Mintel’s 2023 Global Consumer Trends Report Reveals ethics and mental well-being remain top consumer concerns. Indeed, in a context of global uncertainty and a series of crises, consumers tend to refocus on what really matters to them.
Focused on seven key drivers of consumer behavior – identity, rights, environment, experiences, technology, well-being and value – the five major trends identified by Mintel are:
Me mentality. According to Mintel, in 2023, consumers will be eager to refocus on themselves. For example, Mintel points out that 44% of American Gen Zers agree that finding ways to celebrate themselves has become more important to them now than before the COVID-19 pandemic.
“In recent years, consumers have embraced a community mindset, putting their own needs on the back burner to put public health and safety first. People are now emerging from the pandemic eager to refocus on themselves,underlines Simon Moriarty, director of Mintel Trends, EMEA.
power to the people. According to Mintel, brands must adapt to a new model of consumer as co-creator. Consumers invest, co-create and vote for change. Popular social platforms like TikTok prioritize self-expression, inspiring consumers to develop and showcase their creativity in beauty, home and food. Meeting this demand requires brands to listen and react while keeping innovation in the market a priority.
Hyper tired. The pandemic, the rising cost of living, the energy crisis, geopolitical unrest and the climate crisis have all taken their toll on consumers and will continue to do so, causing fatigue and feelings of being overwhelmed. As a result, according to Mintel, consumers will try to reduce noise and connect with what matters to them. “Consumers will find meaning and comfort in reconnecting with their environment, their communities and themselves,“says Simon Moriarty.
International localism. Buying local will be a way for consumers to protect themselves financially, ecologically and psychologically, and to feel that they are giving back.
“With such global uncertainty, there will be a greater movement to protect local resources and boost local businesses. It’s a hangover from the pandemic, but also a reflection of changing consumer attitudes towards what’s important to them,explains Simon Moriarty.
Intentional spending. In a difficult economic environment, consumers want to make wise financial choices without sacrificing their quality of life. Mintel points out that 45% of US consumers who purchase certain personal care products say they have chosen an alternative product/brand due to price increases over the past year. According to the market research firm, factors such as flexibility, durability and durability will play an increasingly important role in the value equation for consumers.
“Expect a greater focus on durability, flexibility and timelessness as consumers seek to buy less and own products that last longer and serve multiple purposes. As the market becomes saturated with value-added claims, consumers will become more skeptical and demanding. Over the next five years, expect to see purpose-driven brands emerge with innovations that address the long-term challenges facing the industries, nations and communities of which they are a part,concluded Simon Moriarty.
Mintel’s 2023 Global Consumer Trends can be downloaded for free here.
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