The NEW Consumer
Inflation. Interest rates. Climate change. Health concerns. All are top-of-mind issues for today’s consumer. And the year has barely begun.
According to just-released research from Nielsen, “For 46% of surveyed consumers, financial health and job security are on a par with mental and physical wellness as the leading areas of greater importance.”
Tip: Researchers predict that consumers will be pickier in 2023, seeking out richer experiences and rewarding quality over quantity.
NORMALACY + BRANDING
Summarizing its new NielsenIQ findings, the experts at Nielsen report, “When current events exist in such extremes, it skews our sense of normalcy. It’s hard to know whether you feel healthy or safe while still shell shocked from pandemic impacts. Similarly, it’s difficult to feel true monetary freedom with prices and interest rates skyrocketing beyond that of wage growth.”
Recession ahead? Maybe, but many feel they’re already in one. In fact, 59% of Americans and 63% of Canadians feel they are already living in a recession, reports Nielsen.
Whatever their nationality, consumers are demanding more than ever in 2023. “Brands have to make room for a new ‘c’ in their c-suite: consumers.” That insight, shared by Mintel, points to consumers shaping brands more than ever before.
MOTIVATING…WHAT + WHO
That’s one reason it’s so important to understand what is motivating consumers to buy this year. Here’s a look at several trends as well as a few generational differences.
• Pickier Purchasing. “In 2023, researchers predict that consumers will be pickier, seeking out richer experiences and rewarding quality over quantity to squeeze out maximum value.” Source: Forrester
• Social + Influencers. “41% of U.S. consumers have discovered a new product on social media, 31% learned of the product through an influencer, and 25% went on to purchase the product.” Source: Capgemini
• Gen Z + Sustainability. “82% of shoppers want brands to embrace sustainable and people-first practices, and Gen Z is leading the charge. Three-quarters of Zoomer shoppers see sustainability as more important than brand names.” Source: Forbes
• Seniors’ Attitudes. “Optimism is down significantly for baby boomers who are bracing for a financially stressful year.” Source: Vericast
• Marketing Vehicles. “83% [of retail marketers] report ‘good’ or ‘very good’ ROI on omnichannel campaigns that included direct mail (89% if adding personalization). Only 51% reported good ROI on campaigns without a direct mail component.” Source: Retail Dive.
What consumer and purchasing trends are you seeing in your practice? Tell us about it and share in the conversation on Facebook here.
Erinn Morgan
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