Capgemini – Consumer Behavior, 2024

The repot by Capgemini's report on Consumer Behavior in 2024 highlights the findings of their previous research in 2023, which showed that consumers were concerned about the rising cost of living and how it affected their purchasing behaviors. Specifically, consumers were worried about the cost of feeding their families and buying essential items. The current report builds upon the previous findings and reveals that many of the consumer behaviors observed in 2023 have persisted. Consumers continue to express concern about their personal financial situations due to rising inflation. However, the level of concern has significantly dropped in the past year, with only 43% of consumers worrying about their finances worsening in the next 6-9 months, compared to 80% in the previous year. In addition to the ongoing concerns about personal finances, the report also delves into the emerging trend of generative AI and its impact on consumer purchasing behaviors. Approximately one in five consumers have used generative AI tools for shopping, and over half of these users have made purchases based on product recommendations from these tools. The report also highlights the growth of social commerce, with 46% of Gen Z consumers making purchases through social media platforms. Furthermore, consumers are increasingly concerned about sustainability and expect brands to provide transparency on product origin and business practices. Around 60% of consumers want brands to actively educate and raise awareness about sustainability. Based on these evolving trends, the report suggests three opportunities for brands and retailers. Firstly, adopting innovative technological solutions, such as generative AI, can help reduce costs and make businesses more customer-centric. Secondly, prioritizing social commerce can be a key driver of channel growth, with influencers playing a significant role in product promotions. Finally, organizations should educate consumers about the sustainability impact of their shopping and work towards reducing food waste.