In 2024, the consumer world will continue to change at an unprecedented rate, driven by technological advances, global socioeconomic shifts, and a collective reassessment of values and priorities in the wake of the pandemic. In today’s world, it is no longer enough to “fix problems as they arise,” and a delayed response to market changes can negatively impact a company’s results. Deeply studying and understanding your consumer helps to develop a business in any field. It is important not only to be able to quickly adapt to these changes, but also to prevent possible risks in advance.
Kazakhstani research company BRIF Research Group believes that understanding and using new trends in consumer behavior: how your client thinks and behaves in new market realities, will help you better present your product to your target audience. This knowledge will also prepare you for different consumer reactions to possible changes in the industry and the world.
In this article, we will look at new current trends in consumer behavior based on the results of 2023 and what they may promise for 2024. We will also analyze the behavior of consumers in Kazakhstan in comparison with other countries.
Key factors affecting consumers
Let's start by looking at what will most impact consumers around the world by 2024:
Pandemic - although it has been 4 years since the pandemic began, its imprint on the global economy and some consumer habits remains relevant to this day. One such example is the transition of many businesses to the "online" mode - the digitalization of both the consumer shopping process and their communication with companies. Another factor that el-salvador phone number data the pandemic still affects is consumer savings due to the ongoing economic crisis.
Technological advancement and the prevalence of technology in both everyday life and business. The high-tech industry is rapidly and actively developing year after year, and one of the most noticeable impacts on business that it has is the personalization of user experience. Personalized advertising, customization of settings, more global accounting of personal consumer data - all this has become possible for a wide range of companies precisely because of the development of technology.
The complicated political situation creates several problems for both companies providing their services and products and their consumers. Firstly, disruption of product deliveries and termination of contracts with some partners creates a shortage of certain products on the market. This has particularly affected consumers in Kazakhstan due to close trade relations with Russia. Secondly, this situation has led to another economic crisis, which both some companies and consumers were not prepared for. All these factors lead to another trend among consumers - interest in domestic products and local manufacturers. This effect is also reflected in more savings among the population.
Having assessed the context of global events that have played a role in the behavior of modern consumers, we will move on to the main consumer trends that can be expected in 2024.