Voice of the Industry: Key Consumer Insights

The Voice of the Industry Survey offers insights on company performance, industry trends, innovation and growth strategies, based on Euromonitor’s global extensive network of industry professionals. Thus, companies can use benchmarking information to identify best practices and corporate trends and stay competitive in their respective markets. In 2024, 45% of business professionals expected a slight increase in sales compared to 2023, alongside growth in e-commerce share. As evidenced in the Voice of the Consumer: Lifestyles Survey, online shopping is on an upward trend across geographies, related to enhanced shopping experiences and consumer demand for convenience. In 2024, 42% of global respondents compared prices online, and 37% made online purchases on a weekly basis. 

Reaching the expected financial results also required business adaptation in the inflationary landscape, whereas consumer targeting campaigns, premium products and new ingredients, flavours or formulations were the most important launches in 2024.

Enhancing customer journeys, user experience and developing technological integration were indicated as main commerce developments in the short term. For instance, L’Oréal has recently introduced Cell BioPrint, a skin analysis device that offers customised recommendations. By integrating biotechnology and AI, the company offers customisation and premiumisation in the skin care space. 

Consumer-centric strategies shape long-term growth plans 

Beyond the consistent objectives of increasing profitability, revenue and market share, companies also prioritise building digital transformation, expanding customer reach and improving sustainability and social impact in the next five years. 

While corporate plans are anchored on consumers or product portfolio, Voice of the Industry Survey results also highlight how industries pursue different strategies to adapt and grow in the evolving market landscape. For instance, innovating for completely new solutions is especially relevant for professionals in beauty and personal care, and expanding into new categories is a core strategy in consumer health.

Technology and innovation enhance business offerings 

The Voice of the Industry Survey revealed shifts in corporate innovation plans in 2024, with a heightened focus on technology solutions and reduced emphasis on price positioning. Instead, companies are prioritising alignment to consumer values, leading to launches related to premiumisation and product value proposition. This approach is increasingly leveraged to secure a competitive edge and foster customer loyalty in saturated markets.

Additionally, integrating new technologies in business operations has gained momentum, as 65% of Voice of the Industry respondents plan to invest on Generative AI in the next five years. In 2025, companies expect AI and Generative AI to impact the value chain, including fulfilment and logistics, personalised product recommendations, replication of physical experiences online, targeted marketing campaigns and others. However, managing some primary barriers underscores the need for a comprehensive corporate strategy within governance, technology and compliance.

Whether exploring a new market or targeting new consumer segments, the technological transformation should be a top priority to support business endeavours based on a customer-centric approach for more diversified and demanding consumers.

Download our new white paper, Top 10 Global Consumer Trends 2025 for in-depth trend descriptions, case studies and strategic recommendations. 

^{Editors note: This article was published in 2024 and has been updated.}