Top 10 global consumer trends in 2023
Euromonitor, a strategic market research provider, recently published a study on the top 10 consumer trends for 2023, which includes insights on digital movements and consumer spending habits in Asia. Sahiba Puri, a research consultant at Euromonitor, discussed the impact of these trends on Asia and which trends are particularly prominent in the region.
According to Sahiba, Asia has a market population of 4.3 billion people and accounts for 28% of global consumer expenditure, making it imperative for businesses to understand the evolving shopping behaviors and preferences of consumers in the region. The report highlights prominent trends such as budgeting and cost saving, which are becoming increasingly important for consumers in Singapore and Hong Kong amidst inflationary measures and the rise in recession. The report also delves into other trends such as control the scroll, budgeteers, here and now authentic automation, which can help businesses identify evolving shopping behaviors, predict shopping motivations, and fulfill unmet consumer demands. The study also sheds light on the rise of buy now pay later payment methods, and how they incentivize consumers and will impact businesses.
Overall, the top 10 global consumer trends report of 2023 aims to help businesses navigate the Asian market and tap into the potential it offers.