The 2024 Consumer Trends Report, based on our extensive research at Man of Many, explores the significant shifts in consumer behaviour, values, and expectations over the past decade. This detailed analysis reveals the key trends that are reshaping the market landscape and offers valuable insights for businesses aiming to stay ahead of the curve.
Key Findings:
1. Company Values Matter:
Our research shows that consumers are increasingly favouring brands that demonstrate authentic purpose and alignment with their own values. An overwhelming majority, 91%, believe that a business’s success should be measured by more than just profit. Additionally, 72% have boycotted a brand due to its social stance, underscoring the critical importance of value alignment.
2. The Rise of the Conscious Consumer:
Sustainability has moved from a niche concern to a mainstream priority. Our findings indicate that 85% of consumers are willing to pay more for products from brands practising sustainability. Furthermore, 76% are actively taking steps to live a more sustainable lifestyle, highlighting the demand for eco-friendly options and transparency in business practices.
3. Technology Adoption and Consumer Education:
While technology continues to advance at a rapid pace, there remains a significant portion of consumers who are hesitant to embrace new innovations. For instance, 67% of respondents are not yet ready to adopt electric vehicles, and 85% are reluctant to engage with the metaverse. This gap highlights the necessity for businesses to invest in consumer education to drive adoption.
4. Mental Health Awareness:
There is a growing recognition of mental health challenges among consumers, with 66% reporting being affected in the past year and 48% having seen a therapist in the last three years. This trend calls for businesses to foster supportive environments and engage in open dialogues about mental health, both internally and with their customer base.
For a comprehensive understanding of these trends and actionable insights, download the full report by filling out the form below.
