12 Consumerism Trends That Will Impact You In 2024

As 2024 approaches we will see the rise of many new trends that will impact how we spend money.

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Chapters

00:00 Start Here
00:37 The Expansion of ‘Subscription-ification’
01:41 The Increase of Under $15 Price Models
02:57 The Increase of The Annual Subscription Price Models
03:47 The Increase of Sneaky ‘Free Trial’ Non Refundable Subscriptions
05:03 More Charismatic CEO Personality Cults
06:41 The Expansion of Tipflation
08:01 More Focus On Aesthetics
09:09 The Decline of Cash
10:13 Increased Exposure To Advertising
11:10 Nudging Reminders To Spend
11:48 Green Washing
13:05 The Rise of The Experience Economy

As 2024 approaches we will see the many new trends and the continuation of existing trends that impact how we spend our money. In this video, I share 12 trends that will impact how you consume in 2024.


1. The Expansion of ‘Subscription-ification’

Society is shifting away from ownership models and more towards subscription models where we pay a month fee to use a product or service. In 2024, we will see this subscription trend continue to expand making ownership a thing of the past.

2. The Increase of Under $15 Prices Models

Subscription models work well because they are normally under $15. And this price point is very strategic because once you go above $15, you think about it more. We will continue seeing this $15 pricing model that will silently increase people's cost of living.

3. The Increase of The Annual Subscription Price Models

Another trend that has appeared recently is instead of paying a monthly fee, businesses charge yearly. This causes people to subscribe to a service that they overspend on.

4. The Increase of Sneaky ‘Free Trial’ Non Refundable Subscriptions

The final pricing model is when companies offer a free trial to use their service and once the trial ends they automatically charge you and don't offer refunds. This model will continue and we will be locked into spending money.

5. More Charismatic CEO Personality Cults

In the last 10 years, CEOs like Steve Jobs or Elon Musk have become ambassadors of their brands. People are buying certain products not because they love the product, but because they love the CEO that represents the product.

6. The Expansion of Tipflation

Since COVID began, tipping has expanded into many different industries where almost everywhere we are expected to tip. As we enter 2024, this practice will continue to expand and tipping will be expected everywhere.

7. More Focus On Aesthetics

Companies have been focusing a lot on creating a beautiful environment for their customers. This trend, however, inflates prices and causes people to spend more.

8. The Decline of Cash

Cash transactions have been on the decline and most people use credit cards when they spend money. This causes people to be a bit more careless with their spending.

9. Increased Exposure To Advertising

Since the advancements of technology, companies are now able to advertise to us in places that weren't possible before like our kitchen, bedroom, and driving. This increased exposure to advertising is causing people to spend more.

10. Nudging Reminders To Spend

Smart technology attempts to nudge people to spend more by reminding us the last time we bought something or a car alerting the driver to get a vehicle serviced. Many people eventually cave into these nudges and spend more money.

11. Green Washing

Many consumers are making decisions on what is the most environmentally friendly; however, companies often green wash their products to trick customers. This causes people to spend more money on products for misleading information.

12. The Rise of The Experience Economy

Since COVID, people have been focusing more on spend their money on experiences rather than stuff. In 2024, we will see the rise of the experience economy where we spend more money on experience.

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[ElAgustin]

What's another consumerism trend that is coming in 2024??

[Ster]

Tipflation and the decline of cash are the worst!!

[bessycorrales]

I have toddler grandchildren and we're hooked on Disney+. Knowing the cost of the subscription will keep going up, I'm in the process of creating a Disney DVD collection. They're $1 at my local thriftstore and they have tons. Their father who is a millenial is doing the same. Have also fully stopped eating out because of the tipping ridiculousness. Pack snacks and drinks always.

[leena]

Of all the things on your list, the experience economy is the only thing I am looking forward to. The key to a frugal life within the experience economy is to make your own experiences - potlucks with friends, hiking local trails with a meetup group, book clubs, etc. If we've learned anything from the pandemic, it's that life is short and spending time with people we care & and enjoy being around is the foundation of happiness.

