5 Consumer Behaviour Marketing Trends in 2023

The uncertain world we live in is changing the way that people buy. 

The lingering effects of the pandemic. The increased cost of living. Civil unrest in so many countries. The war in Ukraine.

Yes, it’s heavy! So how are people responding to this uncertainty? It may be subconscious but this changing world is definitely impacting buying behaviours.

While at the 2023 Digital Day Out conference I heard from Google and other industry experts on the latest consumer trends. Here's 5 consumer behaviour trends I think you need to be aware of: 

 1. RESEARCH 

People are doing lots of research before making purchases

Google research tells us that people are searching with more velocity and variety than ever before. 70% searches have only ever been searched once.

• Make sure that the info your audience wants can be easily found and your brand shows up in a variety of places - online and offline.

2. UNCERTAINTY
Consumers are uncertain - The cost of making unwise decisions is higher than ever.

Google calls this ‘The Confidence Gap' - the difference between wondering and knowing before arriving at a confident decision. 1 in 3 people don’t buy at all because they don’t feel confident in a decision (this might explain the abandoned carts on your website?).

• Brands that show up in the right place at the right time with the right information will help people move past the ‘Confidence Gap’. 

3. VALUE
VALUE is still more important than price.
People are re-examining their relationship with VALUE - Google tells us that there are more searches for BEST than CHEAP. ie. People will search more for the ‘Best insurance company’ rather than the ‘cheapest insurance company.’

• So don’t just rely on price to make sales. The perceived value of your product/service and the power of your brand matters too.

4. TRUST
We trust recommendations from people we don’t even know

We consume a lot of information via social media these days. That has led to consumers having more trust in other people’s recommendations than what a company says. Authentic influencer content or reviews from past customers are the social proof consumers need to feel confident in their buying decisions.

• Make creating opportunities for social proof a priority in your business marketing.

5. DATA
We live in an increasingly connected digital world and consumers are becoming more aware of how their personal data is used. Companies don’t own the data however, customers own their own data and will become more vocal about access to it.

• It’s important that businesses are transparent about the use of customer data and give people access to it.

There's no denying times are tough for some people, and people are wary about making purchases. However, by keeping up to date with consumer trends and implementing how this affects your target audience into your overall marketing strategies you can navigate the changing environment successfully.

If you'd like to chat further, you can book in a FREE 30 minute discovery call with me!