How Are Consumers Feeling About 2023?
As part of our ongoing TrendWatch Series, Vericast recently conducted an Awareness-to-Action Study survey of 1,842 consumers across generations and various financial statuses to learn their attitudes, goals, and mindsets heading into 2023.
A comparison of results collected fall 2021 from the same survey suggested a shift in attitudes for some consumers, yielding a mix of perseverance, pessimism, hope — and fun.
04 / CONSUMERS DEMAND PRACTICAL MESSAGES
How Are Consumers Feeling
Consumers’ Experiences and Expectations
Measuring Consumer Optimism
consumers’ experiences and expectations
(in a word)
Consumers were asked for one word to describe:
over the past 12 months
How they feel
BELIEVE IT WILL BE POSITIVE
So, what’s changed? Nothing.
These are the same percentages of positive/negative terms percentages from
Vericast’s Awareness-to-Action Study survey from fall 2021.
measuring consumer optimism
The news is relatively good from consumers. Baby boomers are stressed-out. But with Gen Z’s unbridled optimism and steady ratings from Gen X, millennials, and affluents, with the right approach, marketers can begin the year with solid performance expectations.
How optimistic do you feel about 2023 (vs. 2022)?
OPTIMISTIC* IN 2023
51% OPTIMISTIC* IN 2022
▼ Drop in consumer optimism from 2022 to 2023
* Very + somewhat optimistic
Consumers’ Top 3 Goals
Still Primed for Big-Ticket Purchases
Fun vs. Practical
Nesting vs. Venturing
CONSUMERS’ TOP THREE FINANCIAL GOALS FOR 2023 ARE UNCHANGED FROM 2022:
SAVE MORE, CUT COSTS AND PAY DOWN DEBT
consumers’ top 3 goals for 2023
Perhaps prepping for success in 2023, rather than bracing for the worst, hopeful and optimistic consumers are more focused on the financial goals that provide more freedom and peace of mind. Consumer perseverance has drastically increased. Understanding their determination to improve their financial standing in 2023 will have a positive ripple effect on marketing strategies.
Do you have any of the following financial goals for 2023?
TOP 3 GOALS
STILL PRIMED FOR BIG-TICKET PURCHASES
While consumers are adjusting their spending and lifestyles, they still plan to make large purchases.
Employing an omnichannel marketing strategy to surround affluents and young consumers with attractive deals makes it easy for them to choose and make that major purchase in 2023.
Do you plan to make any of the following major purchases in 2023?
fun vs. practical
Practical purchases will always be part of consumers spending patterns but, with the exception of the aforementioned baby boomers, most consumers will at least consider fun spending in 2023. Entertaining, impulsive purchases aren’t off the table. Data-driven, personalized marketing communications reinforce a sense of inclusion, add to the shopping experience, and make impulse buying enjoyable.
Are you planning fun or practical purchases in 2023?
NESTING vs. VENTURING
As consumers stay home, they have increased their use of digital and omnichannel services.
Adding digital and print channels, like connected TV and direct mail, enables marketers to
engage consumers with precision and impact.
Will your 2023 purchases be focused on nesting at home or venturing outside?
Dealing with inflation
Inflation’s Squeeze is Forcing Consumers to Cut Back Spending
Clipping Coupons and Waning Brand Loyalty
The Life-Changing Magic
inflation’s squeeze is forcing consumers
to cut back spending
The juice from inflation’s squeeze is bitter, forcing consumers to change their shopping habits — even cutting back on essential items — to make ends meet. Categories hit the hardest are groceries, dining out and gasoline, while nearly a quarter of millennials and millennial parents have cut back on subscription services.
Where are you looking to cut expenses in the next 6 months?
clipping coupons and waning brand loyalty
We are in the midst of a loyalty crisis.
To fight back, marketers are expanding their omnichannel approach to include print
and digital innovation to create unique experiences, deliver a consistent brand message,
and provide the savings and discounts consumers desperately need.
With the current economy, coupons and discounts are more important than ever
▼ 60% in 2022
Notable increases for Gen Z (+9%) and millennials (+7%) from June – October 2022
Rising prices are causing me to be less brand loyal
▼ 51% in 2022
All consumer groups experienced increases
the life-changing magic of coupons
Coupon marketing (both digital and print) increases loyalty and appreciation.
Coupons are proven to quickly boost sales, provide a better shopping experience, give added support to loyalty programs — and they’re trackable for measuring a campaign’s ROI.
Increases in loyalty and sharing recommendations emphasize the positive energy, feeling of community, and warm appreciation that coupons infuse into consumers.
How do you feel when a store, company or brand gives you a coupon or price discount?
Consumers demand practical messages
consumers demand practical messages
from advertisers in 2023
Different consumer groups respond differently to marketing messages.
Who could blame consumers for being stressed, cautious, emotionally fragile, and easily triggered these days? Taking the pulse of consumers is a key function for marketers seeking to appeal to their target audiences — and avoid getting cancelled.
Being caught in a seemingly never-ending downward spiral isn’t easy but most consumers are proving upbeat and resilient in the face of a looming recession and continuing inflation. A feeling of consumers rallying back from adversity is reason for marketers to be encouraged.
Zoom in on the unbridled optimism of millennials and Gen Z. Navigate around the deep pessimism of baby boomers. Add balance to the reality of your marketing planning for 2023.
Tough times don’t last, tough brands do.
The journey to earning consumer confidence starts with a long-term brand marketing strategy focused on being visible, active and relevant. While results make be slow to start, the long-term reward is winning consumers over for the long haul. Don’t go silent and continue actively marketing now.