Digital Consumer Trends for 2024
Our friends at Statista have created a consumer trends report for 2024, with data on how consumers will navigate the market this year. As marketers, social media managers, freelancers, business owners, etc. it’s important to stay informed about consumer behaviors, so we can better target our niche audiences.
This report raises four different trends that will provide a blueprint for how businesses can better meet their client and customer’s needs.
Using the data from Statista, combined with our 2023 Social Networks Study, we can look at digital marketing trends as a whole amongst consumers, and how this will translate into social media marketing. So first, let’s break down the four trends from Statista’s report.
“Quest for Quality”
The first trend in this report is the consumer’s hunt for quality, rather than quantity. With rising inflation and cost of living, consumers are spending more time seeking out quality products, rather than quick, cheap, mass-produced products.
This also resonates with our 2023 Social Networks study, in which we found that users prefer quality content rather than quantity. For businesses, this means creating content and offers that are tailored to long-term value. And overall, don’t we want longevity when it comes to clients?
“Brands should focus on enhancing their premium product offerings to cater to this rising demand.”
Statista – Consumer Trends Report 2024
It’s also interesting to note that thrifting and secondhand shopping are surging as users look for quality items at an affordable price. This also means that pricing increases may deter users. As a brand, it may benefit to become more environmentally conscious and to think of ways to incorporate quality secondhand products.
“Ethical Spenders”
Speaking of sustainability, this next trend reflects a push for buying products that are eco-friendly and sustainable. More and more “ethical spenders” are flocking to brands that create eco-friendly products, and offer sustainable branding.
Furthermore, there will be a natural surge of consuming environmentally-friendly products. With that being said, consumers aren’t afraid to pay more for quality, sustainable products.
In this chart, we can see that across most industries, consumers are willing to pay more for sustainable products. Yet, this raises another question, are sustainable products a luxury? Most generations agree, and 38% of total respondents agree that eco-friendliness should not be a luxury, and should be more accessible.
If brands are committed to eco-friendly branding, the messaging must reflect this. A roadblock to sustainable branding is that consumers way worry about pricing. Therefore, it’s important for your message to address sustainability, while keeping affordability in mind.
Brand copywriting can be tricky, especially when it comes to creating messages that resonate with your audience. But luckily for you, we have created a copywriting guide for social media, with seven “magic” formulas to follow for effective messaging:
“Zenthusiasts”
Ah, the generation that seems to shaking up all consumer tends, Gen Z! Call them what you will, they are changing the digital world as we know it. However, after navigating through COVID-19 and its aftermath, many Gen Z and Millennials are pioneering and normalizing mental health, anxiety, and stress practices.
Gen Z is also highly influenced by online figures, such as social media influencers and content creators. If you look at this chart, you can see that across the U.S., UK, and Germany, 96% of Gen Z respondents are following at least one influencer on social media.
With this, of course, comes a flood of purchases through influencer and celebrity promotion. Influencer marketing is alive more than ever, and Gen Z has proved just that. Influencers have a unique relationship with their followers, one built heavily on trust. As brands consider ways to promote their products and services, investing in influencer marketing isn’t a bad idea.
Check out how to use influencer marketing in 2024, with trends and insights in how to best implement this action into your strategy:
“Data Ad-vocates”
The last trend from Statista’s consumer trends report is “Data ad-vocates”. Algorithms have become extremely powerful for creating personalized feeds with content and ads that relate to users interests, behaviors, pain-points, location, and lifestyle.
Part of this is also the willingness to share data privacy, as long as this results in personalized content and experiences. So with that being said, personalization is power. Whereas before many consumers were frustrated with the in-flux of invasive advertising, now personalized ads have changed this mindset.
In this chart above, we can see that less and less consumers care about ads popping up on their feed if it relates to their search history.
As a brand or business, this means its essential to segment campaigns and create targeted ads. Create unique offers for different segments, and ensure messaging reflects each segments needs, wants, and resources. While the data-breach argument continues, its important as a brand to be transparent about your data collection policies.
User-generated content is also in for 2024, and can be a huge benefit for brands, with low investment. UGC can come in forms of reviews, testimonials, and photos or videos. This is a natural way to build trust and validity amongst customers.
‘Want to learn more about UGC? Check out this guide below:
Conclusions
As we know, consumer trends are ever-changing, and it’s essential for brands to adapt and evolve to these behaviors. Overall, we can see a push for authenticity, reliability, and sustainability. Plus, personalization will need to be in the forefront of campaigns and advertising. Understanding your ideal buyer personas will help your brand better understand what your potential customers are looking for.
With quality trumping quantity, this also gives brands the ability to think deeper about content marketing strategies and campaigns that will stick.
To learn about more social media trends in 2024, check out this blog below:
