KUALA LUMPUR, Feb 8 (Bernama) -- NIQ, an authority in consumer intelligence, has released its highly anticipated 2024 Global Consumer Outlook Report, exploring critical trends and insights that shape the consumer landscape, delivering invaluable data and analysis for businesses and stakeholders worldwide.
“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 behaviour.
“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,” said its Chief Operating Officer, Tracey Massey in a statement.
Among the findings unveiled from the report was that prices rose by 6.1 per cent in November 2023, a significant drop from the 13.6 per cent 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, in which retailers and brands must strategically respond to avert excessive promotions and safeguard the bottom line.
In addition, currently 34 per cent 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.
Furthermore, 40 per cent of global consumers proactively prioritise their health, contributing to a growth niche in the market. Recognising the significance of proactive health management, consumers are keen on specific lifestyle changes and product features to attain their health goals.
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 behaviour.
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.
-- BERNAMA
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