The Biggest Consumer Trends for 2023

2023 has arrived and brought with it some exciting changes in how we buy. Learn more about the top consumer habits for 2023 in this article!

Published on 2023-02-03

These are some of the biggest trends in consumer habits for 2023. Many of these are not new but will expand and become essential in the year to come.

1. Personalized experience

Gone are the days of mass marketing campaigns that proved to be effective. Today consumers crave a more personalized experience that tends to their individual needs. Consumers no longer have patience for ads that are not directly addressing their interests and desire quick solutions. Also, consumers want to feel identified by the products and services they acquire and therefore need to experience a meaningful connection with the brand.

2. Subscriptions

We all value our time and are less willing to spend it looking for new products and services. Subscriptions have become popular as consumers connect meaningfully with the brands they consume. As long as those brands keep catering to their needs, consumers prefer to establish a loyal and constant relationship. Subscriptions are satisfying for consumers because they are efficient and time-saving.

3. Servitization

Trends are shifting from products to services. The term servitization refers to a model where consumers purchase a service or outcome instead of a product. Such transactions are already widespread in some industries. For example, we no longer buy DVDs or CDs because Netflix and Spotify offer us the same experience without buying the object itself. These services have been around for a while, but the model is expanding quickly. For instance, instead of buying air conditioning equipment, you now buy air conditioning. Consumers are not interested in owning the equipment and having to repair it, buy spare parts, or do maintenance. It is much more efficient for consumers to buy a service and have the company ensure the outcome.

4. Trading goods and knowledge

The model of B2C (business to consumer) has shifted to C2C (consumer to consumer). Through platforms like Uber, Airbnb, Facebook market, and Depop, consumers can connect with others to trade goods.

Apart from direct trade, consumer-to-consumer is also popular as a marketing strategy. Consumers are more interested in the buyer's experience. More specifically, Livestream shopping will remain a trend for 2023 because consumers no longer read reviews but prefer to watch video recommendations.

5. Seamless channel experience

Consumers prefer digital channels, but these need to be user-friendly. Apps that allow yo to order products, manage gift cards, and pay for services need to be smooth and straightforward. This demand, of course, is not new but will continue to expand.

6. Conscious consumption

This trend goes side by side with the need for connection. Just as consumers crave meaningful interactions with the brands they choose, they need to feel aligned with their values. If businesses want to expand their client base, they need to win hearts. Brands are expected to be transparent and showcase their values in concrete actions. Sustainability, fair trade, and inclusiveness are some of the aspects that consumers value the most and may guide the choices when spending.

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