Global market research company Euromonitor International published a new report called the Top 10 Global Consumer Trends 2023.
Euromonitor’s annual report aims to help organizations stay ahead of disruption, predict consumer shopping motivations and fulfill unmet consumer needs.
For the tea industry – as well as other industries – the report provides key insights into the minds of consumers, which can be valuable for strategic planning, marketing and fine-tuning communications and the overall sales experience.
In the report, Euromonitor noted consumers are spending responsibly but emotionally, the role of digitization and authentic automation in purchasing processes, female equality demands, consumers eager to rediscover the world despite uncertainties, and a disruptive Gen Z as some of the factors that will define global consumer trends in 2023.
“The past few years have been anything but ordinary, and 2023 will be no exception,” said Alison Angus, head of innovation practice at Euromonitor International. “Companies should expect quite divergent behavior as consumers cope with ongoing challenges while getting back in their stride.”
10 Key Consumer Trends
The 10 key trends that Euromonitor outlines in its Global Consumer Trends 2023 report are:
1. Authentic Automation – Humans and machines need to be in sync to deliver meaningful solutions. Emotional connections are not to be underestimated and tech benefits should outweigh the need for personal interactions to create a seamless experience.
2. Budgeteers – Cost of living crisis is undermining purchasing power for consumers. Saving money is top of mind. In 2022, 75 percent of consumers did not plan to increase overall spending.
3. Control the Scroll – People are still wed to their devices, but screen time is more selective. Consumers want an efficient and curated digital experience.
4. Eco Economic – Consumption behaviors are less about acquisition and more about reduction, which positively impacts the planet. A total of 43 percent of consumers reduced their energy consumption last year.
5. Game On – Gaming has become an entertainment leader and has transcended the generational divide. This once-niche segment is now a mass-market opportunity.
6. Here and Now – Flexible solutions are expanding purchasing power and relieving cost pressures to help consumers spend on happiness. In the short-term, “joy” is a purchase motivator. In 2022, “buy now, pay later” reached a US$156 billion lending value.
7. Revived Routines – “Post-pandemic” is here. Consumers are eager to rediscover the world despite uncertainties ahead. A total of 39 percent of consumers said more of their everyday activities will be in person over the next five years.
8. She Rises – Consumers refuse to remain silent on gender inequality. Fair representation, equity and inclusivity are at the forefront of women’s purchase decisions.
9. The Thrivers – Fatigue is setting in as consumers navigate a chaotic world with exhaustion at an all-time high; they are putting personal needs above all else. A total of 53 percent of consumers had a strict boundary between work or school and personal life in 2022.
10. Young and Disrupted – Gen Z stand up for their beliefs and put themselves out there. These consumers are immune to traditional advertising. Authenticity and social impact make a difference.
The new report from Euromonitor International – a leading provider of global business intelligence, market analysis and consumer insights – is available now.
To learn more about the Euromonitor, visit Euromonitor.com.
Plan to Attend or Participate in the
World Tea Conference + Expo, March 27-29, 2023
To learn about other key developments, trends, issues, hot topics and products within the global tea community, plan to attend the World Tea Conference + Expo, March 27-29, 2023 in Las Vegas, co-located with Bar & Restaurant Expo. Visit WorldTeaExpo.com.
To book your sponsorship or exhibit space at the World Tea Conference + Expo, or to enquire about advertising and sponsorship opportunities at World Tea News, contact:
Business Development Manager, Questex
Email: [email protected]