Nothing ordinary and more divergence coming in 2023
It’s fresh from the press! Euromonitor just published its annual report highlighting the top consumer trends of the year. In the document Top 10 Global Consumer Trends 2023, the company notes that consumers spending responsibly but emotionally, the role of digitisation in purchasing processes, female equality demands, and a disruptive Gen Z, are some of the factors that will define 2023.
The 10 key trends that Euromonitor outlines in its Global Consumer Trends 2023 report are as follows:
- 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: 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.
- Control the Scroll: People are still wed to their devices, but screen time is more selective. Consumers want an efficient and curated digital experience.
- Eco Economic: Consumption behaviours are less about acquisition and more about reduction, which positively impacts the planet. 43% of consumers reduced their energy consumption last year.
- Game On: Gaming has become an entertainment leader and has transcended the generational divide. This 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 reached US$156 bn lending value.
- Revived Routines: ‘Post-pandemic' is here. Consumers are eager to rediscover the world despite uncertainties ahead. 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 inequality. Fair representation, equity and inclusivity are at the forefront of women’s purchase decisions.
- The Thrivers: Fatigue is setting in as consumers navigate a chaotic world with exhaustion at an all-time high; they are putting personal needs above all else. 53% of consumers had a strict boundary between work or school and personal life in 2022.
- Young and Disrupted: Gen Z stand up for their beliefs and put themselves out there. These consumers are immune to traditional advertising. Authenticity and social impact make a difference.
Alison Angus, Head of Innovation Practice at Euromonitor International commented this year’s report : “The past few years have been anything but ordinary, and 2023 will be no exception. Companies should expect quite divergent behaviour as consumers cope with ongoing challenges while getting back in their stride.”