Share to Facebook Share to Twitter Share to Linkedin In this photo illustration a YouTube logo seen displayed on a smartphone screen in Athens, Greece on ...
[+] May 11, 2022. (Photo illustration by Nikolas Kokovlis/NurPhoto via Getty Images) NurPhoto via Getty Images In an era of rapid technological advancements and shifting societal norms, understanding consumer behavior has never been more crucial for businesses. The Consumer Trends 2024: Mid-Year Report , compiled by The New Consumer , founded by longtime digital journalist Dan Frommer , and Coefficient Capital offers invaluable insights into the evolving landscape of consumer preferences and habits.
Here are the five key trends that are reshaping industries and consumer experiences in 2024, summarised from the 75 slide report you can download for free here : 1. The Resilient Consumer Economy Despite ongoing economic challenges, the consumer economy has shown remarkable resilience. As of June 2024, inflation has decelerated to 3.
0%, while unemployment remains low at 4.1%. This economic stability has contributed to a notable increase in overall life satisfaction among Americans, with the Consumer Trends Life Satisfaction Score reaching 6.
95 out of 10 - the highest since measurement began. However, the perception of inflation remains a concern for many. While economists measure inflation at 3% year-over-year, consumers feel the cumulative impact of a 19% price increase since January 2021.
This discrepancy between official f.