Diageo, the maker of Smirnoff, Gordon’s, and Guinness, has released its first global consumer trends report, built using its in-house supervised learning and AI modeling tool called the ‘Foresight System.’
The ‘Foresight System’ is a powerful piece of software that monitors and tracks global conversations from a wide range of web sources and social media platforms. This data provides insight into how consumer trends are developing across the world. Essentially, the tool is a highly sophisticated listening service that uses supervised learning and AI modeling to collect and combine data from multiple sources, group the data into trends and sub-trends, and produce real-time reports.
The tool has been developed by Diageo and its data and insight partners and includes the monitoring of conversations in English, Chinese Mandarin, and Spanish across social media, YouTube, television, online forums, and digital media.
Alberto Romano, Foresight System Lead, commented: “Combining cutting-edge data from the Foresight System and penetrating foresight from our consumer insight experts, we’re not just tracking conversations; we’re decoding the evolving nature of social interactions. The Diageo Foresight System isn’t a passive observer; it’s an active influencer, shaping our day-to-day activities and strategic decisions.”
Diageo’s first consumer trends report, “Distilled,” has been compiled using both the Foresight System and their in-house expertise. The report provides essential reading for brands, regardless of region or industry, wanting to understand current consumer attitudes and how to navigate their future.
The report has uncovered five global trends that are shaping consumer behaviour. These are:
- Neo-Hedonism: consumers are re-evaluating how they spend their money, searching for innovative ways to experience pleasure in their everyday lives. This is one of the newer trends but on the rise (+39%), with consumers searching for meaningful & unique experiences over wealthy gifts.
- Betterment Brands: consumers’ conversations show them to be increasingly eco-conscious, becoming more aware of the environmental & social impact of their choices. Although not a new phenomenon its importance cannot be downplayed, with consumers increasingly (+44%) seeking ways to align their purchasing decisions with their values.
- Conscious Wellbeing: there has been a transformation in how consumers define health and happiness, with consumers having a more holistic view of wellbeing. The report found over 2.7M discussions globally of self-love (+40%).
- Expanding Reality: technologies like AI, VR, and AR are revolutionising how consumers perceive and interact with reality. Conversations around the technologies has risen 94% including a 134% rise in discussions of AI-enabled relationships – the fastest growing micro-trend identified in the report.1
- Collective Belonging: consumers are increasingly seeking real and virtual spaces that embrace unity, acceptance, and allow them to engage with like-minded individuals. The report uncovered 28.7M mentions of the topic globally (+41%) making it our most discussed trend, including a 42% increase in conversations around championing inclusive cultures.
Mark Sandys, Chief Innovation Officer at Diageo, commented: “To be entrepreneurial in mindset and action, brands mustn’t be afraid to look beyond their own walls. The trends showcased in ‘Distilled’ underline the need for brands to embrace change, reimagine strategies, and stay agile in responding to evolving consumer needs, presenting itself as an essential tool for brands planning future innovation”
The full report can be accessed here: https://adigitalforesightreport.diageo.com/downloads/Diageo-consumer-trends-report.pdf
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