Understand consumer behavior is an important factor for business strategy and brand developpingand 2023 will be a challenging year for businesses that are having a hard time grasping consumer psychology.
Unlike previous years, 2023 will be a “mess of signals,” reflecting a unique consumer environment driven by opposing factors: Pandemic excitement, waning, yet constrained by caution in the face of economic uncertainty.
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Overall, consumers will likely not mind spending in 2023, but they will likely be much more picky about their purchases.
According to experts, consumers tend to search less, experience more, combining the digital fluidity of the pandemic with the familiarity and proximity of the pre-COVID-19 era.
Here are some predictions for changing consumer behavior in the coming year.
Spending increases despite the gloomy economy
According to Forrester’s July 2022 Retail and Consumer Energy Index Survey, the majority of adults who shop online in the US (64%), the UK (59%) and France (55%) are worry about the possibility of an economic downturn.
However, consumers have been saving significantly during the pandemic and household cash flows should increase in the second half of the year.
And while consumers will still be cautious, more savings will spur them to spend more.
Combined experiences
The pandemic forces consumers to experiment with new ways of living, shopping, and interacting.
Post-pandemic behavior will see a return to old habits but in a way that optimizes the experience.
People shop at a supermarket in Tokyo, Japan. (Photo: Kyodo/VNA)For example, the audience will flock back to the theater to watch “Avatar” new portion while ordering popcorn by QR code.
In 2023, consumers will combine new digital mobility with old-fashioned familiars.
Quality drives quantity
Consumers will reconcile financial prudence with their spending urges by being selective about brands and experiences.
Their goal is to get maximum value out of every spend (e.g. Consumers are becoming much more picky about which company to sign up for a video streaming subscription account to get the full entertainment value they need, at a reasonable fee).
By 2023, consumers will be constantly sorting through experiences, choosing experiences that bring high value while giving up experiences that don’t bring them value.
Minh Trang (VNA/Vietnam+)