A year of balancing wallet and wellness: What brands can learn

In 2024, consumers were focused on both financial stability and health. While concern over inflation has leveled out over the past two years, consumers were still feeling financial strain.     The 84.51° Consumer Digest 2024 Year in Review reveals how shoppers sought sales, deals and budget-stretching opportunities as well as innovative products that offered nutritional benefits and other insights. Understanding consumer behavior and trends from this year can prepare brands to meet customer expectations in 2025, fostering stronger relationships and brand loyalty. 

The wallet and wellness equation

Consumers were mindful of the impact that their purchasing decisions had on their overall well-being, leading to a focus on balancing budgets and healthy eating. Several trends include: 

1. Health-minded spending: Food that helped manage heart health, weight and cholesterol were top priorities across all age segments. Shoppers were also looking for label claims that boost improvements in overall health and well-being. 

2. Frugal snacking: Nearly half (44%) of shoppers indicated that they used coupons to purchase snacks more so than last year.  

3. Ingredient avoidance: The top two ingredients that shoppers were trying to avoid or minimize in snacks were high fructose corn syrup (49%) and artificial sweeteners (40%). 

4. Brand switching: The categories where shoppers were most willing to switch to a lower cost brand included paper products, shelf-stable goods and household cleaning. They were least willing to switch for pet food and baby care products.  

Product attributes

Understanding the product attributes that matter to shoppers is also key. For example, our research showed that for functional beverage products, taste was the most important attribute, followed by price, quality ingredients and clear information. 

Mindful consumption

From seeking discounts to being selective about products based on ingredients, consumers this year were focused on making informed choices that balance their financial constraints with their health and wellness goals. This trend reflects a broader shift towards mindful consumption, where shoppers prioritize both cost-effectiveness and the quality of the products they purchase, among other attributes. 

Brands have an opportunity to cater to this shift by offering products that align with these values. For example, brands can stand out by simplifying the decision-making process. Educational content, transparent labeling, and user-friendly tools can guide consumers towards healthier and more financially sound choices, ultimately enhancing the shopper experience.     As we move forward, expect mindful consumption to continue shaping consumer behavior, influencing purchase decisions and driving customer-centric brand initiatives. By understanding and responding to these evolving consumer preferences, brands can build stronger relationships with their customers and foster long-term loyalty. 

Read the full 84.51° Consumer Digest 2024 Year in Review report for more insights.