Consumer Outlook 2024 NIQ

Consumer interest in plant-based diets continues to soar, with the global plant-based food market expected to grow at a CAGR of 10% from 2021 to 2028. This trend reflects a broader societal shift towards representation and equality in branding practices (Innova Market Insights). Consumers are likely to support companies that reflect their ethical and social ideals through active engagement in community and global challenges (Deloitte). Consumers are becoming more sensitive to price changes, and brands that can balance quality with affordability are likely to maintain market share (Impacked Packaging). This shift is fueled by a desire for meaningful connections and personal growth (Innova Market Insights). 65% of those surveyed indicated a preference for products promoting mental clarity and emotional balance alongside physical health benefits (Innova Market Insights).

Instead, they have adventurous palates and embrace food that stimulates their senses, partly driven by their early exposure to international flavours. Contrary to widespread assumptions, Gen Z isn’t the generation that craves healthy eating. Super snackersGen Z is the super-snacking generation and our research shows that a quarter of them snack more than once a day, while many have little affinity for the traditional rules of three meals a day. Despite the assumption that Gen Z is more engaged in climate issues than older generations, Mintel’s research has found that relatively few see it as a defining characteristic. Digital NomadsAs the first generation to have grown up in a world entirely connected online, the influences of the digital world and social media on Gen Z’s lifestyle and behaviours cannot be overstated.

Spending on non-gift items such as decorations, candy and food, greeting cards, and flowers and plants all indicate increases through 2025. With 55.2% reporting that the economy is affecting their spending plans, this year’s holiday shoppers are approaching the season strategically with patience and a clear focus on value. The study also revealed generational and demographic trends in payments.

Yet other researchers note that a detailed understanding of the relationship between affect and consumer behaviour has been hampered by the lack of research in the area. The consumer's affective state has implications for a number of different dimensions of consumer behaviour, including information search, evaluation of alternatives, product choice, service encounters, complaining, and advertising responses. While pure impulse buying involves a customer experiencing strong desire for a product they didn't initially plan to buy, reminded impulse buying occurs when a buyer remembers a need for a product by seeing it in a store. Evidence of channel switching can suggest that disruptive forces are at play, and that consumer behaviour is undergoing fundamental changes. However, marketers need to be alert to channel switching because of its potential to erode market share.

They Are Taking A ‘Wait And See’ Approach

• It is relatively widely accepted that emotional responses require fewer processing resources (i.e. are easier) and also result in more enduring associations with the brand being advertised.
• In developed countries, people spend only a portion of their money on things they need to survive, and the rest on non-essentials.
• Wellness-focused spending is a pocket of growth that should not be overlooked in today’s challenged marketplace.
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Opinion leaders are specific to a product category, so that an opinion leader for computers is not likely to be an opinion leader for fashion. Generally known as communities, as they create a sense of belonging to something important. More often, however, a subculture occurs when people with shared interests form a loose-knit group with a distinctive identity (sometimes called consumer tribes). Cultural norms are relatively stable over time, so culture has a major effect on consumer behaviour. Culture refers to the complexity of learning meanings, values, norms, and customs shared by members of a society. Sometimes, consumer purchase decisions are made in unexpected circumstances, or a situation will delay or shorten people's decision-making process.

Who are Gen Z: Key Characteristics of Gen Z Consumers

Additionally, aligning private label products with Gen Z’s values, such as sustainability and health, can further solidify their appeal. Gen Z is increasingly recognizing the quality and uniqueness of private label products, which were once perceived as lower-cost alternatives to name brands. Private label brands present a significant opportunity to capture the loyalty of Gen Z consumers who are looking for value without compromising on quality.

Gen X incomes skew higher than average, with 45% of households earning more than $125K annually, signaling that this generation has strong spending power. This blend of comfort-driven snacking and premium alcohol suggests a generation balancing Consumer behavior familiarity with moments of indulgence. Their brand choices, however, highlight a distinct generational fingerprint. On average, Gen X households spend $25.5K annually across CPG, general merchandise and QSR—more than any other generation. Understanding evolving Gen X consumer behavior is key in maintaining growth.

The Psychology of Buying and Spending

Instead, they are relying on reviews from fellow consumers and live videos on social media of people using the products. Consider the power of consumer reviews and the use of consumer-generated content as a means to push reviews. With platforms such as TikTok, Instagram Reels and YouTube Shorts, value-added video content has deeply engaged our younger audience.

Market Research and Consumer Behavior

The course covers a wide range of topics to help participants understand the psychology of consumer behavior and how to apply it. For example, in 2015, one of the main political parties in Mexico used neuromarketing to learn more about voters’ interests and reactions to campaign ads. This realization can lead not only to privacy concerns but also to people feeling like they are being manipulated by brands they trust, which could make them avoid those brands entirely. Neuromarketing exposes the fact that people can be influenced on an unconscious level. Brands can then adapt their marketing materials and tactics to enhance elements that inspire people to buy.