Global consumer trends for 2023 include?responsible but emotional spending, the role of digitization in purchasing processes, female equality demands and a disruptive Gen Z, according to Euromonitor International's Top 10 Global Consumer Trends 2023 report. The researcher has framed a questioner in google form with various questions related to market trends preferred by customers for purchasing a product. These forms were passed to various researchers around the world and based on their answers the researcher concluded with various trends preferred by customers in global scenario. Here are some of the trends proffered by the customers.
Consumers expect multiple payment option
This include offering different ways to pay like accepting credit, debit and pay pal payments. “Buy now, Pay Later” (BNPL) industry is growing alongside the general growth in ecommerce. After pay(known as clear pay in the UK) is one of the leaders in this category. Similarly in India Gpay,Phonepe,Paytm,COD,EMI are popular payment options.
Shoppers want in delivery
The primary concern among shoppers when it comes to delivery is no longer about getting their products faster, but rather about getting them in as convenient a fashion as possible. With next-day delivery as a premise, there’s a movement among shoppers to want to pick things up in route (i.e. click and collect), rather than have things delivered to their homes. Click and collect also works in tandem with the growing lean towards environmentalism, consolidating multiple deliveries into one van, and, thus, reducing the number of vehicles on the road (or the number of miles travelled).
Consumers subscribe to more monthly services
The monthly subscription industry has grown rapidly with subscribers increasingly by 90% year – over- year. Spend an average $133 more each month on subscriptions than they realize, study shows. Consumers are more open to subscribing to monthly products and services than ever before. There is some list of online OTT platforms amazon prime,Netflix,Disney +,Hotstar. Entertainment Subscriptions Are the Most Important to Consumers. In the survey, four of the five subscription categories deemed most important are entertainment-related: streaming, music, live TV and gaming. Delivery also makes the top five.
Online Reviews
An online review is?a written opinion or feedback about a product, service, or experience that is shared on the internet. Online reviews can be found on a variety of websites, including review sites, social media platforms, and business websites. Online reviews play a vital role in the buying behaviour of consumers. They tend to read online reviews before buying any products or services. If there are positive reviews, it will influence the buying behaviour and if there are negative reviews then it may discourage the buyers.
Consumers Spend more on their pets
After the pandemic owners are more willing to buy luxury pet products having recently seen their pets more often. Luxury pet products are most likely related to the fact that fewer people are having children and opting for “fur babies” instead. Over the past eight years, average pet spending in the U.S. has increased 67%, from $460 per year in 2015 to $770 per year in 2023.
The Mindfulness market continues to grow
Mindfulness meditation is a spiritual practise that calms the mind and let’s go of bad thoughts. You can put the mindfulness meditation app on your phone or tablet and run it. These apps teach people how to breathe, relax their muscles and bodies, and use their imagination. They can help reduce stress, chronic pain, high blood pressure, and a number of mental disorders. The global meditation market is expected to grow from $4.08 billion in 2019 to $9 billion in 2027.Calm, Head space and waking up are app that offer short, Themed meditations for increasing concentration or tackling difficult emotions. Dreem’s headbands are made to aid sleep.
The Home Becomes the Hub
Consumers are investing in their homes as their needs change. Many customers who didn’t purchase new homes?invested time and money into updating their current living spaces. As families adjusted to working and schooling from home, they found themselves with new needs for privacy to focus, take meetings, and finish work without interruptions. Also, many people used the extra time they had during early quarantines to?upgrade their homes with smooth, subitizable surfaces and air filtration equipment.? As people spend more time at home, they realize that their home security may not be up to par, that they want to see their entire home exterior in real-time. This is why we are seeing increased demand for smart doorbell products. Another example of this trend is the increasing number of searches related to cooking.
AI, Virtual 360 and Chatbot
The integration of artificial intelligence (AI), chatbots, augmented reality (AR) and virtual reality (VR) is revolutionizing the advertising industry. Traditional advertising media such as print, television, radio, and outdoor advertising are adapting to the changing landscape and using AI to optimize campaigns and increase effectiveness.? Artificial Intelligence, Virtual 360 and chatbot also play a significant impact in influencing the consumers in buying and utilizing a product or services. Coca-Cola introduced AI-driven vending machines that used facial recognition technology to recommend personalized drink options to users. Robot service restaurant in Chennai.
Conclusion
There are many market trends used customers for purchasing products only few are listed above which are most referred in global scenario.
About the Author
Dr.S.Mahima, is a Vice Principal at MGNMRS College Madurai.