Consumer behaviour shifts in 2024: data reveal key trends

 

In today's rapidly evolving digital world, consumer behaviour is constantly shifting. To stay ahead, brands must closely monitor these changes and adapt their strategies accordingly.

 

Kla Tangsuwan, chief executive officer of WiseSight (Thailand) Co Ltd, has noted key consumer trends observed in 2024, highlighting the significant impact of factors like viral trends and the rise of short-video platforms.

 

          1. The Power of Viral Trends:
 

The 2024 Olympics topped the list of trending topics with 179 million engagements, followed by the "Moo Deng" baby hippo and the "Butter Bear" phenomena. These viral trends, while seemingly disparate, offer valuable insights into consumer interests and preferences.

 

"While viral trends may appear fleeting, they reflect evolving consumer sentiments," Kla explained. "Social-media feeds are highly personalised, and marketing efforts must be data-driven to effectively leverage these trends."

 

 

          2. The Rise of Short-Video Platforms:

Short-video platforms like TikTok and Instagram Reels have emerged as dominant forces in consumer engagement. Entertaining and positive content, such as funny clips, animal videos, and dance routines, resonate most strongly with viewers.

 

"Short videos offer a valuable escape for consumers facing daily pressures," Kla observed. "Positive and uplifting content provides a much-needed respite from the stresses of modern life."
 

 

 

          3. The Enduring Influence of TikTok:

TikTok continues to exert a profound influence on Thai consumers, surpassing Facebook and YouTube in terms of marketing impact. With 4,039 million engagements, TikTok has become a crucial channel for brands in sectors such as cosmetics, skincare, and financial services.

 

"While consumers have embraced TikTok, many brands have yet to fully adapt to this platform," Kla noted.

 

 

          4. The Power of Influencer Marketing:

Influencer marketing remains a powerful tool, with 82% of Thai people following online celebrities and 80% purchasing products based on influencer recommendations. "Drug label" endorsements, where influencers strongly recommend products, significantly influence consumer purchasing decisions.

 

          5. The Decline of Patience: The Rise of ‘Queue Anxiety’

Consumers in the digital age have limited patience for waiting. While the number of engagements related to "queue anxiety" may be relatively low, this trend is growing, highlighting the need for brands to streamline their customer experiences.
 

 

 

          Adapting to the Changing Landscape:

Kla emphasised the importance of the "PPP" framework for brands navigating the evolving consumer landscape:

• People: Understanding both consumer behaviour and the needs of internal teams within the organisation.
• Planet: Demonstrating a commitment to environmental and social responsibility.
• Profit: Achieving sustainable profitability while meeting the needs of consumers and the planet.

 

"Brands that fail to adapt to the changing needs of consumers risk losing market share," Kla concluded. "While there is no one-size-fits-all solution, continuous adaptation and a deep understanding of consumer behaviour are crucial for long-term success."