Consumer trends are constantly evolving, driven by changing technologies, societal norms, and individual preferences. For businesses of all sizes, staying ahead of these trends is crucial for maintaining a competitive edge and meeting the needs of their customer base. As we look ahead to the years 2024-2027, several key consumer trends are expected to shape the marketplace.
One major trend that is expected to gain momentum in the coming years is consumers’ increasing demand for control over their personal data. The concept of data privacy has garnered significant attention in recent years, with consumers becoming more aware of the risks associated with sharing their personal information online. According to a recent survey conducted by KPMG, 56% of consumers expressed a desire for greater autonomy over their data.
Companies that fail to prioritize data privacy risk losing the trust and business of their customers. Research conducted by McKinsey found that over 87% of North Americans would avoid doing business with a company that they had concerns about its data practices. Additionally, over half of consumers stated that they have more trust in companies that do not request unnecessary personal information.
The growing importance of data privacy is further evidenced by the passage of legislation such as the General Data Protection Regulation (GDPR) in the EU and the California Consumer Privacy Act (CCPA) in the United States. These laws grant consumers more control over their personal information and require companies to be more transparent about their data practices.
In response to these shifting attitudes towards data privacy, businesses are beginning to prioritize security and transparency in their data practices. For example, Apple recently introduced a feature that allows users to access applications without sharing their personal information with third parties. As consumers become more aware of their data rights, they are likely to put increasing pressure on companies and governments to safeguard their information.
Another major trend that is poised to shape the consumer landscape in the coming years is the integration of augmented reality (AR) technology into the shopping experience. As more consumers turn to online shopping, there is a growing demand for virtual “try-before-you-buy” features that allow customers to experience products in a more immersive way.
Research has shown that consumers are more likely to shop online if they can digitally try on products before making a purchase. Many retailers have begun offering virtual in-store experiences on their websites to meet this demand. For example, Ulta’s GLAMlab virtual try-on tool has seen a sevenfold increase in interactions since the start of the pandemic.
Major brands like L’Oréal and Kohl’s have also seen success with virtual cosmetics experiences and virtual closet features, respectively. These initiatives have not only increased website engagement but also led to higher conversion rates. The integration of AR technology into the shopping experience has proven to be a valuable tool for retailers looking to enhance the online shopping experience and drive sales.
Finally, voice commerce is expected to continue its rapid growth as more consumers prioritize convenience in their purchasing decisions. Voice-activated digital assistants like Google Assistant and Amazon Echo have made it easier than ever for consumers to shop online using just their voice. The voice commerce industry was valued at $40 billion in 2022, with Google and Amazon leading the way in developing new ways to simplify the purchasing process.
Research has shown that among frequent users of voice-activated speakers, 62% are likely to make a purchase within the next 30 days. As the use of digital assistants continues to grow, businesses are increasingly looking for ways to integrate voice shopping into their customer experience. Walmart, for example, has partnered with Apple to offer voice shopping with Siri on all Apple devices, providing customers with a convenient and seamless shopping experience.
In conclusion, the years 2024-2027 are expected to bring significant changes to the consumer landscape, driven by evolving technologies and shifting consumer preferences. Businesses that are able to adapt to these trends and prioritize data privacy, augmented reality, and voice commerce are likely to thrive in the competitive marketplace. By staying ahead of these trends and meeting the needs of their customers, companies can position themselves for long-term success in the ever-changing world of consumer behavior.
