Forecasting marketing trends never happens in a void. It starts humbly with observing real people’s behavior without thinking of them as consumers. However, as Carla Buzasi (CEO and President of WGSN) said during her presentation at the Cannes Lions International Festival of Creativity 2023, taking a major step back is vital. You have to think of macro drivers influencing how people think, feel, and act in the World.
What she meant by that is how big social, political, technological, and economic shifts impact the way people work, live, and play on an everyday basis and, from there – what products, services, and experiences they would need for those lifestyle choices. Paying attention to that very point where consumers actually happen to emerge.
That’s why, before going to marketing trends to be aware of in 2024, we will start by taking a closer look at consumer sentiment and profiles, shaping the future market.
Image credit: Andrea Piacquadio via Pexels, free license
4 Consumer Sentiments
Sentiments represent how consumers feel and think at a given time. Regardless of age, people share certain mental and emotional approaches towards the World and the challenges it sets in front of them.
Disassociation
This is about the feeling of being disconnected from what’s happening around you and/or intentionally escaping the fast-paced World. It manifests by stepping back from social platforms that come with the awareness of losing time on scrolling without being connected to anything.
Idleness
Not to be confused with laziness! Being idle means staying still and doing nothing. People are generally not good at being idle, no matter how important it actually is for our well-being because being idle provides your brain with a space not only to rest but also to unwind and discover new areas of creativity, which makes idleness a very positive sentiment for the future.
Radical Acceptance
This one comes with the awareness of how bad things are in the World at the moment, with lots of bad news hitting us every minute. And this is happening despite the fact that people are living longer and have the technology to actually solve many problems that humanity is facing. And yet, we still feel unhappy. So, radical acceptance means acknowledging all of these problems and accepting the World as it is. This is about finding new ways of coping.
Neo-Altruism
With altruism having a bad rap lately and doing good no longer manifesting in a positive way, distrust is the new norm. But Neo-Altruism, so doing good without social bragging, is and will be on the rise due to the current recession. Because, what we learn from previous recessions is that the longer the recession goes on, the more people’s trust in other individuals improves.
4 Consumer profiles
From these four sentiments emerge four consumer profiles based more on sociographics rather than demographics. These profiles are formed by shared values and ways of being, not age, although some profiles may align more with certain generations.
The New Nihilists
The disillusioned ones. They do not see much value in the World right now. However, what is rather optimistic here is the shift towards a sense of being that acknowledges that since life is meaningless, the possibilities are ultimately limitless. There is simply nothing to lose in attempting to find a solution to all of this.
New Nihilists are very much against overconsumption and do not want to be marketed to. So, brands need to be very thoughtful when communicating with them. The key to reaching this cohort and others we gonna talk about in a moment is by valued-based UX. Simply having a value is not enough for a brand. The whole experience needs to be value-focused.
The Reductionists
They find themselves feeling disconnected and missing the human connections, which have been largely lost due to the pandemic. In response, they are focusing on creating new communities rather than networks. Building small community ties and making meaningful gestures while still taking advantage of what technology has to offer in this regard.
They are also stepping back from social platforms without completely disconnecting. They not only stay aware but are actually making conscious choices. This cohort actually is putting their money where their heart is, so ethical, value-focused commerce is the way to connect with this group.
The Time Keepers
This is the profile leaning more toward the older demographic. Conscious of the cost, Time Keepers are really stepping back from social platforms and technology. And since they know quite well they will live longer (1 in 3 is expected to live up to 90), this group is very much into making the best of this time. They are very well aware that time is the currency, and if so, ownership isn’t a necessity.
Time Keepers are also very much about changing the rigid cycle that used to organize life for decades. Because if you live longer, there doesn’t have to be one period of education or career. You can have many of those! This is also why Time Keepers don’t want to be defined by stereotypical age concepts because they simply don’t work for them.
The Pioneers
These are the most proactive ones. Powered by technology and innovation, seize every offered opportunity, following it and moving forward. So, despite the term “digital nomad” being largely dismissed, these are the digital nomads, and they are here to stay. Very demanding, pressuring brands to keep up with them.
