Voice of the Industry: Consumer Insights

March 2024

This report highlights the findings from Euromonitor International’s Voice of the Industry survey, gathering insights from professionals across diverse industries and regions on company strategy and consumer behaviour. Additionally, the report delves into innovation, new product development (NPD), and technological advancements impacting businesses.

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This report comes in PPT.

Key findings

Consumers and product offerings form key pillars of corporate growth strategy

Corporate strategies seek to drive growth by maximising return on investment, enhancing market share and growing revenue. The key focus revolves around consumers and product offerings, driving initiatives to enhance the consumer experience, introduce new and improved products/services, and diversify distribution channels.

Consumers’ need for saving money and convenience remains evident

Optimistic sales expectations for 2024 have prompted strategic shifts, favouring channels like discounters, retail e-commerce and online marketplaces, signalling a consumer emphasis on saving money and seeking convenience. The surge in digital commerce, influenced by evolving consumer expectations, offers opportunities for industries like food and beverages, and beauty and personal care.

Capturing a wider consumer base is fuelling innovation

Companies prioritise consumer needs in innovation, with over 44% increasing investment. New product launches revolve around price positioning, format/formulation and packaging. These are aimed at targeting broader and untapped markets, appealing to new consumer demographics.

Evolving tech development invading consumer purchase and consumption journey

Rapid tech integration shapes consumer experiences and transforms business processes. From formulation to disposal, emerging technologies like 3D printing, genetically modified ingredients, automation and AI are revolutionising industries, emphasising the need for ongoing monitoring and adaptation for businesses to navigate the dynamic landscape.

Voice of the Industry: Consumer Insights snapshot
Prioritising consumers throughout the value chain to drive business growth
Shein opens first pop-up store in Dubai to take advantage of other channels of distribution
Mokobara and Indigo collaborate to cater to evolving needs of modern travellers
Businesses growth plans hinge on company offerings and consumers
TH True Milk Gold targets the ageing population in Vietnam
DNA-based lab-grown diamonds (LGD) receive widespread attention
2023 sales optimism shapes retail strategy of companies
E-commerce landscape redefined by convenience, personalisation and digital engagement
Trata launches the first concept store dedicated to ready meals in Greece
Reliance Retail launches tech-enabled Azorte stores across different states in India
Companies innovate to meet consumer needs
Innovation plan targets diverse markets and prioritises consumers
Companies use digital and traditional means to promote new/improved products/services
Gatorade goes tropical connecting with new generations searching for innovative flavours
Nescafé innovates with an indulgent coffee collection
Technological developments enhance businesses’ offerings for consumers
Eobuwie.pl: Esize.me feature on smartphones eases shopping online
Koton launches AI Collection in collaboration with Turkish influencer and digital creator
Coca-Cola uses AI to launch futuristic beverage
Carrefour integrates generative AI solutions to enhance shopper experience
Key takeaways
Key strategies employed by businesses
About Euromonitor International’s Voice of the Industry Survey series


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