Current Trends In Consumer Behavior Around The World
Consumer behavior trend refers to the study of customers and how they behave while deciding to buy a product that satisfies their needs. This blog looks at the biggest trend in consumer behavior around the world that will shape 2023.
The year is 2023. The world has changed a lot in 20 years. There are new technological advances. There are new political tensions. And there are new consumer behaviors trend shaping the way we live and do business.
Technology is everywhere. It’s embedded into our lives—often without us even realizing it.
From your lights at home to store checkouts, automation is all around us. But robots haven’t mastered human nuances just yet. We still want that personal touch and human connection.
Humans and machines need to work in sync. Your customers could feel disconnected from your brand if you rely too much on tech.
Consumers Want More Control Over Spending
The cost-of-living crisis has led people to re-evaluate their spending habits, with 40% of people now preferring methods that help them track their spending more accurately.
As of April 2022, 21% of consumers surveyed by Paysafe said they’ll avoid buying on credit. This could lead to lower demand for buy now, pay later (BNPL) payment methods.
Debit cards, credit cards, and digital wallets remain the most popular payment methods among shoppers:
59% use debit cards
51% use credit cards
33% use digital wallets
Retailers can stay on top by offering various payment options for consumers, like cash. Some 47% of consumers feel it would be easier to pay for online goods in cash.
Embedded payments are another untapped opportunity for merchants, which is a fancy term for paying with a single click. While nearly half (49%) of consumers have never heard of embedded payments, many have used them without knowing.
Control The Scroll
How many times have you caught yourself mindlessly browsing online? Whether it’s TikTok, Netflix or your favorite online retailer, we’ve all been there. And probably more times than we’d like to admit!
Now, we’re taking our screen time more seriously and being selective with the platforms we use. But this shouldn’t be mistaken for a digital detox; we aren’t unplugging. Rather, making the most of our time online.
If you’ve deleted, unsubscribed, or opted out of some apps as of late—or are keeping a closer eye on how much time you devote to digital activities—then you’re a prime example of this trend.
In-Store Shopping Remains a Preference for Many Consumers
Though ecommerce has seen a significant uptick in past years, in-person shopping is still the preferred method for many consumers—especially for big-ticket items.
A recent study found that shoppers were divided evenly between in-store and online shopping, with nearly 45% of consumers preferring to shop in-store.
The study also found that:
27.6% of respondents said the allure of in-store experiences was their primary reason for shopping in brick-and-mortar stores.
54.6% of respondents have abandoned a brand because of a single bad in-store experience.
31.9% of consumers said product selection and variety are the greatest factors in the quality of an in-store experience.
How can you improve your store’s customer experience? Shoppers from the study suggest:
- Exclusive in-store deals
- Fun experiences
- Provide top-notch customer service.
Consumers Will Spend Even More Time Streaming.
In the next few years, streaming services are only going to get more popular as prices for everyday items continue to rise. US residents are expected to spend more than an hour and a half per day with subscription over-the-top (OTT) services by 2023.
It’s worth noting that half of all CTV viewers are Gen-Zers or Millennials. These two generations are also responsible for the largest CTV user growth rates, with a 5.9% increase for Gen-Zers and a 3.3% increase for Millennials.
This Trend Is All About Gen Z
The pandemic shaped their most formative years. These digital natives are on the cusp of financial freedom, and their unconventional upbringing will transform business as usual.
Millennials were the first content creators, but Gen Z will up the ante. Social media serves as a stage to present themselves, a search engine for discovery and a lucrative career path.
The world around us is changing rapidly. We have seen a significant shift in the way we shop, travel, and communicate – and this change has been driven by us, the customers. The challenge now is to stay up to date with these trends, as we can use them to predict the future. We hope you enjoyed our blog about consumer behavior trends. If you are looking for information on anything related to your consumers, please feel free to visit us at www.philomathresearch.com