Winter 2023 Trends: The State of the Economy
The traditional holiday season is filled with family, joy, and tons of shopping. This year, inflation, the economy, and job stability are on people’s minds. How will this season be different from others? How should brands react to this changing environment?
At Provoke insights, a full-service market research firm, our bi-annual consumer trends study keeps a pulse on the market across multiple industries. The extensive study allows Provoke Insights to stay ahead of the trends and understand consumer mindset in the current moment. We understand how the outside world impacts brands!
Here is a peek at the groundbreaking data included in the reports.
Is Santa in Savings Mode?
In fifteen industry-specific reports, our newest complimentary research highlights how consumer trends are shifting. Three years since Covid began, fears of the pandemic have decreased, but consumers have other growing concerns, from inflation to the economy. Jobs stability is not as much of a worry.
This wave, in particular, highlights how these concerns are affecting buying habits as we head into the most spending-heavy time of year.
Consumers fear their financial future. They are experiencing price increases, particularly at supermarkets and restaurants. These concerns are lowering optimism levels below those of Fall 2020 and leading Americans to tighten their spending. Almost three-quarters (70%) of consumers report being more budget conscious in the past six months. Consumers eat more at home, make fewer impulse purchases, and buy store-label brands. One in ten say they are cutting down travel.
What Can Brands do?
As budgeting constraints affect multiple industries, brands must actively reach consumers this holiday season. Couponing or exclusive experiences may help consumers open their wallets and prevent buyer hesitation. Maintaining relationships with buyers through social media can keep products top of mind, giving buyers time to think and make their purchases decision less impulsively.
Though some strategies can apply across the board, each brand must decide what is best for their industry and company. Check out our industry-specific reports from our Winter2023 Trends, and keep following our blog for industry summaries.
Provoke Insights conducted a 15-minute survey in the fall of 2022 among 1,500 Americans between the ages of 21 and 65. A random stratified sample methodology was used to ensure a high degree of representation of the U.S. population (household income, age, gender, geography, ethnicity, and children in the household). Statistical differences between subgroups were tested at a 95% confidence level. The margin of error is +/-2.5%.