Amid inflation, rising living costs, and volatility, consumer behavior is shifting. Businesses need to adapt to these changes to succeed. Statista is thrilled to release a whitepaper to guide businesses in prospering in 2024 and beyond.

New York, United States. Recent global data sheds light onshifts in consumer dynamics, revealing insights into the mindset and preferences of today's consumers.  

- Quest for Quality: The cost-of-living crisis reshapes consumer priorities 

According to Statista's Global Consumer Insights survey, 41% of consumers worldwide have faced a significant rise in living costs over the past 12 months. As a result, they prioritize quality over disposable items and fast fashion. Companies investing in premium, durable products can attract discerning buyers and build brand loyalty. 

- Ethical Spenders: Sustainability and ethics are a core concern for today's consumers 

Over 40% of global consumers are ready to pay more for sustainable food and drink, highlighting a strong move towards ethical consumer choices. Sustainability is now a central concern, prompting brands to invest in sustainable practices, messaging, and competitive pricing to appeal to socially conscious consumers. 

- Zenthusiasts: A booming market for stress relief sparks innovation 

Changing dynamics go beyond consumption. Over 25% globally report mental health issues, giving rise to Zenthusiasts, led by Gen Z and Millennials. They seek solace through self-care and alternative therapies. Forward-thinking companies are targeting this market with tailored offerings and influencer collaborations. 

- Data Ad-vocates: The era of personalized advertising takes center stage 

In the US, consumers embrace data-driven hyper-personalized ads. The era of one-size-fits-all ads is gone, replaced by Data Ad-vocates focusing on personalization. Customized campaigns that match individual interests, location, and lifestyle are the way to engage and attract customers. 

In this evolving landscape, our whitepaper offers valuable insights for businesses. Understanding and adapting to the challenges and opportunities presented by these statistics is essential. By aligning strategies with these shifts, companies can thrive in the dynamic world of consumer preferences and behaviors. Allowing brands to unlock the essential insights for growth in the ever-evolving consumer landscape of 2024. Access the full whitepaper here.

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Statista is one of the world’s leading data and business intelligence platforms, empowering people worldwide to make fact-based decisions. Statista.com is the premier destination for statistics & reports, market, consumer, and company insights, providing direct access to data, analysis, and trends on 80,000 topics from 40,000 sources across more than 170 industries. Founded in 2007 in Germany, Statista now employs around 1,400 people in 13 locations worldwide.