The need to understand your consumer base is a given in the marketing world. However, this task is easier said than done. With technological innovations and constant shifts in trends, the way we shop has never been more turbulent. And now, HubSpot’s recent 2024 Consumer Trends Report has revealed some intriguing statistics. Take a look!
Consumers Crave Research: Make Your Brand Visible
More often than not, consumers want to conduct their own research on a brand or product—59% to be exact. This fact goes hand-in-hand with one of consumer’s biggest shopping concerns: Is the company legitimate?
Brands must prepare to make their brand identity as visible and as accessible as possible. If consumers are unable to learn more about your brand or how the company works, your brand image could become illegitimate in their eyes. Little trust in the brand brings few sales.
Recession Ready: Show Why Your Brand’s Worth It
Over half of consumers believe that the U.S. economy is experiencing a recession. Of those that don’t agree, 47% are at least planning to prepare for a recession that is soon to come. This of course has led to careful budgeting and planning, with 53% of adults in the U.S. carefully considering how they make purchases.
As consumers put more weight on their dollars, the onus is on brands to put in the extra effort to prove why they are worth the business.
Subscriptions Are Out: Consumers Want Flexibility
If you’re considering a subscription-based model for your brand—think again!
HubSpot found only 17% of consumers prefer to purchase products or services, and 63% would rather make a full purchase when the need appears. More consumers (21%) actually prefer paying with installments, utilizing apps like Afterpay or Klarna.
“I’ve seen a few ‘grocery subscription’ services pop up over the last year or two,” HubSpot staff writer Erica Santiago says. “Basically, you sign on to get a certain item on a monthly basis. But I prefer getting items as I need them because I don’t like getting roped into a commitment to purchase if that makes sense.”
— HubSpot.com
With consumer trends revealing such a low demand for subscription-based models, brands will be taking a safer approach by offering lifetime purchases or installment plans.
Win Consumers with Flexibility and Trust
Understanding consumer trends in 2024 is crucial for brands to stay competitive. From prioritizing brand transparency to accommodating tighter budgets, businesses must be agile in addressing shifting market trends. As subscription models lose favor, brands that offer flexible payment options and foster trust will be best positioned for success in this evolving landscape.
