The struggles during the pandemic in 2020 and the economic turmoil that placed the majority of the world, notably countries in Europe, caused significant changes to consumers’ attitudes toward purchasing in 2022, which alarmed most brands.
According to a NielsenIQ study, consumers are more concerned about an impending recession and are less confident about their financial situation than they were six months ago. 52% of consumers say they are less confident about the stability of the economy, 29% are less confident about their ability to cover daily expenses, and 25% are less confident about their household income level.
A lot of conflicting signals are anticipated for 2023, which will be influenced by a number of factors including the pandemic’s consequences.
However, here are some predictions about consumer attitudes in the year 2023:
Increased interest in Binge Watch
Since being embraced by streaming juggernaut Netflix, the Nigerian entertainment industry has spiced up the taste buds of Nigerians with thrilling blockbusters and series. More thrilling and gender-inclusive films geared toward the Gen Z audience will be released in 2023. This generation’s far more consistent income and interest in goods that emphasize openness, inclusion, relatability, authenticity, and control is no news at all.
Brands may take advantage of this by partnering with the film and entertainment industries more, which would increase the relevance of their product to their audience while maintaining its authenticity and demonstrating a deeper grasp of their consumers’ demands while also taking into account the needs of the other generations that are gradually catching up to them.
More Spending to take Place in the Social Commerce Sector
Ever since social media sites like Facebook and Instagram began integrating social commerce. While some have yet to find success, some businesses have been able to completely realize their potential on it. Users spend 19.6 hours on Facebook on average per month, according to a HootSuite study, and 20% of marketers report the highest ROI from working with influencers on Instagram, just behind Facebook.
TikTok has developed into a potent social media platform for online shopping and product discovery, serving as the origin of shoppable entertainment. Furthermore, according to a recent TikTok study by research firm Material, 51% of consumers are more likely to discover suitable products from an ad.
Brands that concentrate on producing more digitally creative items that can be promoted by influencers on Facebook and other social platforms, especially Tik Tok, will see an increase in sales and forge connections with a variety of communities.
Because so many people use TikTok to find, investigate, and review products, it is obvious that they want TikTok to be a part of their buying experience. Brands may take advantage of this to increase sales.
Increased demand for Health and Personal care Products
Health and personal care, behind food and beverage and pet products, was the third-fastest-growing e-commerce category in 2022, according to a survey by Insider Intelligence. This market is still relatively underdeveloped in Nigeria and particularly Africa.
Due to the popularity of skin care goods on social media and the high cost of influencer marketing on platforms like Instagram and TikTok, consumers are spending more on health and wellness items.
By relying more on influencers on various social media platforms, health firms may develop engaging strategies to market and advertise their products without boring their audience with unnecessary facts.