Every year, global market research company Euromonitor International releases a top ten list of trends that will shape consumer behaviour around the world. And for 2023, it has pinpointed a few that may influence the way advertisers approach their media plans.
One of these trends is “Authentic Automation.” Even though digital is a dominant force that provides greater convenience and speed, it can’t match human nuances. Consumers want to interact with both humans and machines, but for different reasons and at specific points in the path to purchase – at points where the human touch is more appreciated or helpful, a company’s cost benefits derived from automation become outweighed by the need for an authentic customer experience. The report also says that eight out of 10 consumers under 29 would be comfortable interacting with robots. Although older consumers are slightly behind in that sentiment, digital-savvy seniors are tightening the generation gap.
The rising cost of living has created another trend – “Budgeteers.” In 2022, 75% of consumers did not plan to increase overall spending. Affordability and bargains come before brand loyalty, and that is making shoppers use ecommerce more often, both to avoid transportation expenses and to find deals. In 2022, the top reason consumers shopped online was to get the best price. To reach this group, businesses need to develop solutions to help them save while also evaluating overhead expenses.
“Control the Scroll” is the trend of consumers being more selective about their screen time and wanting efficient and curated digital experiences. They want to consolidate and centralize their platform usage, with 57% of consumers deleting apps on their smartphones last year. Although not every consumer is decreasing their screen time, they are choosier about which apps they’re spending their time with, focusing on ones that provide functionality, efficiency or value. For businesses, this means refining digital experiences with efficient and integrated capabilities.
The “Revived Routines” trend shows that the post-pandemic era is here, with 39% of consumers saying more of their everyday activities will be in person over the next five years.
Gen Z is at the centre of the “Young and Disrupted” trend. This demographic stands up for their beliefs, and thinks of themselves as influencers, instead of an audience to be influenced. They are immune to traditional advertising, so authenticity and social impact make a difference. Technology runs in Gen Z’s DNA, which leads them to invest in their online personas and carefully curate
their personal brands. Social media like TikTok has grown because it is a stage where Gen Z can present themselves, in addition to being a search engine for discovery.
They also want to feel a genuine connection when engaging with brands, and see proof of that with what’s on the shelf: 48% say they want to connect with brands as a way to influence product innovation. For businesses, the report suggests that instead of typical ads, use endorsements to let the product speak for itself.
