Professionals predict 2023 consumer trends
By ibidunni Banjoko
Professionals in the Nigerian marketing communication space have predicted some of the consumer trends that brands should look out for, and follow, to be ahead of their game in the year 2023.
Speaking at the MediaReach OMD webinar held recently in Lagos, Uchenna Uzo, Professor of Marketing and Academic Director, Africa Retail Academy, said that active youth interest in politics presents a new paradigm for all. He mentioned that the electorates are likely to develop apathy towards communications from politicians due to the current trust deficit. He added that the apathy will lead consumers to explore alternative content sources, usually entertainment and sports.
According to the marketing egghead, value propositions such as promos will increase to keep consumers buying, and media apathy during the election window will push them to other content types.
“Poorer consumers are more aspirational and demanding. Media behaviour will likely shift in favour of entertainment content as this becomes an opium to escape the harsh realities of life.
“Nigerians have been seen to embrace humour despite harsh realities around them. As economic realities bite harder, Nigerian consumers are sure to adapt; however, survival will mean making more rational choices over emotions which implies trade-offs in favour of high value products,” Professor Uzo said.
On his part, Matt Angus Hammond, Regional Director, West Africa GeoPoll, however, said that Gen Z consumers will be spoilt for choice. He predicted that fragmentation and segmentation will continue to provide opportunities for them to consume content and have control over when, where and how it is watched.
“Gen Z is the first digitally native generation that spends the majority of their time online and has a stable income. But they also care about society and are willing to support brands whose values align with their own.
“They differ from the millennials in many ways and speak to their own terms. They value transparency, inclusivity and relatability, authenticity and control. They can be “unforgiving” and will not hesitate to stand up for themselves.
“Are the clear winners here, multiple content options at improved quality and maximum control on consumption? Implementation of Ad-supported Video On Demand (AVOD) will lower the cost barrier penetration rise rapidly,” he said.
Mr. Hammond also stated that the observed trend of sharing user account access among multiple non-subscribers will make effective targeting a challenge.
“There will be less time consumption. The option of binge consumption for most content means they are not missing much after all. There will be deeper immersive experiences.
“Deeper connections with the consumer who will see creative marketing beyond its sales pitch to enjoy as an entertainment piece. Appreciate brands beyond their functional benefits to accept and align with their social values.
“They get to enjoy the media airwaves with more enjoyable content with perceived less adverts since the adverts have become native in content and/or use of platforms/formats,” he concluded.
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