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CONSUMER TRENDS

This year consumers will be spending responsibly, but emotionally

By our News Team | 2023

Annual Euromonitor study finds that authenticity, digitisation in purchasing, and disruptive Gen Zeders are among the top trends.

Global market research company, Euromonitor International, today released its ‘Top 10 Global Consumer Trends 2023’ report. The annual study aims to help organisations stay ahead of disruption, predict consumer shopping motivations and fulfil unmet consumer needs.

The 10 key trends that Euromonitor outlines are as follows:

Consumer Trends

Image by Chen from Pixabay

  • Authentic Automation: Humans and machines need to be in sync to deliver meaningful solutions. Emotional connections are not to be underestimated and tech benefits should outweigh the need for personal interactions to create a seamless experience.
  • Budgeteers: The cost of living crisis is undermining purchasing power for consumers. Saving money is top of mind. In 2022, 75% of consumers did not plan to increase overall spending.
  • Control the Scroll: People are still wed to their devices, but screen time is more selective. Consumers want an efficient and curated digital experience.
  • Eco Economic: Consumption behaviours are less about acquisition and more about reduction, which positively impacts the planet. 43% of consumers reduced their energy consumption last year.
  • Game On: Gaming has become an entertainment leader and has transcended the generational divide. This once-niche segment is now a mass-market opportunity.
  • Here and Now: Flexible solutions are expanding purchasing power and relieving cost pressures to help consumers spend on happiness. In the short-term, ‘joy’ is a purchase motivator. In 2022, ‘buy now pay later’ reached US$156-billion lending value.
  • Revived Routines: ‘Post-pandemic’ is here. Consumers are eager to rediscover the world despite uncertainties ahead. 39% of consumers said more of their everyday activities will be in person over the next five years.
  • ‘She’ Rises: Consumers refuse to remain silent on gender inequality. Fair representation, equity and inclusivity are at the forefront of women’s purchase decisions.
  • The Thrivers: Fatigue is setting in as consumers navigate a chaotic world with exhaustion at an all-time high; they are putting personal needs above all else. 53% of consumers had a strict boundary between work or school and personal life in 2022.
  • Young and Disrupted: Gen Z stand up for their beliefs and put themselves out there. These consumers are immune to traditional advertising. Authenticity and social impact make a difference.

“The past few years have been anything but ordinary, and 2023 will be no exception,” says Alison Angus, Head of Innovation Practice at Euromonitor International. “Companies should expect quite divergent behaviour as consumers cope with ongoing challenges while getting back in their stride.”

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Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

  • Other current and previous roles played by Dr Kin Kariisa:
  • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
  • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
  • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
  • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
  • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.