Global market research company Euromonitor International released its landmark “Top 10 Global Consumer Trends 2023” report on Monday.
Euromonitor’s annual report aims to help organisations stay ahead of disruption, predict consumer shopping motivations and fulfil unmet consumer needs. The company highlighted some of the factors that will define global trends in 2023: consumers spending responsibly but emotionally, the role of digitisation in purchasing processes, female equality demands, and a disruptive Gen Z.
“The past few years have been anything but ordinary, and 2023 will be no exception,” comments Alison Angus, head of innovation practice at Euromonitor. “Companies should expect quite divergent behaviour as consumers cope with ongoing challenges while getting back in their stride.”
The 10 key trends that Euromonitor outlines in its Global Consumer Trends 2023 report are as follows:
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.
The cost of living crisis is undermining purchasing power for consumers and saving money is therefore top at the top of people’s agenda. Last year, 75% of consumers did not plan to increase overall spending suggesting that 2023 will see more budgeters than in recent years.
Control the Scroll
People are still wed to their devices, but screen time is becoming more selective. Consumers want an efficient and curated digital experience.
Consumption behaviours are less about acquisition and more about reduction, which positively impacts the planet. More than two in five consumers (43%) reduced their energy consumption last year, as sustainability and energy efficiency grows as a consideration before purchasing.
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$156bn lending value.
‘Post-pandemic’ is here and consumers are eager to rediscover the world despite uncertainties ahead. Almost two in five (39%) said more of their everyday activities will be in person over the next five years, showing a drive towards in-person experiences and events.
Consumers refuse to remain silent on gender inequality. Fair representation, equity and inclusivity are at the forefront of women’s purchase decisions.
Fatigue is setting in as consumers navigate a chaotic world with exhaustion at an all-time high. People are putting personal needs above all else. For example, Euromonitor’s research shows that more than half (53%) 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 according to Euromonitor. These consumers are immune to traditional advertising. Authenticity and social impact make a difference.
Euromonitor’s Top 10 Global Consumer Trends 2023 report helps to uncover the motivations that will impact customer loyalty and purchase decisions this year. The findings are presented in English, Spanish, Portuguese, Mandarin and Japanese.
Also in January, the company revealed the world’s top 100 city destinations of the previous year, according to tourism, sustainability, and economic performance.