The Media Store, an Australian independent media agency, has unveiled a report titled 'Consumer Trends 2024' outlining seven key issues predicted to dominate consumer interests in the coming year.

The seven key issues identified are: Costs compounded, Conflict & Chaos, Climate control, Curated fandom, Contextual commerce, Communal AI, and Consider(ed) Boomers. Each of these trends presents unique challenges and opportunities for brands and marketers.

Cost compounded is connected to Australians already exhibiting rising concerns around the cost-of-living crisis, with the trend also based on economists being deeply pessimistic about 2024 off the back of rate rises, high inflation, rental squeeze and record low per capita disposable income rates.

The report also anticipates a rise in 'hermit culture' and 'knowledge culture', driven by these cost-of-living concerns. This suggests that consumers may increasingly seek value and information in their purchases.

"Next year, advertisers will have to work hard to restore consumer and business confidence. Finding the right audience will become critical, harnessing targeting and first-party data to reach the right customer at the right time. Additionally, brands will need to know exactly where consumers are spending, to capitalise on moments of value, while also allowing campaigns to shift and flex to changing habits," the report stated.

'Conflict and chaos' as a trend reflects the fact Australia is currently experiencing its lowest level of social cohesion on record thanks to financial hardship, global unrest and The Voice referendum result.

The report said brands therefore have a role to play in increasing social cohesion as well as dissecting it, both by championing the truth or using technology to uncover fake information.

"For advertisers in 2024, there will be a renewed focus on clear delineation of what is real and what is fake, and ensuring content aligns with brand and consumer values," the report stated.

Another of the trends highlighted is 'contextual commerce', where every media touchpoint becomes an opportunity for commerce. This trend underscores the growing importance of integrated marketing strategies and the potential for brands to leverage multiple channels for customer engagement and sales, The Media Store said.

The report also predicts the rise of 'communal AI' in 2024, emphasising the need for a deeper understanding of the human contribution required to prevent negative AI evolution.

Lastly, the report suggests that 2024 will be the year of the Baby Boomer, and noted 10% of social commence shoppers are now from this demographics. The Media Store also pointed out there's been a 57% increase in Baby Boomers using TikTok since 2021.

"Talking to older Australians doesn’t just mean TV; instead, it’s about taking first-party data and finding them in any digital ecosystem. This cohort represents a real opportunity for growth," The Media Store Chief Strategy Officer, Sam Cousins, commented.

While the word ‘trends’ suggests something is fleeting, Cousins said all of the trends in the report are compounding, evolving and growing - and they are all deeply connected.

"Exposing and unpicking them allows us to find spaces to grow in a challenging year ahead," Cousins added.