CHICAGO–(BUSINESS WIRE)–Feb. 07, 2024
NIQ, a leading authority in consumer intelligence, proudly announces the release of its highly anticipated 2024 Global Consumer Outlook Report. This comprehensive document explores critical trends and insights that shape the consumer landscape, delivering invaluable data and analysis for businesses and stakeholders worldwide.
Navigating the intricate global economic terrain, the report delves into the repercussions of significant economic events and trends, shedding light on their impact on consumer confidence and spending behavior. Moving beyond a broad overview, the analysis explores regional variances, providing in-depth insights into the unique dynamics of Asia Pacific, Europe, North America, Africa, the Middle East, and Latin America. This bi-annual thought leadership study uncovers nuances in consumer preferences and changes in consumer attitudes and purchasing patterns, empowering retailers and manufacturers with a strategic understanding of their target markets to facilitate the formulation of tailored strategies for sustainable growth.
"In today's disruptive global economy, our Consumer Outlook Report for 2024 serves as a compass, navigating through the ripples of economic events and unveiling insights into consumer behavior,” said Tracey Massey, COO of NIQ. “As businesses confront the challenges of a changing landscape, this report equips them with strategic foresight, offering a tailored understanding of regional variances and empowering them to steer their course toward sustainable growth."
Key findings from the NIQ Global Consumer Outlook Report:
- Value and Volume Slowdown: In November 2023, prices rose by 6.1%, a significant drop from the 13.6% increase observed in January 2023. As inflation decelerates, it reveals that the slowed growth in sales value no longer masks low or declining consumption rates. Retailers and brands must strategically respond to avert excessive promotions and safeguard the bottom line.
- Consumers Under Pressure: Today, 34% of global consumers feel worse off financially than a year ago, as the unemployment rate remains steady and wages lag inflation. As the global crisis remains top-of-mind, expect increased competition for a smaller share of consumer spending.
- Proactive and Precise with Wellness: 40% of global consumers proactively prioritize their health, contributing to a growth niche in the market. Recognizing the significance of proactive health management, consumers are keen on specific lifestyle changes and product features to attain their health goals.
- Hybrid Views on Value: In a custom analysis across different price tiers, value-priced products were the only group to see sales share growth (0.6 pts) in 2023. Financial polarization between affluent and vulnerable consumers drives an expanded search for value options, and retailers and manufacturers should anticipate demand for new affordable product assortments in 2024.
- Value-focused Innovation Growth: Manufacturers that innovate are 1.8 times more likely to boost overall sales. Continuous innovation has proven most advantageous for companies amid market slowdowns. Innovation isn't limited to premium positioning; companies must pursue value-driven initiatives to thrive.
- Fluid Channel Dynamics: 11% of global consumers report shopping through social media channels. As the retail landscape evolves, adapting to changing patterns in how consumers explore, experiment with, and purchase products is crucial.
"The Global Consumer Outlook Report illuminates not just trends but critical shifts in consumer preferences and buying patterns, transcending borders and encompassing regions from North America to Asia Pacific,” said Lauren Fernandes, Global Director of Thought Leadership, NIQ. “From the ebb and flow of value and volume to the hybrid views on value, this report provides businesses with a comprehensive toolkit to adapt, innovate, and thrive in an environment marked by change. It's not just a report; it's a guide for businesses seeking resilience and relevance in an ever-shifting market."
NIQ’s commitment to delivering actionable insights is evident in the research and analysis presented in the Consumer Outlook Report. This valuable resource empowers businesses to make informed decisions in an ever-evolving consumer landscape. Download the report today.
About NIQ
NIQ is the world’s leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. In 2023, NIQ combined with GfK, bringing together the two industry leaders with unparalleled global reach. With a holistic retail read and the most comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full ViewTM.
NIQ is an Advent International portfolio company with operations in 100+ markets, covering more than 90% of the world’s population. For more information, visit NIQ.com.
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Contact:
Media
North America – Gillian Mosher (Gillian.Mosher@NIQ.com)
Africa/Middle East – Melina Mammidou (Melina.Mammidou@NIQ.com)
Asia Pacific – Liza Martija (Liza.Martija@NIQ.com)
Europe – Sebastien Monard (Sebastien.Monard@NIQ.com)
Latin America – Ari Rodriguez (Ari.Rodriguez@NIQ.com)
