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From movements in the metaverse to the revival of the high street, we’ve seen tides across many industries shift over the past 12 months as the pandemic’s impact on consumer behaviour lessens.
So, looking ahead to 2023 – and even beyond – what do consumers want from brands in the new year and, more importantly, why?
Deals or No Deals?
With continued conversations around the rising costs including the cost-of-living crisis and all-time high inflation, it’s no surprise that consumers want more deals and offers in their lives when purchasing products and services in the new year.
A recent QuMind Sentiment Insights (QSI) survey of ours which looked at Brits’ responses to the cost-of-living crisis showed that a staggering 43% said they are buying more deals and discounted items.
With the cost of bills and daily products seeing no signs of slowing down, it is crucial that brands adapt to the needs of their customers by offering them 2023 deals sooner. Particularly for big purchases, like holidays, this will allow them to plan as far ahead as possible in these uncertain times.
Quality over Quantity
During the pandemic we were encouraged – and rightly so – to be on high alert for hygiene and often discard items after a single use. But in 2022 we saw a backlash against this trend amid growing recognition that cheap, throwaway products have a high environmental impact.
In 2023, the shift towards buying more quality items for less will not only be driven by more sustainability-minded consumers but as a means to manage spending amid the cost-of-living crisis. Spending more upfront for reusable items or those with a longer shelf-life will help many individuals better manage their expenditure on many products, and indeed save money, in the longer term.
Values-based Purchasing
‘What I stand for’ and ‘what I believe in’ are having an increasing influence on consumers’ purchasing decisions. The trend which started with Gen-Z and younger Millennials is now being seen across consumers of all demographics. This is having a direct impact on their relationships with brands, as they now perceive the brands they associate themselves with to say something about them.
Customer loyalty in this environment will only be achieved with a clear understanding of what their values are, and the ability of a brand to adapt its services and marketing to show that those values are shared.
It’s Time to Listen and Adapt
So, what can brands take from all of this? In one word for us, it’s about being adaptable. Being adaptable to the market conditions that are impacting consumer demands allows companies to stay relevant and pivot to reflect their changing wants and needs.
Unfortunately, many people will be facing tough times this coming year. And brands need to ensure they are listening to their customers to understand the impact, stay close to them, and build even stronger relationships. Listening and adapting to customers’ changing needs – and doing this at speed too – will set apart those brands that will thrive in the new year and beyond.
