As the world continues to evolve, so do the consumers. Global market research company Euromonitor International has released its annual Top 10 Global Consumer Trends 2023 report, diving into consumers’ minds and uncovering the driving forces behind their purchasing decisions.
This report aims to help organisations stay ahead of disruption, predict consumer shopping motivations, and fulfil unmet consumer needs.
The report highlights several key factors that will shape consumer trends in 2023. One of the key trends is that consumers are becoming increasingly conscious of their spending and are making purchasing decisions based on both practical and emotional considerations.
They are looking for the best deal and products and services that align with their values and beliefs.
Another trend identified in the report is the growing role of digitisation in the purchasing process, with consumers increasingly turning to online platforms and mobile apps to research products and make purchases.
The ease and convenience of online shopping has revolutionised the way consumers shop, making it easier to find what they’re looking for, compare prices, and make a purchase.
Additionally, the report notes a growing demand for female equality, with consumers becoming more aware of and concerned about gender-based issues and looking for companies that align with their values. Consumers are becoming more socially conscious and want to ensure that the companies they do business with align with their beliefs.
The ten key trends that Euromonitor outlines in its Global Consumer Trends 2023 report are as follows:
- Authentic Automation: Consumers want a seamless and meaningful experience with technology where machines and humans are in sync. Emotional connections are important, and the benefits of technology should outweigh the need for personal interactions.
- Budgeteers: The cost of living crisis is undermining purchasing power for consumers, and saving money is a top priority. In 2022, 75 per cent of consumers did not plan to increase overall spending.
- Control the Scroll: Consumers are becoming more selective with their screen time and want an efficient and curated digital experience.
- Eco Economic: Consumption behaviours are shifting towards reduction rather than acquisition, with a positive impact on the planet. 43 per cent of consumers reduced their energy consumption last year.
- Game On: Gaming has become a mainstream entertainment option and has transcended the generational divide.
- 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: Consumers are eager to rediscover the world post-pandemic, with 39 per cent saying more of their everyday activities will be in person over the next five years.
- She Rises: Consumers are becoming more vocal about gender inequality and are looking for fair representation, equity, and inclusivity in their purchasing decisions.
- The Thrivers: Consumers are experiencing fatigue as they navigate a chaotic world and are putting their personal needs above all else. Fifty-three per cent of consumers had a strict boundary between work or school and personal life in 2022.
- Young and Disrupted: Gen Z is a disruptive force, standing up for their beliefs and putting themselves out there. These consumers are immune to traditional advertising and are looking for authenticity and social impact in their purchasing decisions.
“The past few years have been anything but ordinary, and 2023 will be no exception,” says Alison Angus, Head of Innovation Practice at Euromonitor International. “Companies should expect quite divergent behaviour as consumers cope with ongoing challenges while getting back in their stride.”
Here’s the full report.