Decoding Your Customer: Top Trends to Watch in 2024

Consumer expectations are at an all-time high, fueled by technological leaps, evolving tastes, and a quest for value behind every purchase ️

So, how can businesses meet the complex needs of their customers?

The truth is that with every click, swipe, and interaction, consumers tell us exactly what they want from their shopping experience. You just have to know where to find the data.

And because data is our thing, we’ve done the digging for you.

Using Market Research Intelligence, we gathered data on the consumer trends that really picked up the pace in 2023 to predict what the major driving forces behind purchase behavior will be in 2024.

Think of these trends as vital clues to help you better understand your target market, level up your strategic analysis (before your competitors get the chance) and unlock the secrets to an uncertain future of shopping.

Let’s jump right in.

1) Convenience is still King

As the economy slowly bounces back, consumers are no longer as focused on the lowest cost option. But because every penny still counts, they are shifting into a more value-focused mindset. And convenience is certainly something they are willing to pay a premium for.

While convenience as a priority is nothing new, this year, the shopping mantra is clear: “Convenience without compromise”. The growing success of subscription services, like meal kits, offering something extra on top of convenience tells us everything we need to know.

Consumers want ease of purchase, but are not willing to forgo top-notch quality.

So, which subscription models are taking the industry by storm? What’s their secret to offering both convenience and high standards?

Find out by downloading our 2024 consumer trends report.

2) Sustainability at the heart

Convenience is not the only thing consumers are willing to pay a higher price tag for.

Shoppers’ consciences are creeping into consumer behavior like never before, especially for Millenials and Gen Z.

For example, here you can see that the demographics of sustainable fashion brand, Yak and Lucy’s website users are overwhelmingly in the 18-44 age bracket, with a whopping 40.25% of users between 25 and 34 (Millenials)

This year, it’s all about making purchases that feel good in the heart and do good for the planet

The purchasing power of the younger generations is gaining considerably, so if you’re not talking green, you’re not talking their language – and you’ll struggle to connect.

Want to know how industry leaders are growing a loyal customer base using more sustainable practices? Dive into the juicy data behind the meteoric rise of second-hand marketplaces like Vinted and spot the trending keywords and product types that consumers are gravitating towards in 2024.

Get all the insights here

3. From AI to buy

The unstoppable tide of AI is leaving no corner of the business world untouched – and the ecommerce industry is no different.

With its unprecedented options for personalization, AI is rapidly transforming the customer experience.

For shoppers, using AI during the buying process is like having a BFF who knows their taste better than they do. In a matter of seconds, they can get tailored product recommendations based on their hobbies, interests, preferences, and purchase history – and all within budget

What impact does this already have on ecommerce sites? And what exactly are shoppers asking their AI assistants when considering a purchase?

Find out how to leverage data on AI-enhanced shopping by downloading the full report.

Let’s wrap things up…

The top consumer trends of 2024 tell us that the future of ecommerce is vibrant, diverse, and full of possibility. However, being able to tap into these opportunities requires a deep understanding of the modern consumer and a little strategic foresight

Luckily, we can give you both.

Our consumer trends report, A New Equation of Value, offers a deep dive into three key shifts in buyer behavior, so you have all the insight you need to succeed in an industry where change is the only constant. How’s that for a competitive advantage?

So, what exactly is the new equation of value for shoppers? Download our report for the recipe to delivering an exceptional buying experience in 2024:

by Monique Ellis

Content Marketing Manager

Monique, with 7 years in data storytelling, enjoys crafting content and exploring new places. She’s also a fan of historical fiction.