Major consumer behaviour trends for 2023

 

Although 2022 is swiftly coming to an end, the effects of all that happened this year are going to stay with us for a longer while. The war in Ukraine and the resulting humanitarian, energy and economic challenges are expected to remain major factors in shaping the new year as well.

 

But how are they going to influence consumer behaviour, and how can your brand adapt to the changes in your target market’s attitude? Read on and find out.

 

 

Rising costs of living, inflation and mounting uncertainties about the future seem to force consumers to rethink their spending patterns. eBay’s latest report confirms this: 21% of respondents to a survey announced their intention to wait with purchases until the desired product will be on discount. An additional 19% says they’ll curb spontaneous shopping and restrict themselves to previously planned purchases.

 

This means that brands and sellers will have to focus more on special deals and discounts to convince consumers to part with their hard-earned money. Shopping days like Black Friday, Cyber Monday, Amazon Prime Day or even Singles Day could play a bigger role than usual, as getting a good deal may motivate consumers to suspend “saving mode” for a bit. Especially since customers prepare to spend money at these events, planning their purchases in advance and thus justifying their importance.

 

Obviously, your brand can devise your own discount schedule that best fits your products and image. However, joining a well-known shopping event may help draw more consumers to your products and widen your reach. Here’s a list of some of the most important discount days in 2023.

 

– Winter sales

Typically starting in the second half of January, winter sales mostly affect seasonal clothing and apparel products.

 

– Amazon Prime Day

11-12 July 2023 are the days when Amazon Prime customers can get great deals from participating brands and sellers.

 

– Summer sales

The second general sale of the year, usually starting at the end of July, offers discounts on seasonal summer products to encourage their departure from stores.

 

– Singles day

Celebrated mostly in China, 11 November sees people not in a romantic relationship (and lately, everyone else) embark on great shopping tours.

 

– Black Friday and Cyber Monday

Originally from the US, Black Friday discounts have quickly made their way across the world. Typically the start of the Christmas shopping season, Black Friday and Cyber Monday will fall on 24 and 27 November in 2023.

 

 

Image of a calendar

 

 

Comparing prices while looking for deals is not a new trend; it’s definitely been with us for a long time. However, the current economic situation may move even more shoppers to look for the best deal on a certain product and check various stores both on- and offline before making a purchase.

 

Unfortunately, this behaviour is particularly helpful for grey market sellers who offer genuine branded products for lower prices. The reason they can do this is usually a leak in a brand’s distribution channels that allows unauthorized sellers to get ahold of your products.

 

Keeping an eye on your distribution channels and your business partners’ behaviour allows you to remain in control and stop any leaks before they could cause you significant problems.

 

Don’t know how to do it or lack the time and infrastructure for it? No worries, globaleyez can take care of that for you. Our marketplace monitoring service detects unauthorized listings while our partner compliance service uncovers your business partners’ behaviour that may be in breach of your business contract.

 

 

The energy crisis has directed consumer attention toward practical products that help save energy. For example, smart home lights purchases have increased by 600% on eBay, along with window insulation (100%), solar energy equipment (160%) as well as various energy consumption meters (ca. 150-200%), to name just a few.

 

The demand for more energy conscious mobility options is also on the rise. Bicycles, electric rollers and spare car parts are becoming more popular with consumers wishing to save money on mobility. This phenomenon provides great opportunities for brands in the industry to attach their products to this wave.

 

However, there is also a serious danger here. Inexperienced consumers in hot pursuit of cheap car parts may fall victim to counterfeit product listings and opt for equipment that could put them (and others on the road!) in serious, even life-threatening danger.

 

Therefore, it is even more in the interest of brands to put a stop to the sale of dangerous fake product parts. This also plays a vital role for some of our clients, so much so that we have expanded our marketplace monitoring service to specifically search for product parts in B2C and C2C marketplaces all over the world.

 

We conduct test purchases in over 50 countries both online and offline to ensure the removal of these dangerous product parts from circulation. Moreover, our systematic approach contributes to the detection of criminal networks and intermediaries who make money from distributing fake product parts.

 

 

With the decrease of impulse shopping, the importance of product information becomes more pronounced. After all, consumers need to make very informed choices on how to spend their money, which means that a well-placed ad and a shiny product picture may not cut it any more.

 

A new study suggests that this sentiment is already well in motion. 94% of consumers, a whopping 11% more than last year, believe that adequate product information is crucial in their purchase decision. Moreover, 53% of shoppers leave a webshop if it’s not displaying correct product information.

 

What form that information takes also matters. 39% of consumers like written product details the best while 25% prefer images, 18% check out reviews and 12% go for product videos.

 

 

Screenshot of a random product listing on amazon.de displaying a combination of written product information and images

 

 

Which type of medium, or what combination of them you’ll select for your products largely depends on their nature, your brand’s image and the marketplace/webshop they’re sold at. Whichever you choose, make sure the information is easily accessible, clear, honest and understandable.

 

The same goes for your authorized sellers. If you don’t want to check how they’re doing one-by-one, globaleyez’s marketplace monitoring and partner compliance services can quickly discover whether your products appear in shops both on- and offline in the way you want them to.

 

 

Mounting climate and economic challenges have given sustainable production, the longevity of products and their energy-efficiency an even bigger importance than before.

 

Consumers want to get more life and more efficiency out of a product: the number of shoppers looking for refurbished electronics rose by 200%, while 400% more people search for fair fashion and 300% more for second hand clothing.

 

In fact, 82% of consumers check out the eco-credentials of a product before making a purchase. Similarly, demand for fairtrade, organic and climate-neutral goods has risen by 250%, 60% and 1,200% respectively. Brands who embrace these trends have a chance of elevating their reputation and eventually gaining more customers.

 

Being eco-conscious isn’t restricted to small producers of organic vegetables. On the contrary. Any brand that ensures their sustainable sourcing of raw materials, aims to recycle as much as possible, maintains fair labour practices and conditions, uses environmentally friendly packaging and shipping, etc. can show their efforts to customers. Like brands that have embraced the circular economy.

 

The production philosophy of the circular economy aims to eliminate waste while ensuring the reduced use of raw materials and reusing old components at their highest value. Online brand protection can contribute to that, e.g. by sourcing used products and parts form second-hand marketplaces.

 

 

However, not all greens are equally green. Some brands may feel the need to embellish their efforts and claim they do more than they actually do. This phenomenon is called greenwashing and is just as harmful as lying on your product information labels.

 

Not only does it damage a brand’s reputation (not to mention the hefty fines for misinformation), it also undermines the genuine efforts of brands who really go the extra mile, as due to repeated greenwashing scandals consumers may become confused and wary of any brand claiming to be sustainable.

 

Long story short: becoming sustainable pays in the long term, but be honest with your customers about the actual state of your sustainability efforts.

 

 

To put it mildly, 2022 was a year of unexpected challenges and hardships in many areas, causing consumers to adjust their purchase priorities and actions.

 

Ensure your brand is ready to deal with the changing consumer behaviour trends of 2023. If you need advice on grey markets, partner compliance, marketplace monitoring or any other aspect of online brand protection, reach out to us and we’ll be happy to assist you.