping behaviour had a lasting effect on consumers. So those restrictions have now become a necessity for consumers. It has become a normal and essential part of their lives.
The continuous advancements in technology are another reason for the changes in consumer behaviours. So, businesses have to adopt consumer-friendly marketing strategies to survive and grow. Let’s discuss the six major changing consumer behaviour trends.
With everything changing and evolving for the better, has consumer behaviour also changed? Consumer behaviour is changing rapidly over the last few years. It has evolved to the extent that the old shopping methods are considered traditional. With everything changing so fast, the way businesses are responding to their consumers is also getting more innovative than ever.
Although COVID-19 is when such a major change in consumer behaviour started, that change was due to restrictions like staying at home, shopping online, working remotely etc. At least 75% of consumers first tried the new shopping behaviour in COVID-19. This changed shopping behaviour had a lasting effect on consumers. So those restrictions have now become a necessity for consumers. It has become a normal and essential part of their lives.
The continuous advancements in technology are another reason for the changes in consumer behaviours. So, businesses have to adopt consumer-friendly marketing strategies to survive and grow. Let’s discuss the six major changing consumer behaviour trends.
With everything changing and evolving for the better, has consumer behaviour also changed? Consumer behaviour is changing rapidly over the last few years. It has evolved to the extent that the old shopping methods are considered traditional. With everything changing so fast, the way businesses are responding to their consumers is also getting more innovative than ever.
Although COVID-19 is when such a major change in consumer behaviour started, that change was due to restrictions like staying at home, shopping online, working remotely etc. At least 75% of consumers first tried the new shopping behaviour in COVID-19. This changed shopping behaviour had a lasting effect on consumers. So those restrictions have now become a necessity for consumers. It has become a normal and essential part of their lives.
The continuous advancements in technology are another reason for the changes in consumer behaviours. So, businesses have to adopt consumer-friendly marketing strategies to survive and grow. Let’s discuss the six major changing consumer behaviour trends.
1. The consumer wants personalised services
1. The consumer wants personalised services
1. The consumer wants personalised services
Every consumer wants personalised services. No matter if they are shopping for something digital or purchasing something physically. And what do we mean by personalised services? It means everything is according to the customer's requirements, from the development to the delivery. Now this is one way of getting a personalised experience.
Another way is AI personalisation. There are a lot of businesses that are using consumer data and offering them personalised services. It is worth noting that 80% of consumers are more likely to buy from a brand which provides personalised experiences.
Also, 62% of consumers admit that they will stop being loyal to a business if they do not provide them with personalised services. On the bright side, personalization proves to be beneficial for both consumers and businesses. Consumers get what they want and businesses get increased sales.
Every consumer wants personalised services. No matter if they are shopping for something digital or purchasing something physically. And what do we mean by personalised services? It means everything is according to the customer's requirements, from the development to the delivery. Now this is one way of getting a personalised experience.
Another way is AI personalisation. There are a lot of businesses that are using consumer data and offering them personalised services. It is worth noting that 80% of consumers are more likely to buy from a brand which provides personalised experiences.
Also, 62% of consumers admit that they will stop being loyal to a business if they do not provide them with personalised services. On the bright side, personalization proves to be beneficial for both consumers and businesses. Consumers get what they want and businesses get increased sales.
Every consumer wants personalised services. No matter if they are shopping for something digital or purchasing something physically. And what do we mean by personalised services? It means everything is according to the customer's requirements, from the development to the delivery. Now this is one way of getting a personalised experience.
Another way is AI personalisation. There are a lot of businesses that are using consumer data and offering them personalised services. It is worth noting that 80% of consumers are more likely to buy from a brand which provides personalised experiences.
Also, 62% of consumers admit that they will stop being loyal to a business if they do not provide them with personalised services. On the bright side, personalization proves to be beneficial for both consumers and businesses. Consumers get what they want and businesses get increased sales.
