What’s Hot and What’s Not in 2024: The Essential Trend Report for Savvy Marketers
What does 2024 have in store? Well, we know it will be a tad longer, as 2024 is a leap year—366 days instead of the usual 365. Let’s hope it’s a good one for being that extra day longer. We also know it will be a big year for sport, with the UEFA European Football Championship in June and the Summer Olympics taking place in Paris this July.
As for the rest… well, as we do our best to beat those January blues, ’tis the season for industry forecasts, outlooks, and a deluge of “expert takes.”
As much as we love research firms and agencies working overtime to release their latest trend predictions to set the tone for the year ahead, the sheer volume can get overwhelming. Fortunately, our editors are on hand to sift through the technical details, highlight the crucial information, and generally do all the legwork so you don’t have to. Instead, you can just read our easy-to-digest overview that distills all the vital information from the reports into one handy outlook guide.
Marketing in 2024: A Year of Responsible and Compliant Strategies
Responsible Marketing Takes Center Stage
With Google officially beginning the countdown on third-party cookie deprecation this week, brands are now focusing more on their consumer data and its utilization. This has led to a heightened awareness regarding compliance.
Jonathan Moran, head of Martech solutions marketing at SAS, mentions that the shift towards zero and first-party data sources, along with second-party sources like data clean rooms, networks, and exchanges, is prompting brands to reassess their data governance, security, and privacy protocols.
According to SAS, the necessity for data compliance is expected to be a significant driver for the advancement of responsible marketing in 2024.
Jennifer Chase, executive vice president and chief marketing officer at SAS, emphasizes that while responsible marketing is not a new concept, the current economic uncertainties, the increasing number of digital consumers, the overwhelming amount of customer data, and the focus on data privacy have underscored the importance of fundamental principles of responsible marketing. These include the ethical use of customer data and technology, legal compliance, ethical practices, protection of vulnerable audiences, and the promotion of corporate social responsibility, which are now more crucial than ever for marketing organizations.
The Imperative of Green Marketing
Sustainability as a Business Mandate
In a world where people are becoming more conscious of their impact on the environment, a study by McKinsey and NielsenIQ in 2023 revealed a long-lasting trend: consumers are genuinely concerned about buying products that are both environmentally and ethically sustainable. An impressive 66% of global consumers are willing to spend more money on goods that meet these criteria.
This growing demand for sustainability is not just a fad; it presents a significant business opportunity for entrepreneurs. The global market for green technology and sustainability is projected to reach an astonishing $62 billion between 2023 and 2030.
A report by Teads further emphasizes this shift in consumer behavior. An overwhelming 92% of consumers trust brands that prioritize social responsibility and eco-friendliness. Additionally, 81% of shoppers actively seek out eco-friendly marketing and advertising. The message is clear: sustainability is no longer a choice but a necessity.
Companies that prioritize ethical practices and sustainability are highly sought-after. As we enter 2024, forming partnerships with organizations dedicated to sustainable business practices and rigorous carbon footprint monitoring will be crucial for achieving success.
The Return to Joy: Marketing with a Smile
Embracing Joyful Resistance
Drawing from the combined research and perspectives of strategists, futurists, and innovators worldwide, Dentsu Creative’s 2024 Trends Report delves into the significance of hope in an unpredictable world. One of the five major trends highlighted in the report is an ‘ode to joy’:
- Embracing Joyful Resistance: In a world where joy can feel scarce, its importance grows exponentially. Instances of joyful surrealism emerge as a response to a chaotic world, while advertising rediscovers the influential nature of humor.
- Self-Care as a Form of Rebellion: Whether it’s finding solace in an “Everything Shower” or embracing the “soft life” and “lazy girl jobs” as a rejection of the hustle culture, there is a subtle rebellion against the fast-paced, high-pressure lifestyle taking place.
- Pure Playfulness: Adult responsibilities are being put on hold or replaced by play, evident in the surge of “Kidult” toys, the trend of a simple #GirlDinner, or the emergence of experiences that blend art galleries with soft play areas.
Rethinking Social Media: A Paradigm Shift
Stop Saying ‘Social’ Media
As we go into 2024, let’s stop using the term “social media.” The big websites are not just for staying connected with friends and family in public. Now people do that more on private messaging apps and groups. By focusing less on social media, brands will rethink how they share content and messages and decide which platforms to prioritize to reach their goals.
Solo Living: A Growing Trend
People Choosing to Live Alone More Often
The report says that more people will choose to live alone in 2024. With the rising cost of living, many people are choosing to stay at home, spend money on their homes, and have fun at home. There is also a trend of learning small bits of information online.
Advertisers need to work hard to make people and businesses trust them again. It’s important to find the right people to sell to by using data to reach them at the best time. Furthermore, companies will need to understand where consumers are spending their money so they can take advantage of valuable opportunities and adjust their campaigns to match changing habits.
Monetizing Social Apps: The In-App Economy
Buying Things Inside the App: The Next Big Revenue Stream
In the past, social apps made money from ads, but in 2024, Data AI thinks more apps will make money from users instead.
TikTok was the first to allow users to buy and give money as a tip to people who make videos. YouTube and Instagram have also done the same thing. The amount of money people spend on social media apps will go up by 152% in 2024 because of the switch.
AI in Marketing: The Ultimate Helper
AI as a Marketing Assistant
HubSpot noticed that marketers in Southeast Asia are starting to see AI as a helper that makes it easier for them to handle their daily tasks.
This is especially true for AI programs that create things, which help marketers make better and more personalized content that connects with people, and they can do it faster. In a study by HubSpot, 89% of marketers in Singapore think that using AI to create content is the most important reason for using it.
FAQs
Q: What is the significance of responsible marketing in 2024?
Responsible marketing in 2024 focuses on ethical use of customer data, legal compliance, and protecting vulnerable audiences. This is driven by heightened data privacy concerns and the deprecation of third-party cookies.
Q: Why is green marketing important for businesses in 2024?
A: Green marketing is crucial because consumers are increasingly willing to spend more on environmentally and ethically sustainable products. This trend presents significant business opportunities and is essential for building consumer trust.
Q: How is the concept of social media changing in 2024?
A: The term “social media” is evolving as people move from public social platforms to private messaging apps and groups. Brands need to rethink their content and messaging strategies to adapt to this shift.
Q: What new trend is emerging in terms of living arrangements?
A: More people are choosing to live alone, investing in their homes, and seeking entertainment at home due to rising living costs. This trend requires advertisers to understand and adapt to changing consumer behaviors.
Q: How are social apps monetizing differently in 2024?
A: Social apps are shifting from ad-based revenue to in-app purchases and user tipping, with platforms like TikTok, YouTube, and Instagram leading this trend. This change is expected to significantly increase revenue from social media apps.
Q: How is AI transforming marketing practices?
A: AI is becoming a vital tool for marketers, particularly in content creation. It helps marketers produce personalized content quickly and efficiently, improving engagement and productivity.
As 2024 unfolds, these trends highlight the importance of adapting to new consumer behaviors, leveraging technology like AI, and prioritizing ethical and sustainable practices. Marketers who embrace these changes will be well-positioned to navigate the challenges and opportunities of the year ahead.
