Euromonitor – consumer behavior for 2023

• The global market research company Euromonitor International has published the landmark report "Top 10 Global Consumer Trends 2023".

Amidst inflation, supply chain disruptions and climate change threats, data Euromonitor shows that among the factors that will define the global consumption trends in 2023 will be: consumers who spend responsibly, the increase of digitalization in the purchase processes, the increased focus on equal rights for women and a generation Z that does not obey the rules.

"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 deal with current challenges while slowly returning to their previous routines."

The period analyzed by Euromonitor revealed that 55% of retail professionals responded to inflation by increasing the prices of certain products or services. At the same time, although the sales strategy Buy Now Pay Later (BNPL- “buy now, pay later”) is worth USD 156 billion globally, 56% of retail companies said their firm does not offer BNPL options.

At the level of consumer behavior, Euromonitor data shows that, if 53% of consumers, in 2022, strictly followed the regime of working from home and online school, considering this period as a reset, 39% of consumers declare that they are ready to resume daily activity as before the pandemic.

10 key trends in the Euromonitor report

Come off 10 key trends which Euromonitor presents in the report "Global Consumer Trends 2023":

- Pay attention to the amounts spent: The cost of living crisis is undermining consumers' purchasing power, so saving money becomes a priority. In 2022, 75% of consumers did not plan to increase their overall spending, remaining reserved regarding the purchase of various products.

- Eco Economy: Consumption behaviors are less about purchasing and more about reducing environmental impact. If 43% of consumers reduced their energy consumption last year, this trend also extends to food waste, reducing the amount of food products purchased.

– Game On: Gambling has become a leader in entertainment and has transcended generational barriers. This once niche segment is now a mass market opportunity.

- Here and now: Flexible solutions to extend purchasing power ease cost pressures and help people spend for immediate gratification. In other words, "joy" is a reason to buy, and the Buy Now Pay Later strategy is constantly evolving.

Evolution in consumer behavior

- Resuming the routine:  The "Post-pandemic" period is also shaping consumer behavior. They are eager to rediscover the world, despite the uncertainties ahead. 39% of consumers said that more of their daily activities will be, in the next five years, as before the pandemic.

– Automation: Technology should support consumers by providing meaningful solutions to improve their lives. Emotional connections should not be underestimated, and the benefits of technology should outweigh the need for personal interactions to create a seamless experience.

– Possession of control: People are still tied to their devices, but their screen time is more selective. Consumers want an efficient and personalized digital experience.

– Equality: Consumers refuse to stay silent on gender inequality. Fair representation, equity and inclusion are at the forefront of women's purchasing decisions.

– Evolution: Fatigue sets in as consumers navigate a chaotic world. Thus, more and more of them begin to put their personal needs above everything else. In 2022, 53% of consumers had a strict line between work or school and personal life, and this trend is expected to continue in 2023.

- Young and restless: Generation Z defends its beliefs and asserts itself more and more. These consumers are immune to traditional advertising. Authenticity and social impact will make a difference in their choices.

Article written by Gabriela Dan, Editor of Arta Albă

Read on White Art and: Packaging – biodegradable innovations