Trending 2024 Report: Challenging Realities for Consumers and Brands
In its recently released Trending 2024 report, Foresight Factory, the consumer prediction consultancy, identifies a significant shift in consumer attitudes and behaviors that will impact both consumers and brands in the year 2024. The report highlights key areas of tension and provides insights into the challenges and opportunities facing brands. This report outlines the major findings, expert insights, and recommendations from the Trending 2024 report.
Key Findings and Insights
- The Human-Tech Paradox
Consumers are conflicted about the extent to which they want technology to be integrated into their lives. While 35% of global consumers express interest in brain chips or implants to control home devices, 40% are concerned about the impact of technology on their health and seek to avoid using technology before bedtime for better sleep. Notably, 20% of consumers express both desires, indicating a complex relationship with technology. Brands should consider multiple future scenarios to address these conflicting attitudes.
- AI’s Impact on Society
Consumers’ perceptions of AI’s impact on society vary between the UK and the US. In the UK, 39% believe AI will have a negative impact, while 28% believe it will be positive. In the US, 34% expect a negative impact, while 35% foresee a positive one. Millennials in both countries hold more positive views about AI, with 46% of American millennials and 38% of British millennials believing it will positively impact society. Brands should be prepared to address concerns about job loss and the loss of human interaction while exploring AI’s potential for personal roles.
- Economic Growth vs. Environmental Impact
The report highlights a growing tension between economic growth and environmental concerns. The proportion of global consumers prioritizing economic growth for their country, even at the cost of the environment, has risen from 33% in 2020 to 42% in 2023. “Climate fatalism” is also on the rise, with over 30% of consumers believing it’s too late to counter the effects of climate change. Consumers are becoming more reluctant to pay a premium for environmentally friendly solutions. Brands must communicate transparently about the trade-offs required to achieve net-zero targets and invest in reducing eco-inequality.
Expert Insights from Meabh Quoirin
Meabh Quoirin, CEO and Co-Owner of Foresight Factory, commented on the report findings, emphasizing that the time has come for brands to confront hard truths, make decisions, and navigate complex tensions as consumers and the world face critical issues. Her expertise underscores the urgency of addressing these challenges and provides valuable guidance to brands seeking to adapt and thrive in the evolving consumer landscape.
Recommendations for Brands
- Embrace Ethical AI Development
Establish clear guidelines for AI development.
Actively participate in discussions about AI governance.
Reassure customers and employees that human well-being is a core brand principle.
- Maintain Human Agency
Support consumers in developing AI literacy skills.
Help consumers recognize the influence of invisible algorithms on their choices.
- Balance Eco-Consciousness and Economy
Level with customers about the sacrifices necessary to achieve environmental goals.
Calibrate eco-adoption timelines realistically in line with consumer demand.
Focus on reducing eco-inequality by making greener alternatives more accessible and affordable.
Conclusion
Foresight Factory’s Trending 2024 report underscores the need for brands to navigate the complex and evolving landscape of consumer attitudes and behaviors. It emphasizes the importance of converting foresight into actionable strategies, and provides insights to help brands plan confidently for the future. As consumers and the world face critical challenges, brands must confront hard truths and make informed decisions to meet the expectations of a changing society. Meabh Quoirin’s insights further underscore the urgency of addressing