Setting the frame by understanding future consumers, what drives them, and why provides a broader perspective to talk about future marketing trends. We may now actually see why some phenomena become trends, shaping the market for the upcoming year.
- Conversational Marketing And AI-Driven Interactions
Without a doubt, this duo appears on and on again in almost every trend marketing report. And it is for a reason. Conversational marketing and AI-driven interactions are revolutionizing the way brands engage with customers. With the nowadays consumer seeking immediate gratification and personalized solutions (remember Pioneers?), conversational marketing has become a key strategy for brands to provide real-time support and guidance.
Through the use of AI-powered chatbots and virtual assistants, brands can engage with consumers in seamless conversations, answering queries, assisting with purchasing decisions, and even generating leads for the company. This human-centered approach to marketing creates a more engaging and interactive experience, not only increasing customer satisfaction but also driving conversions.
What helps companies put consumers at the center of their business is market research done right, with neuromarketing as one of the big current trends. Platforms like RealEye provide AI-powered eye tracking software, allowing one to look through the user’s eyes, which makes a difference when designing products, services, experiences, or communication assets.
- Virtual Reality And Augmented Reality Integration
Virtual Reality (VR) and Augmented Reality (AR) are emerging as powerful tools for marketers to create immersive brand experiences and engage customers in unique and interactive ways. By overlaying digital information onto the real World, AR brings a new level of interactivity and engagement to marketing. Brands can use AR to provide customers with not only interactive product demonstrations and virtual tours but also gamified experiences that enhance brand awareness and create memorable interactions. As the border between the digital realm and reality becomes increasingly porous, VR and AR technologies offer limitless possibilities for marketers to showcase their products and services.
- Sustainability And Ethical Marketing
It is kind of obvious to say that today, consumers no longer buy just a product or service. It became very much visible across all the profiles mentioned before. They see their purchases as lifestyle choices and want them to reflect their values. So should the brands they choose. However, we no longer talk about just “doing the right thing.” Using sustainable and ethical practices in a supply chain, being transparent about the pricing and return policies, avoiding deceptive or misleading advertising, and supporting causes and charities that align with brand values – this all became obvious. To build a relationship with its consumers, companies go to value-based user experience.
What does it mean? It means creating products and services with value at the front, whether we talk of indie brands bidding against giant global labels or sharing and cooperating vs. owning. Sounds idealistic? It already happens! New purpose-oriented retail services or platforms appear, dedicated to connecting consumers with independent, local, inclusive brands, which are surfacing and growing successfully. Or a new idea for travel or holiday accommodation, with services people can buy into and stay in beautiful locations for a certain amount of days a year.
- Hyper-Personalization
Another cliche it is good to unpack: today’s consumer expects tailor-made experiences. Data operated with AI support is obviously helping with that a lot, providing hyper-personalized marketing strategies where content, product recommendations, and even advertisements are customized for individual consumers. That will continue to make mass marketing research and strategies obsolete, contrary to harvesting genuine insights and reaching very targeted audiences to build lasting relationships. To know more about running meaningful market research, go to our publication: Comprehensive Guide to Market Research: Strategies, Methods, and Implementation.
However, the real fun starts when we use data to customize not only the product, service, or communication but also the whole customer experience when we put sentiments and emotions at the front. Example? Anti-wellness wellness brand from the UK, allowing users to shop according to their current mood. And that’s cool!
- Voice search optimization
The human-centered approach has its meaningful reflection in the growing use of voice search. Over 50% of users now go to voice assistants to search. Here, focusing on natural language is the key. Keywords and phrases should match the language people are likely to use when speaking to a voice assistant.
Conclusion
In conclusion, the marketing trends of 2024 reflect the changing consumer sentiments and profiles, emphasizing the importance of personalized experiences, values-driven interactions, and immersive brand experiences. As technology advances and consumer behaviors evolve, brands must adapt their marketing strategies to meet the needs and expectations of their target audience.