Factors that will define global consumer trends in 2023 – Euromonitor
In this report, Euromonitor International, a global market research company, outlines top trends that will define 2023, noting 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 global consumer trends in 2023.
According to Alison Angus, Head of Innovation Practice at Euromonitor, International, “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.”
The top ten trends in 2023 are listed 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. Forty-three percent 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 $156bn lending value.
Revived routines:
‘Post-pandemic’ is here. Consumers are eager to rediscover the world despite uncertainties ahead. Thirty-nine percent 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. Fifty-three percent 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.
Euromonitor’s annual report aims to help organisations stay ahead of disruption, predict consumer shopping motivations and fulfil unmet consumer needs.
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