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​9 Global consumer trends you need to know in 2024, according to McKinsey & Co​

<ul><li>The <keyword id="8194701" type="General" weightage="20" keywordseo="refurbished-smartphone" source="Orion">refurbished smartphone</keyword> market has recorded rapid growth in India.</li><li>While the unorganised sellers dominate the market, the organised sellers are also growing.</li><li>Affordability and shorter upgrade cycles are among the factors fueling the refurbished smartphone market.</li></ul> India's refurbished smartphone market is experiencing significant growth, outpacing the new smartphone sector. This reflects a maturing market which is increasingly catering to consumers looking for affordable yet reliable options. According to a report by Counterpoint Research, unorganised sellers dominate the refurbished smartphone market, accounting for 77% of transactions. The Indian refurbished smartphone sector has traditionally been dominated by unorganised players, offering devices at a fraction of the cost of the new models. However, the introduction of value-added services like warranties, quality assurance, and after-sales support by emerging e-commerce platforms is beginning to formalise this market, enhancing consumer trust and driving further growth. <h2>What’s fueling the refurbished smartphone market</h2><h3>Affordability</h3><keyword id="2698558" type="General" weightage="20" keywordseo="refurbished-smartphones" source="Orion">Refurbished smartphones</keyword> offer consumers access to higher-end hardware at lower costs, making premium technology more accessible to a broader audience. This aspect is particularly appealing in a price-sensitive market like India. <h3>Shorter upgrade cycles</h3>With technology evolving rapidly, many users prefer to upgrade their phones more frequently. Refurbished devices provide an avenue for this without the high cost associated with new purchases. <h3>Environmental impact</h3>There's a growing awareness of the environmental benefits of using refurbished products, which reduces electronic waste and the demand for new manufacturing, which is resource-intensive. <h3>Consumer confidence</h3>The entry of organised players who provide guarantees and quality checks on refurbished devices has significantly boosted consumer confidence. These services add a layer of reliability to what was once a market fraught with uncertainty about product condition and longevity. Despite the growth in the unorganised sector, there's a noticeable trend towards formalisation. E-commerce platforms specialising in refurbished goods are expanding, providing consumers with the convenience of online shopping backed by credible service commitments. The report also notes that this growth is not just contained within India. Globally, the refurbished smartphone market is on an upward trajectory, with similar trends observed in markets like Latin America, suggesting a broader international shift towards sustainable consumption in electronics. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/moto-g35-5g-with-120hz-5000mah-battery-launched-at-9999/articleshow/116172283.cms">Moto G35 5G with 120Hz display, 5,000mAh battery launched at ₹9,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-14-pro-and-redmi-note-14-pro-launched-in-india-starting-at-24999/articleshow/116134415.cms">Redmi Note 14 Pro and Redmi Note 14 Pro+ launched in India starting at ₹24,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x200-and-x200-pro-camera-centric-to-launch-in-india-on-december-12/articleshow/115930004.cms">Vivo X200 and X200 Pro camera-centric smartphones to launch in India on December 12</a>

India's refurbished smartphone market witnesses accelerated growth

As 2024 wraps up, YouTube has unveiled its year-end trends, offering a window into the moments, creators, and events that captivated audiences across India. From cricketing showdowns to viral music tracks, the platform once again reflected the nation’s pulse, where billions of views transformed fleeting topics into lasting cultural highlights. The year’s biggest digital trends featured an eclectic mix of events and personalities. Dominating the conversation were global sporting spectacles like the ICC Men’s T20 World Cup, the Indian Premier League, and the Paris 2024 Olympics. These events amassed billions of views, cementing cricket and sports as evergreen passions for Indian audiences. Cultural moments also had their share of the spotlight. The Ambani wedding, a topic of unmatched intrigue, garnered over 6.5 billion views on videos that included “Ambani” and “Wedding” in their titles. Meanwhile, phrases like “moye moye” became internet sensations, accumulating 4.5 billion views. Iconic figures like Diljit Dosanjh and Ratan Tata inspired millions, with Dosanjh’s name linked to videos generating nearly 4 billion views. YouTube’s end-of-year report also shed light on India’s top content creators, whose innovative storytelling captured audiences worldwide. While global powerhouse MrBeast led the charge with 332 million subscribers, homegrown creators like Filmy Suraj Actor (32.5M) and Sujal Thakral (33.5M) proved the power of local content. Others such as Cristiano, Box of Vengeance, and the Stokes Twins further added to the platform’s diverse creator ecosystem. Indian creators made waves on Shorts, with hyperlocal music in languages like Marathi and Garhwali crossing borders to reach global audiences. Priyal Kukreja championed women’s voices, while creators turned memes, cricket moments, and celebrity weddings into engaging, bite-sized stories that resonated deeply with fans. Music continued to play a pivotal role in shaping YouTube trends. Songs like “Kurchi Madathapetti” by Sahithi Chaganti and Sri Krishna, “Jale 2” by Shiva Chaudhary, and “Aaj Ki Raat” by Madhubanti Bagchi and Divya Kumar defined 2024’s soundtrack. On YouTube Shorts, hits such as “Dhana” by Priyanka Meher and Rongpaz and “Tauba Tauba” by Karan Aujla kept audiences grooving. These tracks not only became fan favourites but also helped drive the platform’s engagement, with users creating endless remixes, dance challenges, and covers that extended the lifespan of each hit. One of the most striking trends of 2024 was the rise of active fan participation. Viewers weren’t just consuming content—they were shaping it. From cricket memes and music edits to reactions to celebrity weddings, fans co-created content that amplified the original stories, making them even more impactful.

