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“The sky isn’t falling,” according to The New Consumer and Coefficient Capital’s “Consumer Trends 2023” report. But consumer habits are changing as a result of high inflation, shifting attitudes around COVID-19, and the battle for digital attention. Here are our key takeaways from the report.
Vibe check: Sentiments have improved, but consumers are hurting from inflation. That will extend into next year, and consumers will keep searching for ways to cut back.
Vibe check: TikTok is converting users into shoppers with rapid speed. The app puts entertainment and shopping in the same place, offering users the same magical shine of going to the mall in the ’90s. Despite rising inflation, ecommerce will continue to go viral on TikTok.
Vibe check: Celebrity- and creator-backed brands will remain in vogue next year, especially as marketers struggle to reach consumers with targeted ads. But pairing with celebrities isn’t always the safest bet. Take adidas and Gap Inc., which lost hundreds of millions in profits when they parted ways with Kanye West following his racist and antisemitic remarks.
Vibe check: A lot of retail behaviors have normalized, and people have returned to stores and restaurants. But a lot of accelerated ecommerce adoption will stick around, even as growth slows.
Vibe check: Wellness is a welcome ecommerce opportunity for retailers looking to diversify. Expect this category to stick around as consumers, especially younger ones, lean into purchases that offer wellness benefits.
This was originally featured in the Retail Daily newsletter. For more retail insights, statistics, and trends, subscribe here.
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