Current Business Trends In Consumer Behaviour Around The World In 2023
As the business world evolves, so do consumer habits and tastes. Customer behavior is the most vital component to crafting a great marketing campaign. However, customers are only human, and their behavior can be variable and unreliable. What might look like a great marketing approach in a meeting room can therefore be far less effective in practice.
Consumer trends reveal not only the general inclination of the population but also offer clues about its rotation. Since businesses need time to create valuable commodities, figuring out this intel can help brands anticipate consumer demands. And this is why staying ahead of consumer trends is so important.
Current Business Trends In Consumer Behaviour Around The World In 2023
1. Sustainability
To protect the limited resources of our planet and ensure a future for coming generations, consumers are increasingly adopting sustainable practices. They are also calling on brands to do the same. And many have responded.
Environmental proactivity along with industry standards and government regulation, social pressure is mounting on corporate society to be more proactive in environmental protection. Research shows that 75% of millennials will pay more for environment-friendly products.
Any brand can respond with simpler steps to prove their intentions, such as providing a filtration system instead of bottled water to employees, reducing the use of paper, using more energy-efficient bulbs, allowing telecommuting, improving air quality, and setting up recycling bins at strategic points within the premises.
2. Thrifty Living
Consumers have become increasingly thrifty over time. The ongoing supply chain crisis shocked many who were used to getting what they wanted with minimal effort.
And, hard as it is to believe, targeting the frugal consumer can be a lucrative marketing strategy. Thrifty consumers are associated with self-control, less materialism, and independence.
3. Recommerce
Recommerce is short for “reverse commerce.” It is a relatively new concept to the public that refers to the selling of previously owned products. Prompted by an increase in awareness of sustainable consumption, the modern consumer is shifting towards sharing and recirculating items across a wide range of product categories including electronics, textiles, and even food.
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Ways To Promote Your Business For Little Or For FreeYou can embrace the trend by offering your customers means for refurbishing, repairing, recycling, and sharing commodities.
4. Health & Wellness
Consumer interest in health and wellness impacts business across the board, not just those modeled on the industry.
5 Tips On Writing a Business Plan Your Business With Your Ideal ClientsSelf-care has gained priority as consumers realize that through their lifestyle, they can almost completely take charge of their health. Global research has found that in the past three years, the priority on wellness among consumers has increased by 65% and a recent survey showed that 80% of Americans are integrating self-care into their lifestyles. And this weighs heavily on trends in this subset.
From that point on, consumers have continued to embrace this previously under-adopted mode of health care. In the first quarter of 2021, telehealth app installations were up an additional 33%. It is estimated that more than 71,000 new health and fitness apps were launched in 2021. Healthcare brands are getting in on the trend. If you are in this industry, other categories to consider for app development include meditation, yoga, relaxation, and fitness.
5. Sustainable Nutrition
Consumers are picking out their food more carefully too. Far more plant-based options are available now than three years ago. In 2020, plant-based food sales grew by 27%. This trend seems to be driven jointly by concern for the environment – it is more sustainable to grow fields of vegetables than rear fields of cattle – and the desire for healthier living.
10 Amazon Small Business Packaging Supplies Items Need For Your BusinessSustainable food is a great opportunity for businesses that want to make money and make a change. Research has revealed that given the right push, many consumers are willing to make healthier, more sustainable lifestyle choices. As some parts of the world suffer from hunger and malnutrition while others experience obesity and wastage, businesses are in a position to redistribute resources for a more balanced world.
6. Mental Health Awareness
Something, be it anxiety, depression, trauma, stress-related disorders, substance use, or suicidal ideation. Thankfully, these issues are being spoken of and mental health has become a topic in public conversation.
Brands can participate in various ways. As technology continues to play a significant role in information access, communication, and care, mobile application development is one way to contribute. Further, any brand should provide its employees with access to or opportunity to improve mental health.
7. Physical Fitness
It is not just mental health that consumers are focusing on but also bodily health through physical fitness – which, incidentally, has a great impact on one’s mental health.
Businesses that can offer access to products and services that appeal to the growing demographic of consumers seeking a healthier lifestyle are at a great advantage. Restaurants, gyms, equipment manufacturers, and app developers are all invited.
8. Germ-consciousness
Sanitizing, frequent handwashing and disinfecting surfaces are common practices that are likely to stay. To an extent, mask-wearing too will be common in the future. This is not just because these practices are required but also because consumers have become more conscious of the germs and dust surrounding us.
Even as the coronavirus clears out, consumers want assurance that businesses are keeping a clean environment. For in-store shopping, businesses can do this through touch-free payment, sanitization stands, and other such methods that minimize contact with or clean surfaces. A more convenient online shopping experience should also be provided for consumers who want to avoid the store altogether due to germ consciousness.
9. Technology
Accelerated technological evolution increasingly empowers consumers with access to information and convenience in sourcing product options. And social media has been instrumental in giving the 20’s consumer a louder and more impactful voice in not just demanding better solutions but also holding brands accountable on important societal issues.
As advances in 5G and IoT continue to unfold, the market is ripe to make good use of these faster and more efficient technologies.
Consumers will soon be able to integrate multiple devices to fit their vast requirements e.g. using a smartphone for social media, a PC for work, and a tablet to control home appliances. This is already happening to some degree, as Google reports that 90% of consumers use multiple devices to accomplish a single task on the internet. Most notably, in 2022, we are likely to see tremendous growth in the following technologies that are relatively new to consumers.
10. Crypto-consciousness
If they have not adopted it yet, many consumers are at least aware of it. Government support has contributed in a large part to the awareness and exploration.
There are still many who do not believe it is the future of finance. Environmental concerns, potential financial risk, and fraud are some of the biggest hindrances to the universal adoption of cryptocurrency. Again, government plays an important role with countries such as China, Egypt, Qatar, Bangladesh, and Morocco going as far as banning it. Some businesses allow the option of payment in crypto, but it remains to be seen how this will all play out.
11. Work from Home
It’s becoming clearer that working from home wasn’t going to be a short-term arrangement but rather a complete shift in the way people did their jobs.
Nine in 10 employees hope this will continue. Three in 10 say they are “extremely likely” to leave their job if their employer doesn’t incorporate remote work into their schedule.
This is noteworthy for brands, especially in how they reach consumers through marketing. For instance, techniques that targeted people on their way to work such as billboard advertisements are likely to be impacted.
Additionally, products targeting people about their position as daily commuters will take a hit. On the other hand, marketing on the internet is likely to deliver great results as people spend most of their time on their devices. Smart-home technology also presents a potent avenue for marketing.
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