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There’s lots of talk about potential recessions in several major global economies heading our way again. While nothing is clear-cut yet, if it does come to pass, it’ll likely be very different to past slowdowns. No other recession has ever followed a time of such severe restrictions before, so pent-up demand is high.
We’d be lying if we said we had concrete answers. Nobody does. But what we can do is use our global data to try to piece together the puzzle, and offer up some predictions of where consumers’ discretionary spending might be headed in 2023.
While price is important, it’s not always the wisest move to lower it – particularly for luxury brands. Decreasing prices could potentially reduce the aspirational power of a purchase, and even reduce trust.
Our research shows that quality is the top purchase driver overall, so brands should hone their messaging around the quality and durability of their items, as consumers look to make their money count.
Beauty’s resilience is likely down to a combination of factors: more socializing, affordability, and emotional connection. The last one is important. Consumers are often reluctant to give up on little treats or indulgences that ultimately make them feel good, which is arguably even more important during hard times. It’s really the emotional connection that keeps consumers hooked, and something brands need to emphasize more in their campaigns.
What a change in online behaviors and attitudes means for Web3 and beyond.
We’re entering a new phase of ecommerce, driven by changes in the way we search for products.
Online identities are set to develop in the metaverse. Customizable self-expression is a must.
Consumers are overwhelmed by the world, and sustainability is at stake. The issue runs much deeper than cost of living.