2. Consumers want an immersive experience
It is a wonderful idea to use AI for shopping activities in this era of technology. The development of AR/VR justifies this statement. The consumers can now have a vision of what the product will look like in reality if they are purchasing it. Moreover, they will be able to understand the product and see its real size which is rather complicated to do while shopping online.
When someone is shopping for makeup products, let’s say if someone is searching for lipstick, they can confirm the shade by applying it as a filter on their face. It will give them an idea that the colour they're purchasing is correct and looks good. This is called an immersive experience. According to L’Oreal, people who use the company’s try-on tool are 2.6 times more likely to purchase it.
It is a wonderful idea to use AI for shopping activities in this era of technology. The development of AR/VR justifies this statement. The consumers can now have a vision of what the product will look like in reality if they are purchasing it. Moreover, they will be able to understand the product and see its real size which is rather complicated to do while shopping online.
When someone is shopping for makeup products, let’s say if someone is searching for lipstick, they can confirm the shade by applying it as a filter on their face. It will give them an idea that the colour they're purchasing is correct and looks good. This is called an immersive experience. According to L’Oreal, people who use the company’s try-on tool are 2.6 times more likely to purchase it.
It is a wonderful idea to use AI for shopping activities in this era of technology. The development of AR/VR justifies this statement. The consumers can now have a vision of what the product will look like in reality if they are purchasing it. Moreover, they will be able to understand the product and see its real size which is rather complicated to do while shopping online.
When someone is shopping for makeup products, let’s say if someone is searching for lipstick, they can confirm the shade by applying it as a filter on their face. It will give them an idea that the colour they're purchasing is correct and looks good. This is called an immersive experience. According to L’Oreal, people who use the company’s try-on tool are 2.6 times more likely to purchase it.
3. Demand for different payment methods
Another rising consumer behaviour trend is the demand for different payment methods. The reason for this is time efficiency. Consumers believe that paying via cards or online is much faster and easier than paying in cash.
The next thing is the Buy Now Pay Later policy whose demand is equally rising. It somehow provides relaxation to consumers so they can divide huge amounts in instalments that are often interest-free as well. Due to this rising trend, the BNPL market is expected to grow by $450 billion until 2026.
Another rising consumer behaviour trend is the demand for different payment methods. The reason for this is time efficiency. Consumers believe that paying via cards or online is much faster and easier than paying in cash.
The next thing is the Buy Now Pay Later policy whose demand is equally rising. It somehow provides relaxation to consumers so they can divide huge amounts in instalments that are often interest-free as well. Due to this rising trend, the BNPL market is expected to grow by $450 billion until 2026.
Another rising consumer behaviour trend is the demand for different payment methods. The reason for this is time efficiency. Consumers believe that paying via cards or online is much faster and easier than paying in cash.
The next thing is the Buy Now Pay Later policy whose demand is equally rising. It somehow provides relaxation to consumers so they can divide huge amounts in instalments that are often interest-free as well. Due to this rising trend, the BNPL market is expected to grow by $450 billion until 2026.
4. Sustainability has become a whole trend
More than anything, people are now focusing on sustainable or environmentally friendly products. Sustainability is affecting consumer behaviours in every way from sustainable packaging and production to sustainable disposal. From the year 2018 to 2022, the sales of the products following sustainability practices grew 36% more than others.
It is also expected that customers will shift to a brand that is following sustainable practices and will remain loyal to them only. About 66% of consumers have already shifted to brands that are following sustainable practices in 2023. Noticing this situation, businesses have also started focusing on the development of environment-friendly products and adopting sustainability practices.
More than anything, people are now focusing on sustainable or environmentally friendly products. Sustainability is affecting consumer behaviours in every way from sustainable packaging and production to sustainable disposal. From the year 2018 to 2022, the sales of the products following sustainability practices grew 36% more than others.
It is also expected that customers will shift to a brand that is following sustainable practices and will remain loyal to them only. About 66% of consumers have already shifted to brands that are following sustainable practices in 2023. Noticing this situation, businesses have also started focusing on the development of environment-friendly products and adopting sustainability practices.
