MWB Advisory Limited
Dublin, Ireland
Connect With Us:
Facebook-f Instagram Linkedin-in Spotify
Contact Title
Call Us +353 87 343 0335

2024 – Consumer Trends

  • MWB Advisory Limited
  • October 17, 2023
As the CEO of a leading retail advisory company, I wanted to take a moment to share with you some significant trends that we MWB Advisory anticipate will shape the industry in 2024.

Global economy in 2024 - setting the context:

India officially largest country in the world and growing
In the outlook for the global economy in 2024, several key trends and factors are expected to shape the economic landscape. These include the continued economic recovery from continued permacrisis, digital transformation will significantly accelerate, leading to economic growth and innovation, with companies that embrace digital technologies being well-positioned for success. Emerging markets, particularly in Asia, Africa, and Latin America, will play a significant role in driving global economic growth, fueled by rising middle-class populations and increased investment. The focus on sustainability and environmental responsibility will continue to grow, with governments, businesses, and consumers prioritising sustainable practices and renewable energy with global targets as soon as 2030! Trade and globalisation are expected to remain essential drivers of economic growth, although there may be some shifts in global trade dynamics. Workforce transformation will occur, driven by automation, artificial intelligence, and changing skill requirements, necessitating upskilling and reskilling initiatives. Governments will prioritise infrastructure investment to stimulate economic growth and enhance connectivity, including transportation, energy, telecommunications, and digital infrastructure. India, UAE along with usual UK, USA, China all setting out their stalls to build a tech-enabled-future in their respective countries. Fintech will continue to disrupt traditional financial services, driving innovation and financial inclusion through digital payments, blockchain technology, and alternative lending platforms. Geopolitical risks, such as trade disputes and political instability, will continue to impact the global economy, creating uncertainties and affecting market sentiment. The urgency to address climate change will intensify, leading to investments in climate resilience measures, renewable energy, and sustainable infrastructure to mitigate associated risks.

Predicted Consumer Trends 2024

1. E-commerce Dominance: The growth of online shopping will continue to accelerate, with e-commerce becoming the primary channel for retail sales. The COVID-19 pandemic has further accelerated this trend, and we expect it to continue well into 2024. Exceeding 22% of purchases being online, over 6.5 trillion revenue.

2. Personalisation and Customisation: Retailers will increasingly focus on providing personalised experiences to customers. Tailoring products and services to individual preferences and needs will be a key differentiator in the market.
3. Omnichannel Retailing: The integration of online and offline channels will become crucial. Retailers will need to offer seamless experiences across multiple touchpoints, such as mobile, social media, physical stores, and more.

4. Sustainability and Ethical Practices: Consumers are becoming more conscious of environmental and social issues. Retailers will need to adopt sustainable practices, reduce waste, and promote ethical sourcing to meet customer expectations. Retail and Retail Value Chain, accounts for 11% of global CO2 emissions annually. Wirth Research, Cross Rental Services Group , Bridge Group helping retailers tackle big challenges in ESG.

5. Artificial Intelligence (AI) and Automation: AI technologies, including machine learning and robotics, will be used to enhance various retail processes. This includes inventory management, customer service, and personalised recommendations. Quorso , SES-imagotag at the forefront of AI evolution for retailers.

Quorso
SES Vusion
6. Augmented Reality (AR) and Virtual Reality (VR): These technologies will play a significant role in enhancing the shopping experience. Customers will be able to virtually try products, visualise spaces, and make more informed purchasing decisions.

7. Mobile Commerce: With the increasing use of smartphones, mobile commerce will continue to grow. This will enable customers to shop anytime, anywhere, and provide opportunities for retailers to engage with consumers through mobile apps and platforms.

8. Social Commerce: Social media platforms will become more integrated with e-commerce. This will allow customers to discover and purchase products directly from social media channels.

9. Subscription-Based Models: Subscription services will gain popularity, offering customers convenience, personalisation, and regular access to products or services.

10. Data-Driven Retail: Retailers will leverage big data and analytics to gain insights into customer behavior, preferences, and trends. This will enable them to make data-driven decisions and provide personalised experiences.

These trends are not exhaustive, but they represent some of the significant shifts expected to shape the retail industry in the near future. As a company, we are committed to staying ahead of these trends and embracing innovation to meet the evolving needs of our clients MWB Advisory .

I encourage you to join the conversation and share your thoughts on these trends. Together, we can navigate the changing retail landscape and drive positive change in the industry.

Thank you for your continued support.