CONSUMER SENTIMENT SURVEY 2024

2024 brings forth a myriad of concerns that shape the way individuals interact with the market. One of the foremost concerns gripping consumers globally is the relentless surge in prices across essential goods and services. The ongoing geopolitical events, ranging from trade disputes to political upheavals, also inject an additional layer of complexity into the consumer psyche. The resulting uncertainty and unpredictability contribute to a sense of unease, compelling consumers to adopt a more conservative approach to their spending habits.

In the face of relentless pressures of rising prices and the unsettling specter of global conflicts, consumers worldwide find themselves navigating a landscape fraught with economic uncertainty. A pervasive sense of worry clouds the minds of individuals as they grapple with the escalating costs of everyday essentials. This mounting concern has compelled a significant number of consumers to reevaluate their priorities, adapt their spending habits, and seek innovative strategies to weather the challenges ahead. A significant number of consumers have indicated that they've had to modify their spending habits over the past three months. Additionally, many are intending to scale back their expenditures in the coming three months in anticipation of further price increases.

Consumers are strategically utilizing all available resources to optimize their purchasing decisions, reflecting a growing emphasis on value-consciousness. What's striking is the willingness of consumers to veer away from traditional brand loyalties in favor of exploring new avenues that promise greater affordability. Private-label brands and alternative shopping methods are witnessing a surge in popularity as consumers seek out cost-effective options without compromising on quality. This pivot away from established brands toward more budget-friendly alternatives underscores a shift in consumer mindset towards pragmatism and fiscal responsibility.

Our exploration of consumer portraits within the broader context of global uncertainties emphasizes the importance of recognizing the diverse nature of contemporary consumer sentiment. Younger generations are more troubled by rising prices, grappling with the impact of inflation on their purchasing decisions and financial planning. Conversely, older generations, who have weathered their fair share of economic storms, find themselves more preoccupied with geopolitical tensions and global conflicts. The specter of war and its far-reaching ramifications weigh heavily on their minds, influencing their perceptions of stability and security. These disparate concerns have sparked distinct shifts in spending habits and priorities across various consumer categories. Understanding these sentiments is paramount in adapting strategies to effectively engage with consumers amidst this complex landscape.