Global market research company Euromonitor International has published its exclusive report
Euromonitor’s annual report aims to help organizations stay ahead of disruption, predict consumer buying motivations, and meet unmet consumer needs.
Consumers spending responsibly but emotionally, the role of digitization in purchasing processes, demands for female equality and a disruptive Generation Z, are some of the factors that will define global consumer trends in 2023, as indicated by Euromonitor .
The 10 key trends that Euromonitor outlines in its global consumer report in 2023 are:
- Authentic Automation: Humans and machines must be in sync to deliver meaningful solutions. Emotional connections should not be underestimated, and the benefits of technology should outweigh the need for personal interactions to create a seamless experience.
- Limited budget: The cost of living crisis is undermining the purchasing power of consumers. Saving money is the most important thing. In 2022, 75% of consumers did not plan to increase total spending.
- Control scrolling: People are still married to their devices, but screen time is more selective. Consumers want an efficient and filtered digital experience.
- Eco-economic: Consumption behaviors have less to do with acquisition and more to do with reduction, which positively impacts the planet. 43% of consumers reduced their energy consumption last year.
- Let the Game Begin: Gaming has become a leader in entertainment and has transcended the generation gap. This once niche segment is now a mass market opportunity.
- Here and Now: Flexible solutions are expanding purchasing power and easing cost pressures to help consumers spend for happiness. In the short term, “joy” is a purchase motivator. In 2022, the buy now pay later trend reached a credit value of $156 billion.
- Routines revived: The ‘post-pandemic’ is here. Consumers are eager to rediscover the world despite the uncertainties that lie ahead. 39% of consumers said more of their daily activities will be done in person over the next five years.
- Female Rise: Consumers refuse to keep quiet about gender inequality. Fair representation, equity and inclusion are at the forefront of women’s purchasing decisions.
- The Prosperous: Fatigue is setting in as consumers navigate a chaotic world with burnout at an all-time high; they are putting personal needs above all else. 53% of consumers set a hard line between work or school and personal life in 2022.
- Young and disruptive: Generation Z stands up for their beliefs and puts themselves out there. These consumers are immune to traditional advertising. Authenticity and social impact make the difference.
- “The last few years have been anything but ordinary, and 2023 will be no exception,” says Alison Angus, head of innovation practice at Euromonitor International. “Businesses should expect quite divergent behavior as consumers face ongoing challenges while picking up the pace.”
Download Euromonitor’s Top 10 Global Consumer Trends in 2023 report to discover the drivers that will affect customer loyalty and purchasing decisions this year. The report is available in English, Spanish, Portuguese, Mandarin, and Japanese.
Source: Twitter @AICM\_mx