01.19.23
Global market research company Euromonitor International has released its annual report, “Top 10 Consumer Trends 2023,” which aims to help organizations predict consumer shopping motivations and fulfill unmet needs.
According to the company, brands in 2023 should expect consumers to spend responsibly but emotionally, expect digitization to have a role in the purchasing process, and expect female equality demands and disruptions from Gen Z consumers to define global consumer trends.
The 10 trends highlighted in Euromonitor’s report include:
According to the company, brands in 2023 should expect consumers to spend responsibly but emotionally, expect digitization to have a role in the purchasing process, and expect female equality demands and disruptions from Gen Z consumers to define global consumer trends.
The 10 trends highlighted in Euromonitor’s report include:
- Authentic Automation: Humans and machines need to be in sync to deliver meaningful solutions. Emotional connections are not to be underestimated, and tech benefits should outweigh the need for personal interactions to create a seamless experience.
- Budgeteers: the cost of living crisis is undermining purchasing power for consumers. Saving money is top of mind. In 2022, 75% of consumers did not plan to increase overall spending. Meanwhile, 55% of retail professionals told Euromonitor that their company has increased prices of certain products or services in response to inflation.
- Control the Scroll: Consumers are wed to their devices, but screen time is more selective. Consumers want an efficient and curated digital experience.
- Eco Economic: consumption behaviors are les about acquisition and more about reduction, which positively impacts the planet. 43% of consumers reduced their energy consumption in the last year.
- Game on: gaming is an entertainment leader and has transcended the generational divide. The once-niche segment is now a mass-market opportunity.
- Here and Now: flexible solutions are expanding purchasing power and relieving cost pressures to help consumers spend on happiness. In the short-term, ‘joy’ is a purchase motivator. In 2022, buy now pay later models reached $156 billion in lending value. There is still major unmet potential, as 56% of retail professionals said their company doesn’t offer buy now pay later options.
- Revived Routines: ‘Post-pandemic’ is here, and consumers want to rediscover the world. 39% of consumers said more of their everyday activities will be in person over the next five years.
- She Rises: Consumers refuse to remain silent on gender equality. Fair representation, equity, and inclusivity are at the forefront of women’s purchase decisions.
- The Thrivers: Consumers are experiencing exhaustion at an all-time high, and are putting personal needs above all else. 53% of consumers said they had a strict boundary between work or school and personal life in 2022.
- Young and Disrupted: Gen Z will stand up for their beliefs, and are immune to traditional advertising, however, authenticity and social impact make a difference.
