Smirnoff vodka owner Diageo has launched a report highlighting key consumer trends around the world.
Distilled: A Diageo Foresight Report was compiled using quantitative analysis over two years from the company’s ‘Foresight System’. The digital tool monitors and tracks global conversations from web sources and social media platforms.
The report has uncovered five global trends that are shaping consumer behaviour. These are:
- Neo-Hedonism: “Consumers are re-evaluating how they spend their money, searching for innovative ways to experience pleasure in their everyday lives. This is one of the newer trends but on the rise (+39%), with consumers searching for meaningful and unique experiences over wealthy gifts.”
- Betterment Brands: “Consumers’ conversations show them to be increasingly eco-conscious, becoming more aware of the environmental and social impact of their choices. Although not a new phenomenon its importance cannot be downplayed, with consumers increasingly (+44%) seeking ways to align their purchasing decisions with their values.”
- Conscious Wellbeing: “There has been a transformation in how consumers define health and happiness, with consumers having a more holistic view of wellbeing. The report found over 2.7 million discussions globally of self-love (+40%).”
- Expanding Reality: “Technologies like AI, VR, and AR are revolutionising how consumers perceive and interact with reality. Conversations around the technologies has risen 94% including a 134% rise in discussions of AI-enabled relationships – the fastest growing micro-trend identified in the report.”
- Collective Belonging: “Consumers are increasingly seeking real and virtual spaces that embrace unity, acceptance, and allow them to engage with like-minded individuals.The report uncovered 28.7 million mentions of the topic globally (+41%) making it our most discussed trend, including a 42% increase in conversations around championing inclusive cultures.”
The report also offers Diageo’s foresights for global consumer behaviors in 2024. This includes a shift towards more mindful approaches to adventure, the increased popularity of fully customisable products, and the rise of more immersive learning experiences.
Mark Sandys, chief innovation officer at Diageo, said: “To be entrepreneurial in mindset and action, brands mustn’t be afraid to look beyond their own walls. The trends showcased in ‘Distilled’ underline the need for brands to embrace change, reimagine strategies, and stay agile in responding to evolving consumer needs, presenting itself as an essential tool for brands planning future innovation.”