According to Accenture's 17th annual Life Trends report "half of individuals worldwide are dramatically changing their life objectives, placing a higher priority on retirement and job security than on getting married or earning a college degree. Another 48% of people create plans for their future that are less than a year out or don't make any plans at all"
“We’re entering a decade of deconstruction spurred on by changing consumer values, AI’s explosive growth and the relentless speed of change,” said Mark Curtis, global sustainability lead for Accenture Song
There has been a massive shift in the mindset of the general masses where people focus more on job security than getting married, which is in contrast with the consensus earlier. This shift can also be accredited to the involvement of advanced technologies in daily life.
This has also forced businesses to rethink their strategies and adapt to changes. As people are now more aware and conscious about the decisions they make, brands are facing a fragile and volatile market.
The report also found out that there is an increasing rift between customers and brands, as brands are trying hard to grow towards topline by bringing in subscriptions and cutting costs on customer service on top of being a part of shrinkflation.
Consumers are comfortable adopting conversational AI like ChatGPT to complete tasks at work (44%), promote products (42%), and provide advice on wellness and healthcare (33%). This is also new for the brands as they are making pivots toward making the services more user-friendly and making them usable by everyone
Consumer perception of technology as both a life-simplifier and a life-complicator is at a critical crossroads. A third or so of people believe that as many obstacles as benefits have been brought about by technology. Technology frequently appears to impose itself, causing 31% of respondents to battle incessant notifications, 27% to battle algorithms, and another 27% to battle the never-ending scroll.
People are taking action in response, with 33% turning off notifications, 20% limiting their screen time, and 25% removing apps and gadgets. Brands that provide customers the freedom to decide how they interact with technology become dependable partners in the quest for individual well-being.