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2024 Global Consumer Trends

Jan. 06, 2024

At the beginning of the new year, consumers have new expectations, and there are changes in consumption habits. Brands must be attuned to emerging trends and evolving consumer needs to stay relevant. Here are some key trends and consumer expectations for the coming year:

Rise of Generative AI in Shaping Consumer Experience: 

Generating AI tools are reshaping the entire AI ecosystem, becoming innovative tools for consumers and influencing their shopping decisions and interactions with brands. The core of the "Ask AI Anything" trend lies in continuous exploration and the shifting expectations of consumers towards generative AI products. For instance, chatbots and voice assistants are already satisfying over 40% of consumers with personalized recommendations. Brands can enhance these functions using generative AI for an improved user experience.

Dopamine Economy and Consumer Desire for Emotional Relief: 

Consumers seek relief from life's stresses and mundane routines. The prevalent "Dopamine Economy" emphasizes products or services that evoke positive emotions, providing moments of excitement, warmth, or joy to alleviate tension briefly. Bands can capitalize on creating unexpected surprises or small delights to fulfill this need and establish a strong connection with  consumers.Consumers are increasingly associating premium packaging with product quality. IML packaging allows for intricate and vibrat designs directly molded into the packaging, providing a visually appealing and premium look.

Environmental Concerns Persist: 

Environmental consciousness remains a top concern for consumers. Over 60% of consumers are actively trying to make a positive impact on the environment. Brands should not only intensify their efforts but also help consumers understand how their choices directly contribute to positive change.In-Mold Labeling (IML) packaging is gaining prominence due to its eco-friendly nature. Consumers are not just looking for quality products; they also demand environmentally responsible packaging. Ice cream box packaging, butter box packaging, and yogurt cup packaging are all witnessing a shift towards recyclable and biodegradable materials, meeting the demand for sustainability.

Increasing Consumer Differentiation in Buying Behavior: 

Consumers are displaying more discernible behavior based on their values. Brands must carefully navigate societal and political topics, ensuring authenticity to maintain consumer trust. Some consumers continue to support brands aligned with their values, while others may avoid those with overly polarized stances.IML Personalized packaging creates a stronger emotional connection between consumers and brands.

Financial Challenges and Evolving Financial Mindset: 

In the face of inflation, a new financial mindset is emerging. Consumers, worried about rising prices, are becoming more frugal and resourceful. To address this, brands need to innovate around value propositions, incentivize cost-saving measures, and offer alternatives such as private-label high-end products.IML technology ensures that packaging remains durable and visually appealing even during transportation. Ice cream box packaging, butter box packaging, and yogurt cup packaging are designed with e-commerce in mind, providing a seamless and attractive unboxing experience for consumers.

Pragmatic Self-Care Practices: 

Consumers are adopting practical methods for self-care that are simple, effective, and fit into their lifestyles without excessive time or effort. The "Action Wellness" trend focuses on attainable health goals, leveraging advancements in science and technology to introduce innovative solutions in the health and beauty industry.IML packaging allows for clear and informative labeling, addressing consumer concerns about ingredients, nutritional value, and freshness.

2024 Global Consumer Trends

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