Shopping behavior is more price-driven these days, with inflation and the cost of living weighing heavily on purchasing decisions. Here’s how consumers are adapting:
- Sustainability has become harder to prioritize but remains important. Despite financial challenges and increase in negative mentions on social media, consumers still consider sustainability an important factor in purchasing decisions. In a survey by Gapgemini, 77% of organizations said that their sustainability efforts increased customer loyalty.
- Consumers buy more secondhand. Online conversations about secondhand products increased by 21% last year, and more brands are expected to enter the resale market in 2023. Thrift shopping is expected to be a popular alternative in 2023, particularly in the fashion industry.
- Off-brand is having a moment. As the cost of living rises, consumers are searching for cheaper alternatives, evidenced by the massively engaging #dupe trend on TikTok, which is especially popular for cosmetics, fashion items, and consumer tech or household products.
- Consumers still prioritize convenience. Especially millennials, according to listening data. The pandemic necessitated features like same-day delivery and click-and-collect, and consumers aren’t likely to settle for less moving forward.
Dig in over at at Brandwatch.