The top 10 global consumer trends for 2023

Euromonitor’s annual report aims to help organisations stay ahead of disruption, predict consumer shopping motivations, and fulfil unmet consumer needs.

In the Top 10 Global Consumer Trends 2023 report, Euromonitor looked into how consumers are spending based on emotions, the role of digitisation in purchasing processes, female equality demands, and a disruptive Gen Z.

Top of the list was the role of automation and the report found that humans and machines need to be in sync to deliver meaningful solutions. It found that emotional connections are not to be underestimated and tech benefits should outweigh the need for personal interactions to create a seamless experience.

The second top trend was the rise of the Budgeteers. The research found that the cost-of-living crisis is undermining purchasing power for consumers and that saving money is top of mind. In 2022, 75 per cent of consumers did not plan to increase overall spending.

The data showed that people are still wed to their devices, but screen time is more selective and that consumers want an efficient and curated digital experience.

Also noteworthy is the fact that consumption behaviours are less about acquisition and more about reduction, which positively impacts the planet. Around 43 per cent of consumers reduced their energy consumption last year.

Next was the revelation that gaming has become an entertainment leader and has transcended the generational divide. This once-niche segment is now a mass-market opportunity.

Flexible solutions are also 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 reached US$156 billion lending value.

Consumers are also looking for revived routines. The ‘post-pandemic' period is here and consumers are eager to rediscover the world despite uncertainties ahead.

Around 39 per cent of consumers said more of their everyday activities will be in person over the next five years.

Consumers are also refusing to remain silent on gender inequality. Fair representation, equity, and inclusivity are at the forefront of women’s purchase decisions.

Fatigue is setting in as consumers navigate a chaotic world with exhaustion at a record high; they are putting personal needs above all else. More than half of consumers had a strict boundary between work or school and personal life in 2022.

Finally, Gen Z is standing up for their beliefs and putting 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,” said Alison Angus, head of innovation practice at Euromonitor International. “Companies should expect quite divergent behaviour as consumers cope with ongoing challenges while getting back in their stride.”