53. Top 10 Consumer Trends of 2023 with Ali Angus and Liying Qian

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For manufacturers looking to stay abreast of today’s top trends, Euromonitor International’s annual lists are a valuable resource. Knowing when and how—and why—consumers are spending their money can make a big difference in your company’s success.

Host Jack Hughes is joined by two Euromonitor experts to discuss their Top 10 Global Consumer Trends of 2023. Alison (Ali) Angus is Euromonitor’s Head of Innovation Practice. Liying Qian is Head of Tissue and Disposable Hygiene at the strategic market research provider. This first of three episodes explores the process for identifying the top consumer trends, then reviews the selections for 2023.

Outline of the Episode

• [10:58] The 7-month process of identifying each year’s top 10 trends.
• [10:50] Budgeteers — The cost-of-living crisis has forced consumers to think carefully about how they spend their money. Manufacturers reduce the cost of basic products and emphasise the benefits of higher-end products to make purchases easier.
• [22:05] Here and Now — The stress of the last few years has left consumers feeling a need to splurge. Retailers target special occasions and offer payment plans that spread out costs to allow immediate consumption.
• [23:16] Eco Economic — The emphasis on repairing, restoring, and using less are supporting sustainability by default. Retailers and other organisations are making it easier for consumers to save their money–and the planet.
• [24:24] Authentic Automation — Shoppers want a human element to enhance the technology they use and make their lives easier. Think relatable robots, virtual tools to connect with others, and even chat bots.
• [25:09] Control the Scroll — Users are looking for more efficient ways to get value out of their screen time through optimisation and consolidation. Solutions include tailored marketing and personalised recommendations.
• [27:35] Game On — Gaming platforms are a new gathering place for people of all kinds to have fun. Businesses are finding ways to reach them through product placement, playable advertising, and more.
• [29:01] Revived Routines — Many are looking look to get out and about, and to socialise. They want to return to activities that are both healthy and fulfilling.
• [30:16] Thrivers — People feel world-weary and burned out. Some have decided they don’t need to be ‘the best’ and instead just want to enjoy their lives. They embrace products that help them feel better.
• [31:24] She Rises — The women’s rights movement is surging. Female consumers are advocating for equality and equity by breaking barriers, combatting stigma, and demanding products designed with their needs in mind.
• [31:58] Young and Disrupted — Generation Z are coming of age, creating families, and taking control of their futures. They know what they want, and they expect companies to meet their needs.

Resources

You can find Ali Angus and Liying Qian on LinkedIn or leave them a message through our email at [e-mail]