What’s on the horizon? Three predictions for 2024

Excitement and concern surrounding AI will continue to rise

The rise of AI presents a wealth of new possibilities, and it’s set to become a core part of life for both humans and businesses. According to the GWI’s Connecting the Dots Report, 30% of consumers outside of China said they’d used ChatGPT by September, and the Content Marketing Career & Salary Outlook reports that 36% of content marketers use AI tools for writing, though many feel conflicted about the idea. 

However, brands have work to do in order to address consumers’ red flags surrounding AI - for example, a lack of trust in content, concern around job security, and the death of human creativity. In fact, the Hootsuite Social Media Consumer 2024 Survey found that 62% of consumers are less likely to engage with and trust content if they know it was created by an AI application. With regulation being discussed, brands should get to know their target audience’s opinions surrounding AI, decide which tasks can be delegated to AI, create AI policies and best practices, and train staff up.

Delight and entertainment will be a significant determinant of ROI

According to the Hootsuite Social Media Consumer 2024 Survey, the top reason consumers use social media (after staying in touch with friends and family) is to be entertained and to mentally unwind. 34% of consumers say “too much self-promotion” is a major turn-off in how they perceive brands on social, and 56% think that brands should be more relatable on social.

So what’s the antidote? The Euromonitor Trends 2024 Report recommends providing consumers with ‘Delightful Distractions’ - little thrill-filled and feel-good moments that invigorate and uplift emotions. This can be anything from playful messaging in customer interactions, to pops of colour or audio in branding that appeal to the senses. This concept is reinforced by the Euromonitor International Voice of the Consumer: Lifestyles Survey 2023, which found that 55% of consumers said they shopped in stores that created engaging experiences.

Consumers will become even more ‘spend savvy’

The current economic climate has led to a rise in ‘value hackers’ - consumers that hunt for the best deals and find clever ways to maximise their budgets without sacrificing quality. Their strategies may include looking for dupes, paying with credit card or reward points, and following ‘deinfluencers’ (people who expose overhyped or overpriced products) on social media. 

With 74% of consumers concerned about the rising cost of everyday items in 2023 (Euromonitor International Voice of the Consumer: Lifestyles Survey 2023), brands must pin down some solid tactics to accommodate these savvy spenders. Alongside demonstrating your value proposition and clearly communicating the benefits of your offer, explore the possibilities of offering affordable options (like lower-priced bundles at a discount), and implementing loyalty or rewards programmes with exclusive perks.

What are your predictions for the new year? We’d love to hear - let us know on LinkedIn, Instagram, and X.