Key trends every business needs to know and act upon for 2024
How to stay ahead of consumer preferences
Stay ahead of the game next year by keeping up with the latest trends and changes in the market. Being aware of the most significant developments can give your business a crucial edge over the competition. In this blog post, we'll explore the most notable consumer trends that every business should know as revealed in the latest Statista report, helping you succeed in the ever-evolving world of marketing as well as give you some tips on how you can use these insights.
1. Prioritise quality over quantity
With the cost of living crisis, consumers are seeking value for their money more than ever. They want high-quality products and services that align with their values. This means it's crucial to focus on quality over quantity.
Consumers are steering away from disposable products and prioritising long lasting items. Consider how this could impact your business. Invest in premium offerings to not only attract consumers but also foster brand loyalty.
2. The surge in ethical spending
Ethical spending is no longer just a trend - it's a necessity in today's landscape. Sustainability has emerged as the most searched societal issue worldwide alongside mental health and it has also seen an increased surge in UK online searches this year according to The Annual Global Issues Index by Semrush.
Consumers are mindful of the impact their purchases have on the environment and society, and they prefer to support companies that share their values. In fact 45% of people in the UK advise they’re an ethical consumer and they’re willing to pay more for products and services that align with their values.
Although health is the main driver for ethical food purchases, for beauty & fashion, environmental concerns are the top purchasing factor. Messaging is paramount for brands seeking to capitalize on ethical spenders, especially when targeting Generation Z. While this younger group are willing to pay more for sustainable products, they don’t necessarily associate sustainability with luxury or premium goods. They believe that sustainable shopping should be accessible to everyone. This means as businesses we should consider our entry level or lowest priced products and how we can ensure they're sustainable.
3. Address mental health
Continuing to reduce the stigma around mental health is crucial for businesses in 2024. It's an issue that can't be ignored, with a quarter of the world's population reporting mental health problems. In the UK, mental health has consistently been the most searched issues in the past five years as revealed in the Annual Global Issues Index.
Partnering with wellness influencers and creating targeted content can help you connect with your audience and build trust. Offering products and services that focus on stress reduction can also foster loyalty among customers.
4. Be transparent about the use of data
Personalised data usage is a trend that every business should be aware of this year. However, you must be transparent about data collection practices and highlight data security and privacy to build consumer trust.
But what can you do with these fascinating insights?
There are several practical actions you can take to leverage these insights and ensure your marketing is relevant and taps into customer trends and preferences.
1. Create blog content
Produce engaging blogs and social media posts on the topics that are most relevant to your customers and your business. If you're not confident on the topic, consider collaborating with an expert for a guest post. Remember, this will also boost your SEO.
2. Refine your messaging
Examine how these trends impact your business and product messaging. Do you need to revisit any aspects and consider the broader implications for your products?
3. Corporate social responsibility and ESG
Review your company's corporate social responsibility plans. Are they up-to-date and relevant? Are there any new trends that require you to rethink your sustainability policy?
4. Evaluate your company website
Finally, take the time to review your website. Do you need to update any messages or policies, such as data privacy or your sustainability policy?
Staying informed about industry trends is essential for business success in an uncertain market landscape. Understanding the importance of quality, ethical spending, addressing mental health, and personalising data usage can give you the edge you need. If you're unsure where to start, book a free consultation to learn how to incorporate these trends