Top Global Consumer Trends for 2023 – $54 Trillion on the Horizon
Global annual inflation is 5.8%, while overall retail sales are projected to increase by 6.5%. Consumers around the world have $64 trillion in disposable income, and they anticipate spending $54 trillion this year. Businesses should prepare for quite different conduct as consumers adjust to ongoing difficulties and regain their composure.
Here are the Top Global Consumer Trends This Year:
Authentic Automation
In 2022, 58% of customers felt comfortable speaking with a live person to resolve customer care issues as opposed to 19% speaking with an artificial bot on a company website. To produce useful solutions, humans and machines must work together. To create a seamless experience, digital advantages should trump the requirement for face-to-face encounters since emotional ties should not be undervalued.
Budgeteers
Consumers’ purchasing power is being weakened by the cost-of-living problem, and conserving money is a primary concern. Businesses must implement or create solutions that encourage budgeting while also taking into account overhead costs. Your customer base can be expanded to maintain a competitive position with the use of flexible payment options, reasonably priced selections, and solid relationships.
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Control the Scroll
Even while people are still dependent on their gadgets, screen time has evolved from mindless to conscious. Brands shouldn’t serve as a deterrent. Instead, alerts must be controlled, deliberate, and pertinent. Consumers should be able to manage the scroll thanks to the app or platform functions that bring value.
Eco Economic
Consumption habits focus more on reduction than acquisition. In 2022, customers cut back on food waste by 55%, making this the most environmentally friendly activity. 43 percent of people cut back on their energy use.
Gaming
Gaming has surpassed age barriers to become a leading form of entertainment. This hitherto specialized sector is now a mass-market opportunity for companies to turn participants into payers.
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Businesses use sponsorships, marketing, in-game purchases, and product improvements, and investments in AR/VR technology don’t seem to be slowing down. Gaming experiences are only becoming more advanced.
Equity
Customers won’t keep quiet about gender inequity. Women prioritize fair representation, equity, and diversity when making purchases.
Being Gen Z
Gen Z consumers are resistant to conventional advertising because they speak up and stand up for their values. 30 percent of Gen Z shoppers base their purchases on a company’s social and political stance, while 24 percent avoid companies that don’t share their opinions.
It requires authenticity and societal impact. What will sell is your brand story. But words are often overshadowed by deeds. Reputation damage can result from making empty promises or remaining silent about social issues. When businesses keep their promises, trust is built.
Revived Routines
Despite the uncertainty that lies ahead, consumers are ready to rediscover the world. During the pandemic, sales were driven by consuming at home, but today, on-the-go purchases and out-of-home experiences are resurging. Eat-in orders will account for 56% of all consumer food service sales globally in 2023. Over the next five years, more activities will be done in person.
Thrivers
Consumers are navigating a chaotic world while feeling more exhausted than ever, prioritizing their wants above all else, and fatigue is starting to set in. In 2022, 53% of customers strictly separated their personal lives from their jobs or studies.
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Adding to that, consumers are looking for goods that encourage relaxation, well-being, and stress reduction. Last year, the global retail market for cannabis for adult use reached $25 billion, while the market for CBD products is $12 billion.
Conclusion
The Top 10 Global Consumer Trends 2023 report from Euromonitor International, indicates responsible yet emotional spending, the use of technology in the shopping process, demands for gender equality, and a disruptive Gen Z are among the global consumer trends for 2023.
