As the socio-economic conditions change, the buying preferences of the customers change. Even though this change does not necessarily constitute an evolution compared to previous years, these choices sometimes destabilize previously established marketing strategies. To avoid the disappointments associated with these unpredictable events, let’s take a look at the top 7 consumer trends of 2023 together…
Reuse, the top consumer trend in 2023
In practice for many years, reusing is a practice that remains fashionable. For ecological, financial or other reasons, consumers are increasingly turning to secondhand products to meet their shopping needs. If initially, this important element of 2023 consumer trends was limited to home appliances or capital goods, it is now generalizing to a vast number of everyday consumer goods. This is the reason why we have been seeing the birth of several companies offering this type of product for some time now.
For example, The Vinted Platform is the perfect example of this new trend. It is no longer limited to vintage clothing, its offering now includes a variety of everyday products. In fact, it only satisfies consumers’ growing enthusiasm for reuse. As a reminder, according to a study done by Fevad in 2021, 50% of consumers who shop on the web have made at least one second-hand or reconditioned transaction. In this episode, 80% of e-shoppers admitted to buying or selling second hand or refurbished products,
It is not for nothing that leading fashion brands are starting to introduce sustainable goods. It’s an exercise that is necessary at high speeds especially because of the frustration that is bound to befall the high cost of newer products.
Prioritize “cheapest” over ecology
Above all, consumers experience exaggeration in front of the many brands offering ecological products. They also think that many of them are misusing this argument to justify the price hike. This is also because (according to a study published on the website of Ernst & Young Platform) 60% of French people expect more transparency from brands regarding the positive environmental and social impact of their operations. The problem is that they feel that the sacrifices made are not necessary. Away from any conspiracy theories, he believes that some brands abuse “greenwashing” in their campaigns.
With economic despair, then families have less reason to feel guilty for prioritizing “cheapest” over ecology. Moreover, the purchasing power of the public is falling due to the rapidly rising inflation. The salary that once made it possible to purchase some luxuries is not necessarily enough to meet basic needs today. Assessing the consequences of this situation, a study by the French consulting firm “Wavestone” found that 60 to 70% of French people (in the sample studied) plan to reduce their consumption for the next few months, This reduction in purchasing operations also includes basic necessities and is even adopted by more affluent individuals than the middle class and people.
And besides, 63% of them are no longer willing to pay more for a more responsible product. They mimic the most disadvantaged who have initiated the movement of this element of 2023 consumer trends for many years. Then they are less enthralled by the myriad commercials for consumer durables on TV and the web. Whether it is food products, cosmetics or other common items from the supermarket, the purchasing behavior of French families remains the same. They also prefer the “cheapest” or local products.
Local produce traders are among the businesses that have benefited the most from the damage caused by the lockdown. The coronavirus health crisis (COVID-19…) has really pushed consumers to prefer “Made in France”. Alcoholic beverages, dairy products, fresh products are part of the consumption habits and common purchases of the public in supermarkets and hypermarkets. Although this 2023 consumption trend was initially driven by travel difficulties, it is now a free choice of customers. According to a 2021 study by IRI, an institute specializing in the analysis of consumer product data, 39% of French people say they want to buy more local products. So this is one trend that is not yet ready to run out of steam.
But it is important to stress that this enthusiasm for local products is mainly focused on local shops. In other words, a consumer desiring to obtain local products is not necessarily prepared to travel miles before being able to obtain it. They prefer to buy from local sellers, and that too when the transaction is online. For example, a study by Fevad shows 60% of e-shoppers admit they’ve already ordered from a local merchant site in 2021, Hence it is a buying behavior that is essential for both physical transactions and online commerce.
Above all, it must be remembered that an increasing number of consumers now do most of their shopping on the web. This element of Consumer Trend 2023 has its roots a few years ago, it is still intact. Unlike those early days, it is no longer just Generation Y that prioritizes this. Even senior citizens are starting to place more and more orders on the web because of its ease, this acceleration of digital transformation is affecting the consumer goods sector.
But it should be noted that the e-commerce in question is no longer limited to creating a website. It is a complete digital strategy that must accompany marketing of products on the web. In addition to SEO and other CRM optimization or management tools, the merchant must also take into account the influence of social networks and augmented reality. In fact, the consumer of 2023 wants to be able to do everything in one place, from the comfort of their couch. He wants to be able to shop on the same social network where he entertains and exchanges with friends. Acquisition operations on social networks would then experience a “boom”. It will not necessarily be a question of directly integrating the means of payment on the social network.
But the entrepreneur can insert in his publications on social networks links leading directly to the payment page or the address of the point of sale (or the point of withdrawal of the targeted item). It will then be necessary to provide as much information as possible in the product description upstream. Another option is to attract Internet users to messaging platforms such as Messenger and WhatsApp where you can easily discuss the benefits of your products and services. It’s a tip from Consumer Trends for 2023 that’s as valid for shopping on the Web as it is for the collaborative economy.
Very popular for transportation, the collaborative economy or sharing economy will be there in 2023. This socio-economic model based on monetization of goods or services of individuals is increasingly being used. Whether it’s vehicle rental, housing exchange or private lessons, the collaborative economy continues on its merry way. According to a study by INSEE, The equipment rental economy, for example, has grown by 80% in 20 years.
So this is the consumption habit that will continue to evolve in 2023. It is equally important for the consumer as the uniqueness of an offer in relation to his personality, his principles and aspirations.
Quirkiness is undoubtedly one of the new consumer trends to watch out for in 2023. In fact, it reflects a certain desire for identification, even personalization of the offer in comparison to the buyer. Thus a gay person may prefer to buy fruits and vegetables from LGBT merchants. In the same sequence, a woman may prefer the fact of purchasing new products marketed by entrepreneurs. Some consumers are demanding even more. They expect a position on the brand, current affairs or miscellaneous facts. Unfortunately, this is a tendency that sometimes stems from sectarianism, regionalism, xenophobia, and other deplorable mindsets.
So customers want to be able to see themselves through the products they buy, hence the importance of personalization in marketing strategies. The e-merchant who aspires to success must carefully establish a “persona” and base himself on these characteristics in developing his business strategies. But in order to achieve goals in this area, it is necessary to choose the parameters on which to focus. Details like purchasing power, aspirations and health are sometimes important which we overlook.
Environmental impact is no longer the only factor influencing purchases. In fact, there is growing concern among consumers about the consequences of the products offered to them on their health. Contrary to what one might think, even the poorest households are starting to integrate this parameter into their product consumption operations.
Even if they do not have the financial capacity to afford this luxury frequently, they do so as soon as they perceive there is a possibility or imminent danger to their well-being. are due to Hence health is an essential parameter to keep in mind for 2023 consumption trends.