We’ve recently been looking into current consumer trends, such as Found Content: Recession Proofing Costs. In this article we talk about how consumers are now spending more on essentials and less on luxury in the wake of economic downturns. It is important that brands are not being insensitive with their messaging in regards to their audiences’ financial positions. This is especially true for luxury item brands. Yesterday, we posted the 2023 consumer trends from a GWI Report that shows consumers are beginning to exhibit even more particularity with their budgets going into the new year. Consumers’ top three reasons to decide to buy from a brand right now are quality at 53%, cost at 36% and trust at 32%. It’s certain that consumers are spending more frugally do to their economic hardships. That being said, in the wake of the pandemic, most consumers are still opting to spend on travel and in person experiences, despite economic situations. These luxury experiences will not be seeing any dip any time soon as everyone is ready to experience the world again. This is important to know for brands as they should focus on in person engagements for their audiences’ in order to connect with them. Another trend that is a consequence of the pandemic is that of online shopping. This trend doesn’t seem to be going anywhere either and it’s crucial that brands have an omnichannel UX for their consumers where they can get immediate attention (consumers are short on time) across any and all channels. Brands would do well to invest in their digital spend to improve their e-commerce and digital advertising. Keeping the pandemic and economy in mind, it shouldn’t need to be said that whatever brands do they need to make sure that they can shift gears easily. We now know that nothing is certain and that it’s important to be able to change your strategies quickly and without difficulty. Going with the flow is a trend of the future that everyone should get on board with. Happy Holidays and we hope this helps your brand understand consumer trends going into 2023.
