The past three years has seen numerous changes to consumer behavior as the pandemic, inflation and other factors have forced shoppers to adapt to how they buy products for everyday living.
But with the New Year underway, Euromonitor has released its Top 10 Global Consumer Trends. In identifying these trends, Euromonitor said its goal is to help retailers and suppliers stay ahead of disruption, predict consumer shopping motivations and fulfill unmet consumer needs.
Euromonitor’s 10 key trends are below:
- Authentic Automation: Humans and machines need to be in sync to deliver meaningful solutions. Emotional connections are not to be underestimated andtech benefits should outweigh the need for personal interactions to create a seamless experience.
- Budgeteers: The cost of living 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 behaviors are less about acquisition and more about reduction, which positively impacts the planet. According to Euromonitor, 43% 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 had a lending value of $156 billion.
- Revived Routines: ‘Post-pandemic' is here.Consumers are eager to rediscover the world despite uncertainties ahead. Euromonitor noted that 39% 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. As a result, 53% 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.
“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 behavior as consumers cope with ongoing challenges while getting back in their stride.”