Despite persisting economic headwinds, many consumers globally are choosing to spend their money rather than save, with savings ratios declining to near pre-pandemic rates in 2023. Across various categories of non-essential spending, one quarter of global consumers on average say they will increase their spending over the next 12 months.
Sustainable living continues to hold significant relevance for both consumers and corporations, as ethical considerations and moral values grow in importance. This is particularly true in light of the tightening regulations surrounding sustainability reporting and the validation of sustainable claims across the EU, UK and US.
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In 2023, the global marketplace for personalised products and services sagged in the face of changing consumer preferences; however, Euromonitor's quantification model expects that the drop in interest in personalised products and services over the historic period to be transitory, with broad growth returning from 2022-2027.
Leveraging Euromonitor's Megatrends Quantification Model, we will shine a light on those countries that host the most experiential consumers, looking for unique and enhanced brand interactions.
Convenience is the key market manifestation of how consumers look to better use time. It is evolving due to shifts in social patterns, such as ageing populations, which demand easier applications for day-to-day activities, smaller families, which must find ways to simplify their lives, and growing urbanisation, leading people to live more hectic routines than ever. What does that mean for businesses worldwide?