Looking ahead to 2024

The 2023 cost-of-living crisis has significantly impacted consumers’ financial habits. While fast-moving consumer goods (FMCG) price increase have slowed compared to the substantial rises of previous years, prices remain high. As the crisis persists, consumers have adapted both financially and psychologically.

Gone are the casual trips to a restaurant. Now shoppers are more likely to re-create their favourite takeaway at home—experimenting with new products and ingredients. Gone are the impulse shops and luxuries like not checking the price tag before buying. Now shoppers are more likely to seek out the best deals via social media channels like TikTok or switch to private label products wherever they can.

This report from NIQ Brandbank, looks at the 5 key global trends that will impact shoppers, brands and retailers in 2024, from constrained budgets and calculated consumption to shrinkflation backlash, sustainability, health and wellness trends, the growth in convenience and home delivery, and finally developments in artificial intelligence.

We also report on key global markets and the specific challenges they face in 2024, with outlooks from our global market experts from countries and regions.