Each year, Euromonitor International identifies the top global trends that reflect changing consumer values and behavioural shifts, which significantly impact the business landscape. Three consumer trends—Value Hackers, Delightful Distractions and Wellness Pragmatists—stand out as the most relevant for the pet care industry in 2024, primarily due to the impact of inflation, pet humanisation and health concerns.
On World Creativity and Innovation Day, a global UN day celebrated on 21st April, Euromonitor International provides insights on the most innovative countries, product categories and retailers, based on new product launches across global digital shelf. Monitoring new launches and their development empowers companies to identify opportunities and invest in innovation strategically.
Beauty and personal care is one of the most innovative industries with over 25% of new brands launched in this space, according to Euromonitor International’s Innovation tool, which tracks new product development across the 50 most disruptive FMCG categories.
Inflation and rising energy costs are key driving forces behind product innovation in Home Care, enabling more efficient energy consumption, particularly in Laundry Care and Dishwashing. This also works as a more sustainable alternative for a growing base of environmentally conscious consumers globally. In addition, growing consumer awareness of self-care and wellness is being addressed through focus on features such as scent in new product launches, especially in Air Care.
Despite persisting economic headwinds, many consumers globally are choosing to spend their money rather than save, with savings ratios declining to near pre-pandemic rates in 2023. Across various categories of non-essential spending, one quarter of global consumers on average say they will increase their spending over the next 12 months.
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