What is driving European consumer behaviour in 2024? Read this article for two consumer trends that are impacting brands in the region.
Households are undergoing significant transformations globally, influenced by the shifts in demographics, economics, and technology. With ageing populations and smaller household sizes becoming more prevalent, there is growing demand for personalised products and services that cater to individual needs. Consumers are particularly interested in devices and appliances that enhance connectivity and offer convenience in their daily lives, reflecting a broader trend towards customisation and efficiency in consumer preferences.
After a tumultuous past five years, global consumers are looking on the bright side. Explore key insights from Euromonitor's Voice of the Consumer Lifestyles Survey to understand and stay ahead of consumer behaviours and actions driving market trends.
Over the past decade, subscription services have reshaped many of our habits and behaviours, providing us convenience and practicality. For instance, when looking for entertainment options, consumers can now access an endless variety of films and series from the comfort of their own sofas.
Germany, as a market, has experienced a number of challenges in previous years. Many product and service industries are experiencing a rebalancing effect in the wake of the pandemic, navigating a new normal in supply and demand, while lingering inflation and a cost-of-living crisis continue to squeeze consumers and businesses alike. Despite the challenges, there is room for optimism.
In 2023, companies were putting a brighter spotlight on consumers’ needs and wants, in order to compete effectively and grow in the future. Voice of the Industry Survey 2023 (fielded August to November 2023) revealed that over 40% of the respondents identified enhancing consumer experience, fostering consistency in brand interactions, and becoming consumer-centric as pivotal commerce-specific developments.