The global consumer trends that will define 2023

The year 2022 has brought many new developments in the world of e-commerce, retail and fashion. The rapid growth of digital commerce and a host of global issues are undoubtedly having a profound impact on the lives of consumers. As 2023 draws closer and closer, US consumer data platform GWI has outlined some trends that will emerge from behavioral shifts in its new Connecting the Dots report.

The company believes that consumers have reached the peak of Internet saturation and the average number of online usage will continue to stagnate. However, the reasons that were once considered “typical” points of Internet use have changed significantly as new developments bring new ways to use the online world.

While business networking and search declined the most, according to the report, general browsing, product research, and video viewing also declined. One can observe a shift towards social media platforms such as TikTok, a growing commitment to the development of Web3 and a reversal of attitudes towards the Internet. Distrust of the internet has fallen slightly as businesses increasingly deal with the subject.

All these factors have been taken into account in the market research firm’s consumer trends for 2023. Above all, it is about offering users new incentives on a daily basis, so that they regularly live new experiences and renew their commitment and their objectives.

Social networks define shopping

GWI pointed out that according to a recent Google study, young people are more likely to use TikTok or Instagram than real search engines to find answers to their questions. Finding information remains the most important use of the Internet, and researching products before buying is dropping down the rankings. She was overwhelmed with the search for new ideas and inspiration.

These findings point to a growing trend of open browsing, fueled by Gen Z and Millennials’ favorite social media apps that offer highly personalized algorithms and eye-catching visualizations. It has also been found that Gen Z sees shopping for items less as one of the main benefits of the internet, and instead values ​​a sense of community. As these websites are heavily influenced by trends, brands should always keep in mind what is culturally relevant and what consumers are actively looking for. Self-generated content has also boosted people’s confidence, a factor likely boosted by younger generations.

Picture: Roblox

Community in the Metaverse

As was already clearly visible in 2022, the cultural influence of immersive 3D spaces and online worlds will continue to increase in the coming year. While there is an underlying trend of increased interest in coding, experimentation with online identity and self-expression is likely to be a deeper consequence of these changes, according to GWI. Platforms like Roblox and Fortnite have fueled the popularity of user-generated content and are largely responsible for people’s desire to take on various personalities online.

Many have turned to this element to differentiate themselves or have more control over how others perceive them. Platforms have also fueled the development of like-minded communities, such as the LGBTQ+ community, who often see platforms as a safe space in which to reflect on their identity. GWI therefore suggests that brands better consider these factors in order to create welcoming experiences and an inclusive environment that appeals not only to Gen Z but also to Gen Alpha for the future Metaverse.

Fashion and beauty top the list

Failing financial confidence was something that could not be missed when discussing 2022 trends as the cost of living soared. In many markets, prices for everyday items have reached record highs. However, according to GWI, two-thirds of consumers outside China said their current financial situation was “secure”, an assessment that may be supported by savings accumulated from the pandemic or a favorable labor market. as a “reward” as part of their budget, according to the market research firm, which found that clothing was the only category to appear in the three most popular rewards across all generations and genders.

According to the company, global apparel sales have not changed significantly, but the industry has been largely dominated by offerings offering “luxury at a lower cost” which have shown the fastest growth in the study. American GWI. The beauty industry continued to prove lucrative in 2022, with its resilience likely due to a number of factors, including affordability and the emotional connection among consumers – especially young women – who track results. and who tend to prefer beauty products.

Sustainability is still not a priority

Unlike other studies, GWI found that fewer people say they care about protecting the environment than before the pandemic. The number of people who say they expect brands to be eco-friendly has also declined in recent years, globally. The report says much of this change could be due to increasingly criticized ESG criteria, failures in the market research industry and the controversial idea that consumer demands are the gold standard. matter of sustainability. GWI said consumer choices should not be seen as a primary driver of change, nor should a slowing economy.

In one of its studies, the company found that the number of people who said they had sacrificed other expenses to buy a product sooner had increased over the past two years, while at the same time the willingness of people paying more for environmentally friendly products has decreased. This behavior was particularly evident in Asian countries, where the link between spending and attitudes toward sustainability is stronger, according to GWI.

This article was also published on Translation and revision: Barbara Russ

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