Consumer trends in the years 2024-2027 are constantly shifting and evolving. It is essential for companies of all sizes to stay updated on these trends to adapt and meet the changing needs and expectations of customers. Here, we will explore three major consumer trends that are expected to shape the market in the upcoming years.

1. Customers Want a Hand in Data Management

The issue of data privacy has become increasingly important in recent years. According to Google Trends, searches for “data privacy” have surged by 239% over the past decade, reflecting growing concerns about the protection of personal information. Consumers are now more conscious about the data they share and are demanding greater control and autonomy over their data.

A recent survey by KPMG revealed that 56% of respondents expressed a desire for more autonomy over their personal information. In light of this, companies need to reassess their data practices to build and maintain trust with customers. McKinsey reported that over 87% of North Americans stated that they would avoid doing business with companies that have concerning data practices.

Additionally, consumers are more inclined to trust businesses that prioritize privacy over convenience. According to a study by Paysafe, 82% of respondents believe that security, convenience, and fraud prevention are not adequately balanced. Nearly half of American consumers (48%) are willing to accept stricter security measures in exchange for reduced fraud.

The implementation of regulations like the European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) has also fueled the demand for data privacy. Companies like Apple are taking steps to enhance data security and give users more control over their personal information. As consumers become increasingly aware of data privacy issues, they will continue to pressure governments and businesses to prioritize data protection.

2. AR Makes Shopping Easier for Customers

As digital-first purchasing becomes more popular, consumers are looking for ways to enhance their online shopping experience. Augmented reality (AR) technology, particularly virtual “try-before-you-buy” features, has gained traction as a tool to improve the online shopping experience. Research shows that 35% of consumers would be more likely to shop online if they could digitally try on products before making a purchase.

According to a survey of 30,000 respondents, the inability to physically interact with products is a major frustration when shopping online. In response, many retailers are offering virtual in-store experiences on their websites. For example, Ulta and L’Oréal have seen significant increases in user engagement and conversion rates by integrating AR technology into their platforms.

Companies like Kohl’s are leveraging AR capabilities on popular platforms like Snapchat to provide a Virtual Closet experience to customers. With a large user base, Snapchat is an ideal platform for reaching a younger audience and increasing engagement through AR features. Research has shown that interactive AR content can significantly boost conversion rates, making it a valuable tool for driving sales and enhancing the online shopping experience.

3. Voice Commerce Takes Off as the Purchase Initiation Point

Convenience is a top priority for many consumers, leading to the rise of voice commerce as a popular shopping option. Voice-activated digital assistants like Google Assistant and Amazon Echo are increasingly being used to initiate online purchases. The voice commerce industry was valued at $40 billion in 2022, with Google and Amazon leading the way in simplifying the purchasing process.

Research has shown that 62% of frequent users of voice-activated speakers are likely to make a purchase within the next 30 days. The adoption of digital assistants is expected to continue growing, with nearly half of smart speaker owners (43%) using their devices for shopping in 2020. Additionally, many consumers value the convenience of voice shopping, with 83% placing a higher value on convenience compared to five years ago.

Major companies like Walmart are partnering with tech giants like Apple to offer voice shopping capabilities through digital assistants like Siri. As the use of voice commerce expands, businesses will need to adapt their strategies to meet the demands of customers who prefer the convenience of voice-activated shopping.

In conclusion, keeping abreast of consumer trends is crucial for companies seeking to stay competitive in the market. By understanding and adapting to these major trends in data privacy, AR technology, and voice commerce, businesses can better meet the evolving needs and expectations of consumers in the years 2024-2027.