YouTube unveils year-end trends, here is what India watched in 2024

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">China's luxury slump</a> is spreading to more consumer brands.</li><li>Companies like Starbucks, Estée Lauder, and Nike have reported falling sales in the region.</li></ul>For the better part of this year, <a target="_blank" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">China has experienced a slump</a> in the most opulent of sectors. Sales for luxury powerhouses like LVMH, Richemont, and <a target="_blank" class="" href="https://www.businessinsider.com/how-burberry-became-fashions-biggest-fail-stock-drop-ceo-ousting-2024-8">Burberry</a> have fallen in the region that once seemed to represent limitless growth for high-end goods.Now, that downturn is coming for a wider set of consumer industries. Chinese people aren't just saving on <a target="_blank" class="" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Gucci</a> and cognac but also cutting back on spending on cheaper products like beer and lipstick. It's hitting Western brands particularly hard, as reflected by companies across the consumer sector reporting muted sales in China in the most recent quarter.Consumer spending in China never fully recovered after the government started lifting COVID-19 curbs in late 2022. Since then, the country has struggled with weak consumer sentiment and multiple economic challenges, including a property crisis, deflation, and high youth unemployment. China's<a target="_blank" href="https://www.businessinsider.com/china-economy-3q-gdp-growth-stock-market-stimulus-2024-10"> third-quarter GDP</a> grew 4.6% year-on-year — the slowest pace in over a year and below Beijing's growth target of around 5%.In late September, Beijing announced <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">aggressive stimulus</a> measures to boost the economy, but analysts say much more is needed to spur and drive consumer confidence.Meanwhile, China's once-free-spending consumers are holding back and prefer to save — in cash or <a target="_blank" href="https://www.businessinsider.com/china-economy-gold-rush-consumer-spending-money-savings-starbucks-gucci-2024-5">gold.</a> Cautious spenders are also trading down to knockoffs and lower-priced or local alternatives across a range of products from beauty and fashion to travel.The prevailing zeitgeist in China is about "aiming to <a target="_blank" href="https://www.businessinsider.com/chinese-economy-young-shoppers-looking-dupes-substitutes-pingti-fashion-travel-2024-9#">live well while spending less,</a>" MingYii Lai, a strategy consultant at Beijing-based market research firm Daxue Consulting, told Business Insider in September.Last week, AB InBev, the world's largest beer producer, announced declining revenue in the region, joining rival Carlsberg in reporting disappointing results. AB InBev, which makes Budweiser, has struggled in China all year and reported a 16% sales drop in the country for the third quarter.People in China are skimping on on-trade alcohol purchases, meaning they are spending less at bars and restaurants, Spiros Malandrakis, Euromonitor's head of research in the alcohol sector, told Business Insider."There is some flexibility, but it is not entirely recession-resistant," he added.It looks like they aren't going out for coffee or burgers, either. Negative sales in China brought down McDonald's results for the third quarter. And <a target="_blank" class="" href="https://www.businessinsider.com/why-starbucks-is-struggling-in-china-sales-prices-competition-coffee-2024-8">Starbucks</a>, which announced its fourth-quarter earnings last week, saw comparable store sales fall 14% in China."All indications show me the competitive environment is extreme, the macro environment is tough," <a target="_blank" href="https://www.businessinsider.com/starbucks-ceo-to-lay-out-strategy-to-fix-coffee-chain-2024-10">Brian Niccol, the coffee giant's new CEO</a>, said about China during the company's earnings call.A similar phenomenon has arisen in fashion and beauty, where nonluxury brands are seeing consumer confidence, leading to an overall tightening of belts.Beauty brands like Estée Lauder and L'Oréal have reported worse-than-expected results in the region. Sales for the former decreased 11% in the most recent quarter, driven by mainland China, where the company noted a declining appetite for skincare. It doesn't expect recent government stimulus to help sales in the current quarter.Those results came on the heels of Nike's, which had lowered its full-year guidance over the summer, blaming China's unstable economy. The sneaker giant cited "softness" in the country, its third-largest market by revenue.Even <a target="_blank" href="https://www.businessinsider.com/apple-stock-earnings-report-call-live-updates-2024-10">Apple</a>, once bulletproof in the region, missed revenue estimates in the Greater China division.Despite the headwinds, there have been bright spots.Adidas managed to buck the trend, reporting sales up 9% in Greater China in the third quarter. Heineken, too, saw growth in the region last quarter.Sectors offering discretionary <a target="_blank" href="https://www.businessinsider.com/china-economy-lopsided-recovery-consumer-retail-spending-industrial-output-property-2024-5">"eat, drink, and play"</a> experiences outperformed the wider consumer sector in China earlier this year, though their momentum has slowed in the past few months, wrote Lynn Song, the chief economist for Greater China at ING, in an October 28 note."More consumers appear to be gravitating toward higher value-for-money options," Song wrote.

