Predictions Report

Predictions 2024: Consumer

Consumers Embrace Calm After The Revenge Spending Storm

October 25th, 2023
Audrey Chee-Read, Principal Analyst
Audrey Chee-Read Principal Analyst
Dipanjan Chatterjee, VP, Principal Analyst
Dipanjan Chatterjee VP, Principal Analyst
With contributors:
Mike Proulx , Keith Johnston , Thomas Husson , Xiaofeng Wang , Mo Allibhai , Bruna Venicio , Rachel Birrell

Summary

As spending plateaus after years of volatility, consumers will calm not only their spending but also their anxiety — prioritizing their mental health. The impulsive habits of recent years will persist, particularly with Gen Zers. Consumers’ sensitivity to brand values will create turbulence given a perfect storm of the Paris Summer Olympics, UK general election, and US presidential election — not to mention Trump’s court trials and the Biden impeachment inquiry. As a result, companies will try a delicate dance to separate their “brand purpose” from politics. Amid this, skeptical consumers will publicly eschew generative AI but unknowingly embrace it. This report details Forrester’s 2024 consumer predictions.

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