Trends of consumer behaviour in Russia and over the world
Published on: Jan 29, 2024
Reading Time: 5 min


Trends
What trends in consumer behaviour will be relevant in 2024?
Before purchasing any goods or services, consumers make a choice based on their needs, financial capabilities, values, and other factors. This article will discuss how consumer behaviour will change in 2024 and what consumer trends businesses should pay attention to.
A smart approach to spending
Economic difficulties, uncertainty, and feelings of anxiety are forcing consumers to take a more reasonable approach to their spending: think through the budget, plan purchases, and give up unnecessary expense items. According to a PwC global study conducted in February 2023, 96% of consumers planned to switch to cost savings within six months.
The trend towards reasonable consumption in the Russian market began to develop after the 2008 crisis. Then, discounted goods began to be perceived by Russians as a profitable purchase of something high-quality and necessary, but at a lower price. And after 2014, price became a key factor when choosing products. Today, Russian citizens are reducing their spending and trying to extend the life of the things they have. First, consumers are cutting back on spending on luxury goods, technological innovations, leisure, and entertainment and redistributing budgets in favour of basic products used daily.
However, according to experts, avoiding expensive purchases will unlikely lead people to stop buying goods and services that can make them happy during difficult times. In particular, delicious food remains one of the main ways to combat stress among Russians.
Shopping at sales and looking for low prices
Reasonable consumption and budget reduction lead to shopping on sale becoming one of the key strategies of consumer behaviour. According to the RBC Trends project, about 20% of Russians purchase goods only at sales. At the same time, consumers buy at discounts not only expensive products, such as appliances, but also household products for the home and other things that can meet actual needs.
According to the global report The Future Shopper Report 2023, for 56% of consumers from around the world, price is the main factor when choosing a product or service, and 46% are ready to refuse to purchase on a specific site if they see that the same thing is cheaper elsewhere. At the same time, as mentioned above, people do not want to give up what they really want, so they look for the best deals in different sales channels and different market segments. In connection with this, a new term has even appeared: Value Hackers.
As for Russians, according to a NielsenIQ survey, 61% choose stores with low prices, 41% compare products offline and online in search of cheaper products, and 48% say they can order FMCG goods cheaper online than in physical stores.
Growing popularity of marketplaces
Convenience and the opportunity to purchase goods at a lower price are attracting more consumers to marketplaces. Low prices, fast delivery, and a wide range are key factors in the popularity of global trading platforms such as Amazon, Alibaba, and eBay.
A study by the analytical company DataInsight suggests that in the second quarter of 2022, sales volume on Russian marketplaces amounted to more than 400 million orders and over 500 billion rubles. Compared to the same period in 2021, the number of orders increased by 80%, and the cash volume increased to 73%. The increase in sales volume is also facilitated by the growth of the network of delivery points, which today are literally within walking distance of the consumer’s daily routes. According to Easy Commerce data, the share of the monthly audience of marketplaces in e-commerce reaches 73%, and the share of orders reaches 77% of all e-commerce orders. In addition, over 50% of marketplace users are a unique audience that cannot be reached using classic media.
At the same time, analysts note that when purchasing online, consumers demonstrate the same habits as when shopping in offline stores. It is important for people to be able to choose and pay only for what completely satisfies them. Experts consider food products, clothing, and consumer electronics to be the leaders in sales on marketplaces in Russia.
Interest in local
Due to global uncertainty, consumers are increasingly interested in local businesses. Local products seem more environmentally friendly, safe and attractive in terms of price and quality, and local brands seem more transparent.
In Russia, the development of this trend has also been influenced by the crisis, which has stimulated import and brand substitution. According to NielsenIQ, amid assortment changes, 65% of consumers have noticed the appearance of more Russian products on store shelves, and 29% are trying to choose products that are made in Russia. Buyers are looking for alternatives to outdated brands, but so far, they are not ready to pay as much for new brands as for established brands with a long history.
Attention to ecology
Companies' environmental awareness and product sustainability continue to be important factors for consumers worldwide when making purchasing decisions. 52% of people have changed their consumption habits due to concerns about global warming and the environment.
It would seem that in Russia this trend is no longer so relevant and is gradually fading away. Russians do not understand the increasing severity of problems in the environmental sphere, and the majority do not believe that the situation is worsening. However, the ESG agenda is of great importance for young parents. Of course, when savings come first, not everyone can maintain environmentally friendly consumption. But when it comes to the category of goods for children, Russian mothers and fathers under the age of 35 strive to purchase safe and natural products, clothes and toys made from eco-friendly materials. According to research company Ipsos, 68% of Russians agree that an environmental disaster will occur if they do not change their habits quickly. At the same time, 49% were ready to change their habits to improve the environment in 2021, and in 2023 - already 43%.
Taking care of physical and mental health
Over the past four years, the concept of wellness has undergone a major transformation and expanded beyond just physical health. Today, 76% of people worldwide say that mental and physical health are equally important. For Russians, 89% say it is important to take care of their physical condition, and 65% are also ready to pay attention to mental well-being. The issue of psycho-emotional health is more acute for women (70%) than for men (58%).
Growing external psychological pressure also makes consumers want to slow down. 73% of Ipsos global survey participants would like to slow down the pace of life. In Russia, this figure was 58%. This need to slow down drives people's interest in simple, minimalistic and feel-good products.
Thus, global instability has greatly influenced the change in consumer habits in recent years. These trends in consumer behaviour do not appear today, but their manifestation will be especially noticeable in 2024. Buyers in Russia and worldwide are becoming more conscious and thriftier, increasingly purchasing goods on marketplaces and sales, showing interest in local products and eco-friendly products, and caring more about their physical and psychological well-being.
Learn more about trends in consumer behaviour and present your products, which are relevant and necessary for wholesalers, retailers and Horeca representatives at the 33rd International Autumn Food and Drink Exhibition WorldFood Moscow.
The WorldFood Moscow 2024 exhibition will take place on September 17–20 at Crocus Expo IEC (Pavilion 3).
Resources: trends.rbc.ru, nielseniq.com, ipsos.com, adindex.ru, kontur.ru, topfacemedia.com, mildberry.ru

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