Conscious commerce

Conscious Commerce: Shopping. Consumers are adopting common recessionary behaviors and plan to carefully budget for the next 12 months ahead. We expect to see purchasing behaviors shifts as they try to get the best prices.

However, consumers are reporting that 63% of their social media purchases are unplanned or impulse buys. So we are seeing a discrepancy between claims and behaviors as consumers change their purchase habits. While touchpoints between consumer and purchase have increased, it is less clear whether impulse buying has reduced or if it is simply easier online.

Key Considerations: Brand loyalty will be challenged as people put more emphasis on price. Reviews will become increasingly influential as people consider new options. Second-hand retail has grown in popularity – consider ways your brand can lean into this behavior.

Continue engaging consumers beyond functional messaging to maintain willingness to pay. 55% will be tracking or budgeting how much they spend. 52% will be undertaking more research before purchasing.

49% plan to reuse, mend or repurpose things they already own. 46% plan to reduce the number of products or goods they buy. 39% plan to buy second-hand and resale items.

One brand implication which we anticipate will be important in 2023 is membership communities. Brands can support customers through a membership programme to encourage brand loyalty which has suffered as people put more focus on price. Create a scheme where consumers pay an annual or monthly fee to access products that are discounted or have no mark-up.

Ensure that the average savings are greater than the membership fee, and that prices stay low. Create a sense of community by being transparent..