AccentureLifeTrends2024 AccentureLifeTrends2024 AwordfromAccentureSong Wecreatethesetrendseveryyearasawindowintotheinterplaybetweenpeopleandtheirbehaviorsandattitudestotheworldaroundthem—beitbusiness,technology,orothersocietalshifts. It’snowcommonlyacceptedthatcustomer-obsessionisthebestgrowthstrategy.Superbcustomerexperiencesareexpected.Ittakesmeticulousorchestrationtoplayameaningfulandrelevantroleinyourcustomers’lives. However,customersaremessy.They’reemotionalandthey’rechangingfasterthanyoucanchangeyourbusiness,sokeepingpaceisaconstantchallenge.Thesetrendsexaminetheseshifts,andseektohelpbusinessesdefinehowtocatalyzegrowthbystayingrelevanttocustomers—whichisAccentureSong’smission. 2 AccentureLifeTrends2024 Whereshouldwebegin? Therearevariouslayersthatmediatebetweenpeopleandthewaytheylivetheirlives,influencingwhattheythink, howtheyinteract,andhowtheyfeelwithintheworldaroundthem.Whetherdrivingconsumption,maintainingauthority,progressingculture,orsharinginformation,organizationsarepartofamatrixofintermediariesonwhicheconomiesarebuilt. There'sundeniablefragilityintherelationshipsbetweenpeopleandtheseinfluences,becausethey’rechanging.Someareemerging,somedeclining,someadapting—andallholdsignificancetopeople’slives.Thisisputtingsocietyintoastateofflux,wherepeoplearenowdeconstructingeverythingastheytrytofigureoutwhotheyareintheworld.AndthatgoesintotheheartofAccenture'sLifeTrendsthisyear. So…whereshouldwebegin? 3 AccentureLifeTrends2024 Contents Trend1 Trend2 Trend3 Trend4 Trend5 Where'sthelove? Thegreatinterfaceshift Meh-diocrity Error429:Humanrequestlimitreached Decadeofdeconstruction 5–16 17–27 28–37 38–46 47–57 4 Trend1 Where'sthelove? Trend1 Necessarycutsacrossenterpriseshaveshuntedcustomerobsessiondowntheprioritylist—andcustomersarenoticing. 5 AccentureLifeTrends2024 Foryears,thecorrelationbetweencustomerexperienceandrevenuegrowthinspiredorganizationstoholdthecustomeratthecenterofeverydecision. Now,economicconsiderationsareforcingcutsthroughoutenterprises,drivingfrictionbetweencustomersandbrandsacrosschannels—intheformofpriceincreases,qualitycuts,illogicalsubscriptions,andpoorcustomerservice. Customersarenoticing,andsomefeelharddoneby. Thekeyquestion:Howdobrandskeeptheirproductinthebasketinthelongterm? Where’sthelove?| Thegreatinterfaceshift |Meh-diocrity |Error429:Humanrequestlimitreached |Decadeofdeconstruction6 37% ofpeopleworldwidethinkthatmanycompaniesareprioritizinghigherprofitsoverbettercustomerexperience. 40% ofCXOssaytheyplantoraisepricestopasscostincreasestocustomers. AccentureCXOPulsesurvey,June20231 What’sgoingon AccentureLifeTrends2024 Businessesarescramblingtocutcostsandprotectprofitsagainstastrainedeconomicbackdrop. They’vemadetoughdecisionstosurvive,withonemajorconsequence:theerosionofcustomerexperiences.Likeitorloatheit,consumerismisasocio-economicfactoflifeforbillionsofpeople,withmuchoftheirday-to-dayexperienceinfluencedormediatedbyconsumerculture. Thechangesdescribedinthistrendarehavingasignificantimpactacrossmultipleaspectsoflife,affectinghowpeoplefeeleveryday. Untilrecently,thedirectlinkbetweenprofitandcustomerexperiencemadethelattertoppriority,oftenattheexpenseofotherfactors.2Widespreaddigitaladoptioninthe1990s—particularlytheinternetand,later,smartphones—pushedfocusontoexperience,whichhadn’tpreviouslybeenemphasizedbymanybusinessesoutsidehospitality.Screen-driveninteractionexpandeddesign’sscopebeyondphysicalandgraphicdesigntoincludeusabilityanddesirability. *Source:AccentureLifeTrendssurvey,August2023 **Source:AccentureCxOPulsesurvey,June2023 Where’sthelove?| Thegreatinterfaceshift |Meh-diocrity |Error429:Humanrequestlimitreached |Decadeofdeconstruction7 PineandGilmore’sseminal1999book,TheExperienceEconomy,brilliantlycapturedthisshift.3 Designersrealizedthatauser-focusedapproachyieldedthebestresults,andpeoplebegancomparingeverythingtotheirbestdigitalexperiences,fuelingliquidexpectations. Withoutprofitability,organizationswon’tsurvivelong.Astheeconomicclimatesharpensinvestors’focus,leadersareseekingwaystoreduceexpensesandincreaseoperatingmarginsacrosstheirbusiness.Peoplefeeltheimpactinmultipleaspectsofdailylife,withmanymicro-disappointmentsaddinguptoabigdentintheirlivedexperience.Itseemsthepromisesofvalue,choice,easeandempowermentarebeingdowngraded,anditstings. Foroveradecade,brandsseemedobsessedwiththeirrelationshipwithcustomers,floodingsocialmediawithrelatablecontentinatoneofvoicethatdrewpeoplein.Withunfathomablyquickdelivery,delightfulpersonalizationandcustomizablesubscriptions,brandsraisedexpectationstolevelsthatwerecostly tomaintain. Fromthere,customerscametoexpectbrandrelationshipsthatfarexceededthetransactional.Thathasn’tchanged,buttherealityofwhatbrandsnowofferisfeedingatensionthatshouldn’tbeignoredandismanifestinginafewways.There’sevidenceofbrandsdeprioritizingcustomerexperience,withsomecompaniescuttingqualityorquantitybutmaintainingprices.Somepeopleunderstand—othersfinditdishonest. Leadingreasonswhycustomersfeellessvalued: 47% 41% 37% 25% poorcustomerservice ignoredf