5 Things You Need To Know for 2024
We have identified 5 trends that are starting to have momentum now that you need to know about going into 2024.
You remember MFactor — our proprietary data science tool that measures Momentum (Mass x Volume) using online conversation. Highest score you can get is 100.
These trends are “Low Mass, High Velocity.” Low Mass means they are small in volume now. High Velocity means they have high engagement and are growing in size. This dynamic means they are under the radar, so there is opportunity to get ahead of them NOW before they become mainstream.
Our net-net? 2024 will be the year that everyday counts. Brands will be expected to educate and elevate consumers’ experiences to allow them to embrace escapism from the world around them.
So what does our MFactor show? Let’s dig into our data.
1. Embracing Escapism (65 Velocity)
Today, consumers want to double down on their escapism and are searching for an even greater release.
In pre-pandemic years, there was a push to live in the moment and make it the best it could be. And then of course share it all over Insta.
Once the pandemic hit, there was a shift. People craved escapism (reality was pretty grim), but it was limited to whatever you could get on the screen (remember The Queen’s Gambit and the ensuing chess frenzy?), your Peloton (only to then be sold on FB marketplace), and your hobby-turned-hustle shop on Etsy.
We have to give a shoutout to Taylor as a catalyst for this trend. Eras Tour were not normal concerts, they were literally spectacles that people traveled around the world to see for the specific purpose of escapism.
Other brands have been inspired. Look what Airbnb has been leaning into with their “Only On Airbnb” activations. Shrek Fan? You can stay in his swamp. Need some Kenergy? You could have stayed in Barbie’s Malibu Manson during the summer craze. Become a McCallister this holiday season. The fantastical list goes on.
We are seeing the delivery of an “escape” start to pop up more on our socials (take a break with Paige Lorenze and her coastal cowgirl lifestyle) in nightlife, entertainment and even pet stores. Petco is experimenting with a more immersive store layout that aims to mimic the joy of toy-store experiences for the fur-babies.
2. Dopamine For the Everyday (59 Velocity)
Dopamine is the “the feel good” brain chemical. It quite literally stimulates happiness. The new consumer expectation? The integration of dopamine into the everyday.
We saw this trend emerge in cosmetics and decor. Applying makeup was an opportunity to up your “happy” for special occasions by opting for dopamine stimulating colors and styles (check out the science). Take MAC Cosmetics – their products are being used for dopamine glam looks.
It’s now moving into the everyday. Consumers want all experiences to be elevated; everyday behaviors – chores (toilet plungers are happy now), GRWMs, and bedtime (we 💖 Lisa Frank’s surge in momentum),are being revolutionized to become dopamine boosting experiences. Take a play out of Tesla’s book to see how they are using dopamine to revive driving. If you’re driving, your commute isn’t just a miserable necessity.
3. Next Gen Influencers: Educators & Experts (31 Velocity)
As influencer marketing continues to reign supreme, consumers have become smarter.
Have you seen the job postings for brand educators? You know, brand enthusiasts that educate consumers on high profile brands. Sounds familiar, but has an important twist. Educating consumers about a brand is more important than influencing.
Did marketers really never think that we would catch on to the pay for play system that’s become industry commonplace? We see through the sponcon.
Gen-Z is much less trusting of big name influencers. Instead, the new generation of consumers is looking to experts for genuine authority. This isn’t to say influencer marketing is over – there’s just a new way to do it.
Fans and followers have invested so much trust into industry-specific experts, that when they have opinions or recommendations outside their “wheelhouse,” the fans are already primed to get on board.
Phil Mickelson, golfer extraordinaire, wanted to maintain peak performance. Meet For Wellness, another momentum master. Emily Oster is certainly an expert on kids and parenting, but she’s also a pro at what running gear to cop. Take Alex Earle: leader in Gen Z makeup trends but super passionate about late-night Wawa orders.
Unfiltered transparency. See Remi Bader who made "realistic hauls" famous – she not only shares the looks that are chic, but also the ones that are definitely no-gos. Many brands initially were turned off, but Revolve recognized that this unfiltered transparency brings more trust and started partnering with her on collabs.
4. Debranding (29 Velocity)
If 2023 was the year of quiet luxury, 2024 is the year of debranding, the second chapter. But it’s taken a new turn.
Choosing to be deliberately low key is a choice made in attempt to dilute outside scrutiny, and possible threat. Considering the state of society in which we live today, it may not be outlandish that people don’t want to call attention to themselves. In busy cities, flashy aesthetics may grab the wrong eye.
By debranding, people can regain control of outward perception. Instead of allowing an outside vehicle to influence how others interpret them, debranding makes your core values louder and the superfluous quieter.
5. Live Social Commerce (18 Velocity)
Live social commerce is revolutionizing retail. Though the concept of live shopping isn’t entirely new, I mean QVC walked so TikTok Shop could run, social media offers live shopping a ripe new medium to flourish.
With live social commerce, moderators and online associates can readily participate in the live and answer consumer questions in real time. Zheng Xiang Xiang sells over $14 million a week in her fast-paced auction-esque videos. Amazon paid $100M to stream the first Black Friday NFL game. Why? So they could pepper ads with QR codes so consumers could learn and buy in real time.
Via live social commerce, consumers can learn about products without a (sometimes, literal) filter. The goods are actually as they appear; there’s no big post production team manipulating how products actually look.