A trends analysis lets you pre-determine what is going to happen, based on what has already happened. It is crucial for marketers as the analysis gives in depth information about marketing, sales performance, spending and more. This information allows marketers to make data-driven decisions for future events.
Consumer trends analysis lets retailers and marketers find patterns in revenue and in sales of a particular product. This is needed to maintain a relevant brand and avoid off-key marketing messages. To understand what the consumers want, you have to listen to the global conversation. Your speed to adapt according to the insights is important or you’ll never catch-up to your competitors. Consumer trends also look into factors that influence their buying decisions, needs and behavior of customers.
Your need to keep-up with the times by reviewing and making appropriate changes every year. Here’s what you can expect for 2023-
Changing use of Internet
The average daily time spent online is currently seeing a fall post-covid. The figures are the same as the pre-covid period. People now have less free time and fewer people are using the internet daily than they did in the lockdown.
Social media has now become a cause of anxiety and the major news publishers are not considered as trustworthy. Addressing these changes will be challenging for brands all around the globe. The Internet is not leaving but will have a few rough times to overcome.
Consumers will find products in a different ways than before
It is observed that young consumers now visit TikTok or Instagram rather than Google Maps or Search for answers. Social media platforms are becoming the starting point in the purchase journey of a consumer.
And just like that, the number of consumers who research before buying something has fallen 8% since 2020.
Growing shopping-related research on TikTok will require marketers to keep track of what’s culturally relevant to stand-out.
Consumers are willing to spend on themselves amid living crisis
Even with current economic situations, consumers feel secure spending on products and services. Commodities and services can quickly move from a need to a want in a consumers’ mind.
Beauty and clothing’s strength is made up of three factors: more socializing, affordability and the ‘feel-good’ factor. Even when consumers are in a tight spot financially, they still like to spend on things that make them happy.
Quality still beats the price tag and still remains as one of the top purchase drivers. So, brands should create messages around the durability of their items. Consumers are craving for affordable and high-quality must-have products and services.
Consumers are re-focusing on themselves
In previous years, consumers were seen putting their own needs aside for public health and safety. Now, consumers are keeping their own needs and wants as priority.
This is a great opportunity for brands to help fill in the gaps with offerings that can contribute to their growth. Demand for wellness and mental health focused products will also surge.
People have power
Consumers are now shaping brands by investing, co-creating and voting for change. To fulfill this demand, brands need to listen and react while prioritizing market innovation.
NFTs and Web3 are paving the way which lets consumers invest and directly connect with the brand’s success.
Hyper fatigue after moving from crisis to crisis
The pandemic, inflation, energy crisis, geopolitical unrest etc. left consumers feeling overwhelmed.
This will push consumers to reconnect with their surroundings, communities and themselves for peace. So, collaborations by inspiring brands to capture these growing fatigue levels will play a huge role. These collaborations should help people take control, build a positive outlook in spite of financial adversity.
Going local as a way to protect themselves
Many consumers will prefer going local to help themselves financially, environmentally and psychologically. Along with these reasons, they will also get a sense of giving back to their country. It will mean supporting communities where the product is manufactured rather than the location of the consumer.
Consumers will also demand the source of raw materials and increased transparency on how brands are conserving local resources.
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