05 - 06 June 2024 in Munich CosmeticBusiness



29/02/2024 CosmeticBusiness

AI, Sustainability, Bargains and Efficiency

Euromonitor Publishes Its Current Report on Consumer Trends in 2024

In its current annual report, the market research company Euromonitor International examines trends in consumer behaviour for 2024. We have compiled a summary of the effects these trends are expected to have on the buying motives of cosmetics consumers in particular.

„Ask AI"

The market researchers think artificial intelligence (AI) tools will increasingly influence consumer decision-making. These tools are steadily becoming a part of daily life. The analysts therefore recommend that companies use the technology for consumer communication. They say companies should use generative AI to improve personalisation, thus also providing a better customer experience.

"Greenwashing Is Out"

Consumers are trying to act more sustainably. They are demanding the same of companies. Environmental pledges should be honoured and substantiated. In order to win the trust of buyers, companies should reduce their carbon footprint across the entire value chain and contribute to a circular economy, Euromonitor explains.

Rising Numbers of "Value Hackers"

Due to the cost of living going up, consumers are increasingly on the hunt for good deals. The market researchers therefore advise companies to develop affordable solutions with added value. These should go beyond traditional price reductions to include offers such as combined discounts or subscriptions. Another viable approach could be to provide tips and tricks for using products efficiently and in a variety of different ways.

"Health Pragmatism" Is Gaining in Popularity

Consumers feel a need for well-being and they want it as quickly and effectively as possible. According to the study, they want products with proven effectiveness that can be easily integrated into their daily routines. For companies, this means that they first need to understand the wellness goals of their target group and then develop simple, functional solutions on that basis.

Adobe Stock, Denis
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