Consumer loyalty is shifting as shoppers seek better value from brands and retailers. That’s according to a new McKinsey & Company study titled, “State of the Consumer 2024: What’s now and what’s next.”
In January this year, McKinsey surveyed 15,000 consumers in 18 markets comprising 90% of global GDP. Over a third of those consumers had experimented with different brands in the prior three months, and around 40% had switched retailers in pursuit of better prices and discounts.
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In addition, according to the study, in emerging markets such as China, India, and the Middle East, the proportion of consumers planning to boost their spending on wellness products and services is two to three times greater than in advanced markets such as Canada and the United States.
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Moreover, over one-third of consumers in China, Saudia Arabia, India, and the UAE shop directly through social media platforms, much higher than those in Europe and the United States.
