As consumer preferences evolve, loyalty to brands and retailers is undergoing a transformation. Recent research conducted by McKinsey & Company in their study, “State of the Consumer 2024: What’s now and what’s next,” sheds light on this shifting landscape.
Surveying 15,000 consumers across 18 markets representing 90% of global GDP, McKinsey found that over a third of consumers had experimented with different brands in the past three months. Similarly, around 40% had switched retailers in search of better prices and discounts.
Furthermore, the study highlights a notable trend in emerging markets like China, India, and the Middle East, where consumers are increasingly inclined to invest in wellness products and services. This inclination is significantly higher compared to advanced markets like Canada and the United States.
The report also underscores a significant shift in consumer behavior, particularly in regions like China, Saudi Arabia, India, and the UAE, where over one-third of consumers make direct purchases through social media platforms. This trend outpaces the engagement levels seen in Europe and the United States.