What Marketers NEED to See Before 2024
The new GWI 2024 Consumer Trends Report is out, & it’s important as a marketer to reflect on it. Inside are some very juicy tidbits that you’ll definitely want to see as a marketer.
1. 30% of consumers used ChatGPT at some point by September 2023. 71% of consumers are worried about how rapidly AI development is increasing.
My take? AI is only here to stay and grow. A majority of cinema-goers are interested in seeing AI-generated TV/film, and, to extrapolate, at least a significant portion of other consumer bases are interested in other AI-generated content (see Coca Cola Year 3000). It’s best for everyone to stay ahead of the curve — expect 50%+ consumer usage of ChatGPT in 2024.
2. Media distrust is increasing.
My take: Companies & brands need to be more transparent. Gone are the days of blind trust in media and blind trust in companies. Being as transparent as possible with your brand is guaranteed to increase consumer trust (Journal of Product & Brand Management, Vol. 30, Issue 8, 2021). Framing your brand as transparent and not as some intangible entity will only help your relationship with consumers.3. TikTok has seen a 57% monthly usage increase among Boomers since Q2 2021. Boomers are more likely to buy new products online than Gen Z.
My take: It’s important as a marketer to not get overly hopped-up on trends. Gen Z, as they grow into adults and assume a level of financial stability, is an amazing target-market. However, in the retail space, clearly it is important to not necessarily prioritise them above other demographics. They’re less likely to own a credit card and have far lower purchasing power, yet are overrepresented in advertising compared to Boomers. Boomers feel, as a whole, underrepresented and misunderstood — meaning there’s a clear gap in the market for them to be targeted effectively.
3. TikTok has seen a 57% monthly usage increase among Boomers since Q2 2021. Boomers are more likely to buy new products online than Gen Z.
My take: It’s important as a marketer to not get overly hopped-up on trends. Gen Z, as they grow into adults and assume a level of financial stability, is an amazing target-market. However, in the retail space, clearly it is important to not necessarily prioritise them above other demographics. They’re less likely to own a credit card and have far lower purchasing power, yet are overrepresented in advertising compared to Boomers. Boomers feel, as a whole, underrepresented and misunderstood — meaning there’s a clear gap in the market for them to be targeted effectively.
4. Consumers continue to want to see more short-form content.
My take: This is hardly a surprise. Short-form content is likely to remain on-top for years to come and your brand should already be well-invested in it. If you want your brand to remain current, as well as ensure its survival for the rest of the 2020s, it’s wise to shift hard to short-form.
There are points I’ve neglected, like Americans growing more concerned with gun-violence and people trending towards flexitarianism over veganism, as they are niche and not applicable to marketing as a whole.
Conclusion
There’s a lot that marketers must know if they want to continue to be successful in 2024 and beyond. Make sure you follow me for more insight on updates in the marketing sphere.
Have any thoughts on the GWI report yourself? Leave a response! After all, good marketing is built upon a lot of high-quality data 😉
Lastly, here’s the link to the report if you’ve not already seen it (I’d recommend you read it fully — some of the data is very interesting): https://blog.gwi.com/trends/biggest-consumer-trends/