More than anything, people are now focusing on sustainable or environmentally friendly products. Sustainability is affecting consumer behaviours in every way from sustainable packaging and production to sustainable disposal. From the year 2018 to 2022, the sales of the products following sustainability practices grew 36% more than others.
It is also expected that customers will shift to a brand that is following sustainable practices and will remain loyal to them only. About 66% of consumers have already shifted to brands that are following sustainable practices in 2023. Noticing this situation, businesses have also started focusing on the development of environment-friendly products and adopting sustainability practices.
5. The rise of social commerce
It has become a common practice now that social media platforms support shopping features. It is also a convenience for consumers because they do not have to leave the app. In fact, social commerce is getting even more popular than e-commerce.
This has led to the creation of user-generated content related to either their or the company’s product they have collaborated with. The result is that consumers are highly influenced by these influencers and make purchases based on their reviews. There may be two reasons for this behaviour.
One is that consumers are simply very attracted to the opinions of their favourite personalities. Another reason is that the user-generated content is like the visual representation of products they intend to purchase. So consumers have an exact idea of what they are getting if they purchase. Also, user-generated content has 9.8 times more impact on consumers than influencer marketing.
So if businesses want to grow in these changing trends, they must adapt their strategies according to consumer behaviours.
It has become a common practice now that social media platforms support shopping features. It is also a convenience for consumers because they do not have to leave the app. In fact, social commerce is getting even more popular than e-commerce.
This has led to the creation of user-generated content related to either their or the company’s product they have collaborated with. The result is that consumers are highly influenced by these influencers and make purchases based on their reviews. There may be two reasons for this behaviour.
One is that consumers are simply very attracted to the opinions of their favourite personalities. Another reason is that the user-generated content is like the visual representation of products they intend to purchase. So consumers have an exact idea of what they are getting if they purchase. Also, user-generated content has 9.8 times more impact on consumers than influencer marketing.
So if businesses want to grow in these changing trends, they must adapt their strategies according to consumer behaviours.
It has become a common practice now that social media platforms support shopping features. It is also a convenience for consumers because they do not have to leave the app. In fact, social commerce is getting even more popular than e-commerce.
This has led to the creation of user-generated content related to either their or the company’s product they have collaborated with. The result is that consumers are highly influenced by these influencers and make purchases based on their reviews. There may be two reasons for this behaviour.
One is that consumers are simply very attracted to the opinions of their favourite personalities. Another reason is that the user-generated content is like the visual representation of products they intend to purchase. So consumers have an exact idea of what they are getting if they purchase. Also, user-generated content has 9.8 times more impact on consumers than influencer marketing.
So if businesses want to grow in these changing trends, they must adapt their strategies according to consumer behaviours.
6. Businesses need to be mindful of consumer ethical values
Consumer beliefs and values are becoming an important factor when they are deciding to purchase something. They have started considering whether the brand follows their ethical values or not. It is reported that more than 64% of consumers are conscious of their ethical beliefs and values.
Consumers also want every business to be transparent about their ethical values and must have a public opinion about social and political movements. It has become extremely common for consumers to boycott a business that is not following their values. Almost 94% of consumers stay loyal to a brand that is transparent about its values.
Consumer beliefs and values are becoming an important factor when they are deciding to purchase something. They have started considering whether the brand follows their ethical values or not. It is reported that more than 64% of consumers are conscious of their ethical beliefs and values.
Consumers also want every business to be transparent about their ethical values and must have a public opinion about social and political movements. It has become extremely common for consumers to boycott a business that is not following their values. Almost 94% of consumers stay loyal to a brand that is transparent about its values.
Consumer beliefs and values are becoming an important factor when they are deciding to purchase something. They have started considering whether the brand follows their ethical values or not. It is reported that more than 64% of consumers are conscious of their ethical beliefs and values.
Consumers also want every business to be transparent about their ethical values and must have a public opinion about social and political movements. It has become extremely common for consumers to boycott a business that is not following their values. Almost 94% of consumers stay loyal to a brand that is transparent about its values.
