Euromonitor International has released its Top 10 Global Consumer Trends 2023 report, which highlights how consumers are shifting their spending toward responsible behavior influenced by emotional priorities.
The Euromonitor report also touches on how digitization is influencing the purchasing processes, female equality demands and a disruptive Gen Z.
Euromonitor identifies the 10 trends as:
- Authentic Automation. Humans and machines synchronize to deliver meaningful solutions. Emotional connections remain a priority but technology benefits should supplement personal interactions in the creation of seamless interactions.
- Budgeteers. With cost of living becomes a more serious issue, saving money is a top-of-mind consumer consideration. As 2022 closed, 75% of consumers had no plans to increase overall spending.
- Control the Scroll. Still wed to their devices, people are becoming more selective in how they spend their screen time. Consumers are expressing a preference for an efficient and curated digital experience.
- Eco Economic. Consumption behaviors become less about acquisition and more about reduction, with the goal of mitigating negative environmental effects. As such, 43% of consumers reduced their energy consumption last year.
- Game On. Gaming has transcended the generational divide. A once-niche segment is emerging as a true mass-market opportunity.
- Here and Now. Flexible solutions that help consumers spend on what brings them happiness are expanding purchasing power. In 2022, buy now, pay later providers reached $156 billion in lending value worldwide.
- Revived Routines: Consumers are eager to rediscover the world as COVID-19 concerns wane and despite uncertainties ahead. So, 39% of consumers said they plan more in-person everyday activities over the next five years.
- She Rises. Gender inequality is becoming a consumer issue. Fair representation, equity and inclusivity are more important in women’s purchasing decisions.
- The Thrivers. Fatigue is becoming a bigger issue as consumers navigate a chaotic world. Consumers are prioritizing their needs, with 53% establishing a strict boundary between work/school and personal life in 2022.
- Young and Disrupted. Gen Zers are determined to stand up for their beliefs. Less susceptible to traditional advertising, they favor authenticity and social impact.
“The past few years have been anything but ordinary, and 2023 will be no exception,” Alison Angus, head of innovation practice at Euromonitor International, in introducing the report. “Companies should expect quite divergent behavior as consumers cope with ongoing challenges while getting back in their stride.”
