10 Consumer Behavior Statistics Every Marketer Needs to Know in 2024

As consumer preferences and expectations continue to shift rapidly, staying ahead of the latest trends is crucial for marketers looking to build lasting connections with their target audiences. In this in-depth guide, we‘ll explore 10 key consumer behavior statistics for 2024, diving into what the data tells us and actionable strategies you can implement to adapt and thrive in this dynamic landscape.

1. The Unstoppable Rise of Ecommerce

Ecommerce has been on a meteoric rise for the past decade, and that growth shows no signs of slowing down. According to eMarketer‘s latest projections, global ecommerce sales will reach a staggering $6.3 trillion by 2024, accounting for over one-fifth of total retail sales.

But how does this break down by generation? A recent survey by Shopify found that online shopping frequency varies significantly across age groups:

Generation Shop Online Daily Shop Online Weekly Shop Online Monthly
Gen Z (18-24) 16% 55% 28%
Millennials (25-40) 12% 60% 27%
Gen X (41-56) 7% 48% 38%
Baby Boomers (57-75) 3% 30% 44%

Source: Shopify Future of Commerce Report 2023

As younger generations increasingly turn to online channels for their shopping needs, it‘s clear that optimizing your ecommerce presence is non-negotiable. Focus on creating a seamless, user-friendly online experience across devices, with fast load times, intuitive navigation, and personalized recommendations.

2. Mobile Commerce Dominates

Within the ecommerce landscape, mobile is quickly becoming the primary channel for online purchases. Statista predicts that by 2024, mobile commerce will account for a whopping 42% of all online sales in the US alone.

This trend is even more pronounced among younger shoppers, with over 60% of Gen Z and Millennials preferring to shop on their smartphones. As one Gen Z consumer put it in a recent focus group, "If I can‘t easily shop a site on my phone, I‘m probably not buying from that brand."

To capitalize on the mobile commerce wave, brands must prioritize mobile-first design and functionality. This means responsive websites that adapt seamlessly to smaller screens, streamlined checkout processes, and mobile-specific features like one-click payments and augmented reality product visualization.

Major retailers are already seeing the impact of mobile optimization on their bottom line. For example, Target reported that 75% of its digital sales now come from mobile devices, thanks in large part to its user-friendly app and mobile site.

3. Social Media: The New Shopping Mall

Gone are the days when social media was just a place to connect with friends and family. Today, platforms like Instagram, TikTok, and Pinterest are powerful tools for product discovery, research, and purchase.

A recent GlobalWebIndex study found that 71% of consumers use social media to learn about new brands and products, while 57% have made a purchase directly through a social platform in the past year.

This trend is particularly prominent among Gen Z shoppers, who cite social media as their top source of inspiration for purchase decisions. According to a 2023 report by Sprout Social:

  • 70% of Gen Z regularly discover new products on social media
  • 60% have made an impulse purchase based on a social media recommendation
  • 82% trust product reviews from other social media users over brands

To leverage the power of social commerce, brands must develop platform-specific content and engagement strategies. This could include:

  • Shoppable posts and stories on Instagram
  • Influencer partnerships and sponsored content
  • User-generated content campaigns and customer reviews
  • Live shopping events on Facebook or TikTok

Beauty brand Sephora has been a pioneer in social commerce, with a robust influencer network, shoppable Instagram feed, and livestreamed tutorials showcasing products in action. As a result, the brand attributes a significant portion of its online sales to social channels.

4. Video Takes Center Stage

Video content has exploded in popularity across platforms, and consumers can‘t get enough. A 2023 HubSpot survey found that 92% of users watch videos online every week, while 58% watch daily.

For marketers, video presents a massive opportunity to engage audiences and drive action. Wyzowl‘s latest report reveals that:

  • 87% of marketers say video has helped them increase website traffic
  • 80% say video has directly contributed to increased sales
  • 92% of consumers say video is helpful when making a purchase decision

Short-form video formats like TikTok and Instagram Reels are particularly effective for capturing attention and driving engagement. Brands can use these platforms to showcase products in action, share customer stories, and participate in viral trends and challenges.

Fashion retailer ASOS has been a standout in short-form video marketing, with a highly engaged TikTok following of over 2 million. The brand‘s mix of trendy outfit videos, behind-the-scenes content, and user-generated style challenges has helped drive a 200% increase in TikTok-influenced purchases.

5. Trust and Authenticity Rule

In an era of information overload and heightened skepticism, consumers are placing more value than ever on authenticity and trust in their relationships with brands. A 2023 Edelman Trust Barometer study found that 64% of consumers now buy based on belief, a 10% increase from 2021.

One of the most powerful ways to build trust is through user-generated content (UGC) and customer reviews. A whopping 92% of consumers say they trust UGC more than traditional advertising, while 80% say positive reviews make them more likely to buy from a brand.

To harness the power of UGC and reviews, brands should:

  • Actively encourage customers to share their experiences and feedback
  • Feature UGC prominently across marketing channels (website, social, email, etc.)
  • Respond promptly and professionally to both positive and negative reviews
  • Partner with trusted influencers and brand advocates to create authentic content

Furniture retailer IKEA has built a strong reputation for authenticity through its UGC-focused marketing strategy. The brand‘s #IKEAatmine campaign invites customers to share photos of IKEA products in their homes, generating a constant stream of relatable, inspiring content that showcases products in real-life settings.

6. Green is the New Black

Sustainability has moved from a fringe concern to a core consumer value, with a growing majority of shoppers now prioritizing eco-friendly and socially responsible brands. A 2023 GWI report found that:

  • 72% of consumers say sustainability is an important factor in their purchase decisions
  • 60% are willing to pay more for sustainable products and services
  • 50% have switched brands in the past year due to sustainability concerns

But not all generations view sustainability the same way. While Gen Z and Millennials are more likely to actively seek out and pay more for sustainable options, older generations tend to prioritize other factors like price and convenience.