China's luxury slump is trickling down to other consumer companies

<ul class="summary-list"><li>US real GDP grew at an annualized rate of 2.8% in the third quarter of this year, less than the forecast.</li><li>This means the economy is still growing healthily — even if it was weaker than expected.</li></ul>In the third quarter, US economic growth fell short of expectations but remained strong.A news release from the Bureau of Economic Analysis said real gross domestic product rose at an annualized rate of 2.8% in the third quarter of the year, less than the <a target="_blank" class="" href="https://www.investing.com/economic-calendar/gdp-375">forecast</a> of 3%."The increase in real GDP primarily reflected increases in consumer spending, exports, and federal government spending," the news release said. Consumer spending was a particular highlight, with personal consumption expenditures growing at a strong 3.7% annualized rate.Real GDP rose at an annualized rate of 1.6% in the first quarter and 3% in the second quarter.The weaker-than-expected GDP growth doesn't necessarily mean the US is heading toward a recession. There's still a lot of strength in the economy. Layoffs remain low and inflation-adjusted wage and income growth are back to their strong pre-pandemic trends.The presidential election is less than a week away, and <a target="_blank" class="" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">the economy is top of mind for voters</a>. Additionally, the Federal Reserve will announce its next interest-rate decision on November 7. The Fed has several recent data releases, in addition to the upcoming jobs report on Friday, to help it determine whether or how much it will cut rates. Before the GDP report, <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">traders</a> expected the central bank would cut rates by 25 basis points in November. That was still the case after the report, with a probability of around 96%.The US economy has generally been strong since recovering from the 2020 Covid recession, and the new GDP reading adds to this. David Kelly, chief global strategist at J.P. Morgan Asset Management, said in a note that "in an economy that has averaged 2.1% growth since the start of this century," adding that anything between 2.5% and 4% "shows a continuation of above-trend real growth."Wednesday's reading is the advance estimate based on early data collected by the Commerce Department, so it could change as more information rolls in. Hurricane Helene in September and Hurricane Milton in October affecting businesses could impact GDP in the third or fourth quarter; it may mean larger revisions upward or downward.Mark Hamrick, a senior economic analyst at Bankrate, told Business Insider earlier this month that because economic data will likely be "foggy" because of issues like strikes and recent hurricanes, "we may have to employ a little bit of patience to get through the end of the year and hope for better visibility about economic data."This is a developing story. Please check back for updates.

You Searched For "consumer trends" and got 5 results

9 Global consumer trends you need to know in 2024, according to McKinsey & Co

Prerna Tyagi

India's refurbished smartphone market witnesses accelerated growth

Sourabh Jain

YouTube unveils year-end trends, here is what India watched in 2024

Divyanshi Sharma

China's luxury slump is trickling down to other consumer companies

Madeline Berg,Huileng Tan

US economic growth came in slightly under expectations but consumer spending remains strong

Madison Hoff

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You Searched For "consumer trends" and got 5 results

​9 Global consumer trends you need to know in 2024, according to McKinsey & Co​

Prerna Tyagi

India's refurbished smartphone market witnesses accelerated growth

Sourabh Jain

YouTube unveils year-end trends, here is what India watched in 2024

Divyanshi Sharma

China's luxury slump is trickling down to other consumer companies

Madeline Berg,Huileng Tan

US economic growth came in slightly under expectations but consumer spending remains strong

Madison Hoff

Popular Keywords

Buying Guides

9 Global consumer trends you need to know in 2024, according to McKinsey & Co