The new normal of e-commerce has shifted fast and has steered a new reality for consumers and retailers alike. In a report by McKinsey, we have vaulted ten years ahead in consumer and business digital penetration in less than three months.
it’s never been more crucial for brands to stay aligned with the needs and requirements of their consumer, particularly after the global pandemic. WGSN has released their latest whitepaper, the Future Consumer 2024. This report takes an in-depth look into consumer sentiments and new consumer profiles that look to lead the way into 2024.
Consumer sentiment—often used interchangeably with consumer confidence — assesses how consumers (as a collective) are feeling about the economy at a certain point and time, as well as their outlook for the future. Here are four sentiments that WGSN are anticipating being key in 2024.
A feeling of distress, driven by rapidly accelerating change in society and technology.
The rise of emotional clutter and always-on lifestyles has put our senses at capacity.
As an antidote to toxic positivity, this mindset offers a more realistic take on life.
Embracing feelings of wonder that have been shelved over recent years.
Consumer profiles are factual summaries of a customer or group of consumers with similar characteristics such as demographics, purchasing behaviour, location, geography, and online behaviour. which enables retailers to make informed decisions about marketing and business strategies.
Here are WGSN’s defined consumer profiles for 2024:
- The Regulators
- After years of uncertainty and seismic change, this cohort relies on consistency as a survival mechanism.
- The Connectors
- Connectors reject hustle culture, but they are far from lazy. They are determined to rewrite the rules of entrepreneurship and fractional living.
- The Memory Makers
- Post-lockdown feelings of guilt and remorse are being transformed into life-decluttering and redefined families.
- The New Sensorialists
- Don’t be mistaken – these tech optimists aren’t living life behind a VR headset. Quite the opposite.
If we’ve learnt anything from the last 3 years, it’s that e-commerce has become more than a transaction, it’s become an interaction. It’s clear that retailers need to address and invest in the new requirements and needs of their consumers. Keeping an eye on evolving trends such as the metaverse, community and personal care, can help your business stay aligned with your consumer. Download the full report from WGSN.
If you’d like to have a clear view of online performance and where you should invest to reach your target audience, book a 15-minute BOSCO™ demo.