To appeal to sustainably-minded consumers, brands must go beyond surface-level "green" messaging and demonstrate authentic commitment to environmental and social responsibility. This could include:

  • Transparent reporting on sustainability goals and progress
  • Partnerships with environmental organizations and initiatives
  • Eco-friendly product design and packaging
  • Sustainable supply chain and manufacturing practices

Outdoor brand Patagonia has long been a leader in sustainability marketing, with a mission statement that prioritizes "using business to protect nature." From its innovative recycled materials to its pledge to donate 1% of sales to environmental causes, Patagonia consistently walks the walk when it comes to sustainability.

7. Flexible Payments for the Win

As consumers look for ways to manage their budgets and avoid credit card debt, Buy Now, Pay Later (BNPL) services have surged in popularity. These services allow shoppers to split their purchases into interest-free installments, making big-ticket items more accessible.

According to a 2023 report by Insider Intelligence, BNPL transaction volume is expected to hit $146 billion annually by 2024, a nearly 300% increase from 2020. Younger generations are driving much of this growth, with 70% of Gen Z and 60% of Millennials having used a BNPL service in the past year.

For marketers, offering BNPL options at checkout can be a powerful way to reduce cart abandonment, increase average order value, and attract younger, budget-conscious shoppers. Some key considerations when implementing BNPL:

  • Partner with reputable, well-known BNPL providers like Klarna, Afterpay, or Affirm
  • Clearly communicate BNPL terms and options throughout the customer journey
  • Ensure a seamless integration with your existing checkout process
  • Monitor BNPL usage and default rates to manage risk

Major retailers like Walmart, Target, and Sephora have all recently added BNPL options to their online and in-store checkout, recognizing the growing demand for flexible payment options.

8. The Omnichannel Imperative

Today‘s consumers expect a seamless, consistent brand experience across every touchpoint, from brick-and-mortar to mobile app. They want to be able to research online, buy in-store, and get support via social media, all without missing a beat.

The data backs this up: A 2023 Harvard Business Review study found that 73% of consumers use multiple channels during their shopping journey, and omnichannel shoppers spend 10% more than single-channel customers.

Delivering a true omnichannel experience is no small feat, requiring deep integration of data, systems, and processes across the organization. Some key strategies for marketers:

  • Unify customer data across channels for a single, comprehensive view
  • Use AI and machine learning to deliver personalized experiences at scale
  • Invest in mobile-first design and functionality
  • Empower frontline staff with tools and training to deliver seamless cross-channel service
  • Continuously test and optimize the customer journey for friction points and opportunities

Starbucks‘ Rewards program is often cited as a gold standard in omnichannel marketing. Members can earn and redeem points across all channels, receive personalized offers and recommendations, and even order and pay ahead via the mobile app for a seamless in-store experience.

9. The Power of Personalization

In a world of endless choice and noise, consumers crave experiences that are tailored just for them. A recent Epsilon study found that 80% of consumers are more likely to buy from brands that offer personalized experiences, while 74% get frustrated when content isn‘t relevant to their interests.

Thanks to advances in data collection and AI, marketers now have powerful tools at their disposal to deliver highly targeted, individualized experiences at scale. Some examples:

  • Dynamic website content that adapts based on user behavior and preferences
  • Personalized email campaigns triggered by specific actions or milestones
  • Product recommendations based on past purchases and browsing history
  • Customized social media ads served to lookalike audiences

Nike‘s Plus membership program is a master class in data-driven personalization. Members receive curated product recommendations, exclusive access to events and releases, and even personalized workouts and playlists based on their activity data from the Nike Run Club app.

10. CX is the Ultimate Differentiator

With so many choices at their fingertips, today‘s consumers have little patience for brands that don‘t deliver a top-notch customer experience (CX) across every interaction. In fact, a 2023 PWC study found that 60% of consumers would stop doing business with a brand after just one or two bad experiences.

On the flip side, brands that prioritize CX are reaping the rewards in the form of increased loyalty, advocacy, and lifetime value. Consider these stats:

  • Customers are willing to pay up to 16% more for a great customer experience (PWC)
  • 73% of consumers say positive CX makes them more likely to buy again (Sitel Group)
  • Brands with superior CX bring in 5.7x more revenue than competitors (Forrester)

So what does it take to deliver a standout CX in 2024 and beyond? Some key focus areas for marketers:

  • Invest in robust customer feedback and analytics systems to continuously monitor and improve CX
  • Empower frontline staff with the tools and autonomy to resolve issues quickly and effectively
  • Prioritize seamless, intuitive digital experiences across all channels and devices
  • Personalize interactions based on individual preferences and behaviors
  • Surprise and delight customers with unexpected touches like handwritten notes or free upgrades

Zappos, the online shoe retailer, has built a cult-like following thanks to its legendary commitment to CX. From 24/7 customer support to surprise free overnight shipping, Zappos consistently goes above and beyond to make every customer feel valued and appreciated.

As these 10 consumer behavior statistics demonstrate, success in 2024 will require a deep understanding of your target audience‘s evolving needs, preferences, and expectations. By staying attuned to these key trends and investing in the strategies and technologies to meet them, you‘ll be well-positioned to build lasting, profitable customer relationships in the years to come.

But remember: these insights are just a starting point. The most effective marketing strategies are those that are continuously tested, refined, and adapted based on your own unique customer data and feedback. As the old adage goes, "Your mileage may vary."

So go forth and experiment, iterate, and innovate. The future of marketing belongs to those who are always learning, always listening, and always striving to create more value for their customers. Here‘s to a successful 2024 and beyond!