Frequently Asked Questions
In the changing customer behaviour trends, how can a small business survive?
The best way to survive in the changing consumer behaviour is by staying up-to-date with the latest market trends, providing products or services based on the consumers' preferences and adjusting their social media marketing strategies accordingly.
How do businesses keep the privacy of consumers?
Businesses can do it by getting the consumers’ consent and being transparent about the data collection. Also, they should use the best security systems for the fair use of consumers’ data.
How does data analytics help to understand the changing consumer behaviour?
Data analytics is the key factor to understanding consumer behaviour by giving insights about the latest consumer trends, and tracking their habits and preferences so businesses can adjust their strategies accordingly.
Final Words
This is like the evolution of consumer practices and we can conclude that these changing consumer behaviour trends are mostly based on their convenience. Especially after COVID-19, consumers are now more focused on digital aspects of life. Now people like to stay indoors more as compared to hanging out or visiting some outlets. This has led to the increasing trend of online shopping.
Not only online shopping, but consumers also want everything to be delivered to their doorstep, from food to clothing items and even health treatments. Just like this, they are getting more conscious about wellness products and the impact of food on their health. It is expected that the wellness industry will be valued at $74.9 billion by the end of 2030.
So it is for every business that if they want to thrive in this globally changing consumer behaviour then they need to meet consumer demands.
Frequently Asked Questions
In the changing customer behaviour trends, how can a small business survive?
The best way to survive in the changing consumer behaviour is by staying up-to-date with the latest market trends, providing products or services based on the consumers' preferences and adjusting their social media marketing strategies accordingly.
How do businesses keep the privacy of consumers?
Businesses can do it by getting the consumers’ consent and being transparent about the data collection. Also, they should use the best security systems for the fair use of consumers’ data.
How does data analytics help to understand the changing consumer behaviour?
Data analytics is the key factor to understanding consumer behaviour by giving insights about the latest consumer trends, and tracking their habits and preferences so businesses can adjust their strategies accordingly.
Final Words
This is like the evolution of consumer practices and we can conclude that these changing consumer behaviour trends are mostly based on their convenience. Especially after COVID-19, consumers are now more focused on digital aspects of life. Now people like to stay indoors more as compared to hanging out or visiting some outlets. This has led to the increasing trend of online shopping.
Not only online shopping, but consumers also want everything to be delivered to their doorstep, from food to clothing items and even health treatments. Just like this, they are getting more conscious about wellness products and the impact of food on their health. It is expected that the wellness industry will be valued at $74.9 billion by the end of 2030.
So it is for every business that if they want to thrive in this globally changing consumer behaviour then they need to meet consumer demands.
Frequently Asked Questions
In the changing customer behaviour trends, how can a small business survive?
The best way to survive in the changing consumer behaviour is by staying up-to-date with the latest market trends, providing products or services based on the consumers' preferences and adjusting their social media marketing strategies accordingly.
How do businesses keep the privacy of consumers?
Businesses can do it by getting the consumers’ consent and being transparent about the data collection. Also, they should use the best security systems for the fair use of consumers’ data.
How does data analytics help to understand the changing consumer behaviour?
Data analytics is the key factor to understanding consumer behaviour by giving insights about the latest consumer trends, and tracking their habits and preferences so businesses can adjust their strategies accordingly.
Final Words
This is like the evolution of consumer practices and we can conclude that these changing consumer behaviour trends are mostly based on their convenience. Especially after COVID-19, consumers are now more focused on digital aspects of life. Now people like to stay indoors more as compared to hanging out or visiting some outlets. This has led to the increasing trend of online shopping.
Not only online shopping, but consumers also want everything to be delivered to their doorstep, from food to clothing items and even health treatments. Just like this, they are getting more conscious about wellness products and the impact of food on their health. It is expected that the wellness industry will be valued at $74.9 billion by the end of 2030.
So it is for every business that if they want to thrive in this globally changing consumer behaviour then they need to meet consumer demands.
ARTICLE #57
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ee@for.co
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