[bluecube]

Tipping workers for the services they provide is unsustainable... We customers are paying them more in tips than their employers pay them in wages!!!!

[UsurpersAndAssassins]

Let's have a challenge! Spend nothing in 2024 unless it is a necessity.
Or only spend one day a week.

[cathyphillips]

I don't buy ANYTHING that requires a subscription. The only thing I pay for monthly is rent (mine includes utilities) and my cellphone (I own the phone...just paying for data package) I do spend CASH each month for gas and groceries...that's it.

[LindyLouCantu]

What a great "heads-up" to warn and protect ourselves from overspending as a result of these 12 aspects of Consumerism. Thanks for shedding light on all of this, especially as we usher in the new year!

[pattykake]

I am doing a 2024 no buy year….BUT I will be contributing to the experience economy…life is short… the bucket list is long…🤣.

[JosephWheels]

I'm 70+ and for most of my life I used cash, I always was aware of how much I was spending. Over the past several years I have moved (subconsciously) to using my debit card, what I have found is I don't even check to see how much my purchase is before tapping. Having this total shift is concerning, how many more things in my life have become irrelevant?
As for tipping, it's just out of hand. My barber's debit machine starts at 20%.

[amyk]

I was the one that commented you pronounced decorations “duckorations” and THAT my dear El Augustine is what makes you so endearing!! ❤️❤️❤️

[KathyPeters-jf]

Here's a tip that doesn't cost me a penny and may save someone some money. When I sign up for a free trial of a streaming service (and I suppose it works for other free trials), I cancel the very next day while it's fresh on my mind. I still get the full benefit of the free trial because it doesn't cut off when I cancel but rather when the deadline is reached.

[笑笑-sj]

7:28 Oh man, I can totally relate. I went to a fast casual joint with a very similar self service kiosk. The only difference is that I was forced to pay a "Kiosk Fee" of $3.00, even though it was the only way I could order my food.

This was in addition to the tip I also had to pay. Even though no one was waiting on me AT ALL.

I'm getting to the point where cooking my own meals at home is my go-to option. I'm happy to pay tips to people that are actually serving me. But being expected to tip a stupid kiosk? Forget it.

[Franknpipe]

I canceled ALL my subscription services in 2023.

[tiashadae]

Always look forward to your videos thank you 😊

[bcusaaus]

The more this tipping stuff grows, the more I just avoid patronising these establishments. I socialise at family/ friends homes and do activities outside. On the rare occasion that I do go to a bar/ restaurant, it’s part of a group ( prepaid event) yes, I’m so a tightwad. And got money saved

[pdwoods]

I saw “Peace up and Atown down” and knew exactly what that meant! I love how you keep it the way real. What you said about Duckorations was not lost on me ☺️. Let me say this, when you first came on the scene. I really wasn’t interested in getting to know another YouTuber talking about minimalism and money. BUT I stuck with you anyway and I’m so glad I did! Your content has its own twist. I think you’re so smart, funny, and really enjoy your content. I watch EVERYTHING you put out. Keep doing great things and don’t even address those trolls. Thank you from your Atlanta peeps. A-town forever!

[laurarivera]

Muchas Gracias Agustin, this made me remember about a certain subscription I wasn't using and was about to auto renew 😬! paused the video, took a bit of time to find out how, but was just able to cancel it 😅😊

[ashleymorgan]

This is my favorite video of yours so far. It gave me a lot to think about. You condensed so many of the ways we're being screwed and just get used to it into one video.

[annacichy]

Your videos are 🔥. I saw one of Dave Ramsay's video and boom. Mentality changed. Then I came across your channel and automatically subscribed to keep myself in the good zone. I refuse to spend money on stuff. My family can't understand what happened as I was addicted to Amazon. I told my husband that we are on the budget now and do grocery shop only once a week Online! I noticed that I spend more going to the shops throughout the week. I am just about to pass my driving test and get a car (hopefully) and I refuse to take the finances for the car. I want to buy some used car for cash and although I really want to drive I decided to be patient and save for the car. Thank you so much for your videos and showing us how those big men are controlling us