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Top Consumer Concerns in Coming Year

Human connections, climate change and AI loom large, market research firm finds.

Published

2 months ago

October 10, 2023

INSTORE Staff

PHOTOGRAPHY: Ryzhi/iStock.com

Mintel has synthesized five trends expected to impact global consumer markets in 2024. Those trends “are centered around the increasing importance of human relationships, coping with the reality of climate change and uncertainty about the impact of artificial intelligence (AI),” according to the London-based market research firm, which describes itself as “experts in what consumers want and why.”

The trends are:

Being Human
In a world increasingly dominated by algorithms, we will need human skills and emotion to make the most of this technological revolution.

More Than Money
Consumers will reassess what matters most to them, affecting not only what they want and need, but their perception of what constitutes value.

Relationship Renaissance
Consumers who find comfort through screens at the cost of meaningful, real-life relationships, will seek new forms of intimacy for the sake of their physical and mental health.

New Green Reality
Incorporating sustainability into the day-to-day is not enough; consumers and brands will be faced with the reality that survival within a new climate context has to be the priority.

Positive Perspectives
Brands and consumers will work together in new ways to deal with uncertainty.

Click here for a link to download the full report, which features drill-down on each of those trends from Mintel’s director of trends, EMEA.

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”