Euromonitor International has released its 2024 consumer trends report, highlighting new demands for convenient and efficient health support, brand sustainability transparency, and the implementation of AI to personalize customer experiences.

Open to Innovations

In the report, Alison Angus, Head of Innovation at Euromonitor International, states, "Consumer preferences are closely tied to the sustainability agenda, technological progress, and the impact of socio-political issues. Companies should handle sensitive subjects with caution while remaining faithful to their brand's core values."

The report states that the majority of consumers are seeking efficient and effective health solutions that provide immediate results, through multi-step regimens or time-consuming treatments. Moreover, they prioritize readily available remedies that can conveniently fit into existing lifestyles with minimal investment or commitment.

Such demands are said to have made consumers more open to new, unconventional innovations in the health sector to deliver these desired results, such as through biohacking.

Efficient Health Support

It reports that 85% of consumers would be willing to pay more for products with proven effectiveness or benefits. The main health areas consumers seek support for include sleep issues, weight management, and stress and anxiety. Mental health and support for skin health are also key areas.

The report urges companies to prioritize effectiveness and invest significantly in studies or research to support claims and demonstrate real benefits to build credibility.

It adds the benefits of data to enable the display of effects using real-time monitoring and smart tools, allowing consumers to track their progress and adjust their regimens as needed.

"Companies are using bioscience and smart technology to push the boundaries of innovation," the report states.

"Personalized, nutrient-rich foods that require minimal preparation continue to infiltrate the food sector. Brands continue to perfect customization capabilities in cosmetics and supplements, for example, to target specific concerns. New launches should aim to help customers achieve their wellness goals."

AI Assistance

Following the launch of ChatGPT, which reached 100 million users in the first two months, generative AI is considered one of the fastest-growing consumer applications. While consumers increasingly use the tool for a variety of outcomes, the report says they will expect brands to do the same.

The report explains, "Take chatbots and voice assistants, for example. Over 40% of consumers would feel comfortable with voice assistants providing personalized recommendations, but less than a fifth felt the same about using robots to answer complex customer service-related questions. Generative AI could enhance or refine these functionalities, resulting in a better user experience."

It notes that generative AI can help companies create more efficient content and ideas while enhancing user experience and personalization, providing an improved level of consumer insight.

One such company implementing such technology is the French retailer Carrefour, which launched the online shopping assistant Hopla to provide product suggestions based on budget or dietary restrictions.

Furthermore, Coca-Cola created Y3000 Zero Sugar with a unique flavor profile and a utopian future style, using both human and machine intelligence.

No "Greenwashed"

The report notes that consumers have made a significant effort throughout 2023 to live more sustainably, with over 60% trying to have a positive impact through everyday actions.

However, following continued extreme climate events, consumers are increasingly aware that real change must be a collective effort from governments and large companies, with many questioning the efforts of these entities.

As a result, there has been increased awareness of "greenwashing" by companies and a new demand for transparency and traceability.

While reducing emissions and mapping carbon footprints can be complex, the report emphasizes, "The good news: investing in long-term energy-efficient measures can be a cost-reduction strategy. Partnering with the right suppliers helps you avoid future penalties, and green operations could have an immediate impact on your bottom line."

The UK-based Provenance platform is a company that validates sustainability claims to combat greenwashing, with consumers being able to search for health brands with verified accreditations on the site.