The Future of Shopping: Three Consumer Trends for 2024–2027 – TK

The Future of Shopping: Three Consumer Trends for 2024–2027

Consumer trends play a crucial role in shaping the business landscape, and companies need to stay ahead of the curve to meet the ever-evolving needs and preferences of their customers. As we move into the years 2024-2027, several major trends are expected to dominate the consumer market. In this article, we will explore three key consumer trends that are set to define the next few years.

Advertisment

First and foremost, data privacy has emerged as a top concern for consumers around the world. With the increasing digitization of products and services, consumers are becoming more aware of the importance of protecting their personal information. According to a recent survey by KPMG, 56% of consumers expressed a desire for greater autonomy over their data. In response to this growing concern, companies are under pressure to enhance their data protection measures and transparency in data practices.

The General Data Protection Regulation (GDPR) enacted by the European Union in 2018 has set the stage for stricter data privacy regulations globally. Following suit, the California Consumer Privacy Act (CCPA) was approved in California, granting Californians the legal right to access and control their personal information held by companies. Major corporations like Apple are also taking steps to empower users with more control over their data, with features that allow users to limit the sharing of their personal information.

Consumers are increasingly prioritizing privacy over convenience when it comes to making purchasing decisions. According to a study by Paysafe, 82% of consumers believe that there is a lack of balance between security, convenience, and fraud prevention in online transactions. This shift in consumer behavior is putting pressure on companies to invest in robust data protection measures and earn the trust of their customers.

Another major trend that is expected to gain traction in the coming years is the integration of augmented reality (AR) technology in the shopping experience. As online shopping continues to grow, consumers are looking for ways to simulate the in-store experience from the comfort of their homes. Virtual “try-before-you-buy” features powered by AR technology are becoming increasingly popular among consumers, with 35% more likely to shop online if they can digitally try on products.

Retailers are leveraging AR technology to enhance the online shopping experience and drive consumer engagement. For example, Ulta and L’Oréal have successfully implemented virtual try-on tools that have increased website engagement and conversion rates significantly. By providing virtual in-store experiences on their websites, retailers are meeting the demands of digitally savvy consumers who seek interactive and immersive shopping experiences.

Voice commerce is another trend that is set to transform the way consumers make purchases in the years ahead. With the rise of voice-activated digital assistants like Google Assistant and Amazon Echo, online shopping is becoming more convenient and accessible. The voice commerce industry was valued at $40 billion in 2022, and major players like Google and Amazon are continuously innovating to simplify the purchasing process through voice commands.

Consumers are increasingly using digital assistants to initiate purchases, with a significant percentage of smart speaker owners shopping using their devices. Major retailers like Walmart are partnering with tech giants like Apple to enable voice shopping through Siri on Apple devices. As the adoption of voice-activated digital assistants continues to grow, retailers are leveraging this trend to drive sales and enhance the shopping experience for their customers.

In conclusion, the consumer landscape is evolving rapidly, and businesses need to adapt to changing consumer trends to stay competitive. Data privacy, augmented reality, and voice commerce are three major trends that are expected to shape the consumer market in the years 2024-2027. Companies that prioritize data protection, embrace AR technology, and leverage voice commerce will be well-positioned to meet the needs and preferences of their customers in the digital age. By staying informed and proactive in tracking consumer trends, companies can gain a competitive edge and build lasting relationships with their customers in the years to come.

Picture of Aarushi Sharma
Aarushi Sharma

an editor at TK since 2024.

DISCLAIMER:

You will never be asked to make a payment to access any kind of product, including credit cards, loans, or other offers. If this happens, please contact us immediately. Always read the terms and conditions of the service provider you are contacting. We earn revenue through advertising and referrals for some, but not all, products displayed on this website. Everything published here is based on quantitative and qualitative research, and our team strives to be as fair as possible in comparing competing options.

ADVERTISER DISCLOSURE:

We are an independent, objective, and advertising-supported editorial site. To support our ability to provide free content to our users, recommendations appearing on our site may come from companies from which we receive compensation as affiliates. This compensation may affect the manner, location, and order in which offers appear on our site. Other factors, such as our own proprietary algorithms and first-party data, may also affect how and where products/offers are placed. We do not include on our website all financial or credit offers currently available in the market.

EDITORIAL NOTE:

The opinions expressed here are solely those of the author and do not represent any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved, or endorsed by any of the entities mentioned in the message. That said, the compensation we receive from our affiliate partners does not influence the recommendations or advice that our team of writers provides in our articles, nor does it in any way affect the content of this website. Although we work hard to provide accurate and up-to-date information that we believe our users will find relevant, we cannot guarantee that all provided information is complete and make no statement or warranty regarding its accuracy or applicability.