- 72% of consumers concerned about rising cost of everyday items
- Prolonged economic uncertainties create new spending norms
- Customers want to engage with brands to influence product innovation
London, UK – Wiser Wallet consumers have adopted a strategic shopping mindset and expect added value as Black Friday approaches in 2024, according to data analytics company Euromonitor International.
According to Euromonitor International’s Global Consumer Trends 2025 report, nearly half of consumers planned to put more money aside into savings in 2024 and 72% were concerned about the rising cost of everyday items. Wiser Wallets is one of five global trends Euromonitor has highlighted as ones to watch next year.
Natasha Cazin, senior research consultant at Euromonitor International, said: “Prolonged economic uncertainties have created new behaviours. People are now better equipped to manage fluctuations because of the habits formed. The Wiser Wallet consumer has transformed into a strategic, savvier shopper, who is future-focused, prioritising credibility, transparency and trust.
“While shoppers are willing to spend more, they still feel the domino pressure of inflation along with cost-saving decision fatigue. Some three quarters of gen z, millennials and baby boomers are still feeling the cost of goods is going up.”
Consumers' buying decisions are strategic and intentional
Consumers are considering current and future priorities. They want to identify how a product or service solves an immediate need or is a beneficial choice. Euromonitor International’s Voice of the Consumer: Lifestyles Survey 2024 shows 57% of consumers extensively researched products or services and only 18% said they often made impulse purchases in 2024.
Amna Abbas, senior research consultant at Euromonitor International, said: “In the medium to long term, strategic shopping becomes an inherent mindset. This is visible especially for beauty and personal care and consumer health industries, where consumers are shopping for products and services as a form of self-care to maintain their beauty and health continuously.
“For beauty consumers, spending on superior quality ingredients backed by bioscience products that effectively show results and maintain their beauty and health in the long-run is a smarter choice.”
Consumers want to engage with brands to influence product innovation
Nearly half of consumers wanted to engage with brands to influence product innovation in 2024. Bringing customers into the development process for testing and feedback can help businesses cater directly to customer needs while fostering brand loyalty.
Looking ahead, 38% of professionals said their company’s innovation plans for new product development will align more with consumer values in the next couple of years, according to.
Cazin added: “Businesses should respond with clear and effective communication for consumers to understand exactly how the product offering solves a problem or serves their interests. Mapping out products to various life stages will help to inform marketing strategies, as well as help to strengthen customer relationships, keeping the brand front of mind.
“The customer experience is equally important. Solid loyalty programs display opportunities and growth that go beyond redeemable points and discounts. Special events and exclusive previews of upcoming launches are other options to be considered. Companies should account for both immediate and long-term needs in their innovation strategy.”
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Euromonitor International leads the world in data analytics and research into markets, industries, economies and consumers. We provide truly global insight and data on thousands of products and services to help our clients maximise opportunities, and we are the first destination for organisations seeking growth. With our guidance, our clients can make bold, strategic decisions with confidence. We have 16 offices around the world, with 1000+ analysts covering 210 countries and 99.9% of the world's consumers, and use the latest data science and market research techniques to help our clients to make sense of global markets.