Consumer trends change with dizzying speed, and what is a trend today may be outdated tomorrow. So in a world of constant change, it’s worthwhile not only to keep abreast of what’s going on but to stay one step ahead of the competition and be aware of how the future of the people who buy your products is shaping up.
So, what will the consumer of the future be like? Find out in our report based on the Future Consumer white paper from WGNS.
Consumers are bombarded with information
The pandemic has exacerbated stress and confusion over the magnitude and speed of change. The subsequent war in Ukraine and the cost-of-living crisis are only compounding it. In addition, disruption of routine, isolation from loved ones, and confusion between home and work have given rise to chronic multitasking, especially in those who work remotely.
Source: Future Consumer white paper from WGNS
What this all means? Soon our perception of time will be accelerated due to an influx of blended realities. Time compression (a cognitive effect where time passes more quickly than one thinks) is starting to emerge among users of metaverses and virtual realities already.
As a result of digitalization and social media usage, e-commerce, entertainment, gaming, and video-streaming technologies, people are more connected than ever.
Source: Future Consumer white paper from WGNS
A McKinsey report indicates that e-commerce penetration in the US has risen 10 years in just three months (Q1 2020), with 75% of consumers trying out different stores, websites, or brands during the Covid-19 crisis. And online sales in LATAM increased by 36% YoY in 2020.
Conversely, China has experienced backlash from movie-streaming platforms, which blame social media for short attention spans over short video platforms like ByteDance (TikTok).
Overstimulation leads to sensory overload when the brain receives more information than it can handle. Therefore, sensory regulation will be the antidote to overstimulation in 2024.
Is awe a cure? A study from German neuroscientists suggests that experiences of awe, such as watching awe-inspiring videos, decrease activity in the default mode network (DMN), which is associated with self-focus and ruminating.
As a result, respondents experienced lower stress levels and less brain fog.
Consumer Profiles in 2024
#1 The Regulators
This group relies on consistency as a survival strategy after years of uncertainty and despite big changes. Frictionless commerce is vital to Gen X for maintaining work-life balance.
Engagement strategies for this type of consumer:
- Speed and seamless ordering with kerbside delivery – New lifestyle shifts will drive click-and-collect in 2024. As a result, a hybrid click-and-collect/kerbside delivery model is expected by this group.
- Home commerce that will be driven by voice commerce – Imagine you can pause your television show, ask what the person is wearing, then order the item immediately. This will likely become a reality in 2024.
#2 The Connectors
Despite rejecting hustle culture, connectors are far from lazy. Their goal is to rewrite the rules of entrepreneurship and fractional living. In addition to exploring fractional lifestyles (co-buying and subscribing), they are quitting their jobs to redefine what success means to them.
Engagement strategies for this type of consumer:
- Rebranding labels and hashtags – Small details can make all the difference. Labels and hangtags that include cost-per-wear, sustainability, and authentication details are value drivers for the Connectors.
- Decentralized brands will be on the rise – For this group, the most important are companies owned by communities rather than by a single entity, meaning collective decisions are made.
#3 The Memory Makers
Rather than feeling guilty and remorse for the lockdown, guilt is being transformed into decluttering the home and redefining the family structure. This group is driven by the emotional stress of the past to make up for lost time and even lost memories. Memory formation is affected by stress, resulting in a loss of memories over time.
Source: Future Consumer white paper from WGNS
Engagement strategies for this type of consumer:
- Invest in the care economy – Aging well isn’t about vanity for the Memory Makers. It’s about enjoying their time on earth.
- Bank on the group-buying boom – Group savings were a key strategy in the Future Consumer 2022 forecast, but for 2024, mass and personalized shopping will dominate.
Source: Future Consumer white paper from WGNS
#4 The New Sensorialists
Tech optimists don’t live behind VR headsets. On the contrary, in fact. The best of both worlds is what they want – digital wallets for physical purchases, VR moments they can feel in real life – and both realities in-store and online. A balanced approach to the Everything Net is taken by some groups, while the New Sensorialists embrace it wholeheartedly. Consumers in this group are the quintessential hybrids.
Engagement strategies for this type of consumer:
- Meta loyalty rewards – Companies must capture this crypto audience as the direct-to-fan economy, play-to-earn tips, and digital wallets grow. If digital monetization isn’t an option, you should consider NFTs, in-game sponsorship, and meta mall ads/events.
- Focus on the metaverse – From haptic technology to smell, the New Sensorialists will gravitate towards technology that lets them sense the metaverse. WGSN has tracked haptic technology since 2013, and there is plenty of room for development.
Conclusion
Embracing the metaverse while taking the time to understand how it can benefit customers is essential for businesses in 2024. Community commerce is here to develop. Now you know that to reach a specific audience, you should speak their language and give them what they expect. We hope this report will help you do that.
