The realistic portrayal of modern reality in the five factors that will define consumer markets in 2024

Thursday, October 19, 2023

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Specifically, the research says it focuses on the growing importance of human relationships, dealing with the realities imposed by climate change, and uncertainty about the impact of artificial intelligence. In reference, the five pillars that consumer markets will move next year according to Mintel are: Being Human, More Than Money, Relationship Renaissance, New Green Reality, Positive Perspectives.

Consumer concern about emerging technologies

Mintel analysts note that rapidly evolving technologies powered by artificial intelligence (AI) are predicted to overtake human production. “As consumers and businesses learn to balance the use of this emerging technology, consumers will begin to appreciate more what makes people so unique. A new “human-as-premium” label will emerge, giving greater influence to artisans who can tap into their creative spirit that exists outside of an algorithm,” the research notes.

The social and emotional signature of a business

Additionally, another important factor that will influence consumer behavior is the social and emotional value of a brand. It is noted that it will become more important as consumers look more at what a brand means to them on a personal level.

Maintaining optimism about limiting the impact of the climate crisis

Consumers are increasingly recognizing that the industry’s passive approach to the climate crisis is not enough to address today’s environmental challenges. "Encouraging consumers to maintain a sense of purpose and optimism leads to the perception that their collective efforts can have a positive impact on the well-being of the planet," the analysts point out.

Genuine products, services and... words

Among other things, the survey highlights that rising prices and political instability will continue to fuel global uncertainty, while climate change concerns are at the forefront of consumer concerns, with artificial intelligence also adding a new layer of uncertainty. . "Instead of resisting the impact of multiple sources of uncertainty, brands must move away from their ’sanitized’ portrayal of reality and adopt a more realistic portrayal, presenting genuine products and services," Mintel analysts comment.

Source: Food Reporter #1037/2023-10-09