Consumers are voting for change alongside brands, says Mintel’s global market trends report
By Retail4Growth Bureau | November 14, 2022
Mintel has announced five trends set to impact global consumer markets in 2023, over the next five years and beyond, which are centred around seven core drivers of consumer behaviour —Identity, Rights, Surroundings, Experiences, Technology, Well-being and Value.
Mintel has announced five trends set to impact global consumer markets in 2023, over the next five years and beyond. Centred around seven core drivers of consumer behaviour—Identity, Rights, Surroundings, Experiences, Technology, Well-being and Value—the trends are:
- Me Mentality: Consumers will be eager to re-focus on themselves and brands can help them take centre stage.
- Power to the People: Brands have to make room for a new 'c' in their c-suite as, consumers are investing, co-creating and voting for change alongside brands.
- Hyper Fatigue: Consumers will try to cut through the noise and connect with what matters to them.
- International Localism: Buying local will be a way consumers can protect themselves financially, environmentally and psychologically, and feel that they are giving back.
- Intentional Spending: Factors like flexibility, durability and sustainability will play increasingly important roles in consumers’ value equation.
Matthew Crabbe, Director of Mintel Trends, APAC, comments on how the trends will impact markets, brands, and consumers in 2023 and beyond, “In recent years, consumers have had a community mindset, putting their own needs on the back burner to prioritise public health and safety. People are now emerging from the pandemic eager to re-focus on themselves.
As consumers look to build up new parts of their identity, brands can help fill in the gaps with offerings that help them grow their skills and gain mastery in new areas. Looking further down the road, consumers will use the metaverse to develop unique identities that match their digital surroundings. This will result in fragmented identities online. With this, there will be a stronger movement toward data privacy and consumer protection as consumers’ digital footprint becomes more robust and layered.”
He added, “With so much global uncertainty there will be a greater movement to protect local resources and boost local business. This is a hangover from the pandemic, but also a reflection of consumers’ changing attitudes towards what’s important to them—a reconnection with ‘local’ is also a way for consumers to protect themselves financially, environmentally and psychologically, and feel that they are giving back in some way.”