How might cultural moments predict consumer behavior in 2023?

Even when ChatGPT 4 launches, predicting human behavior won’t be entirely possible. But anticipating consumer behavior is key to brand planning, so how do we fill the void while tech catches up?

A summer of jubilation

It may be hard to imagine in the midst of January’s frosty climes, but when the summer sun returns, the UK will likely see a resurgence of optimism and positivity. The Royal Coronation will likely boost tourism as visitors flock to London to witness the historic event, making it the focus of international brands and ad spend for the long weekend.

The Women’s World Cup is also expected to provide a much-needed boost to the economy, as the Lionesses set out to capture the hearts of the nation once more. The success of the national team could ignite a spending frenzy as fans look to demonstrate their support and show off pride in their national team. This winning combination is expected to bring a sense of jubilation and celebration to the country, making it a summer to remember.

Modest rewards

Despite the economy's tumultuous state, consumers will seek affordable treats to lift their spirits. One sector predicted to do well due to its instant gratification and affordability is confectionery.

It’s a positive experience for most people and brands would do well to tap into these low-cost, emotional experiences consumers are looking for. This isn’t just relevant for sweet treats either, as there is also a demand for healthier snacks too.

People are far more aware of their health and insights show functional food and supplements may also increase in popularity. Brands that can offer a range of snacks accommodating to both sweet treats, and healthy snacks will be well-positioned to capitalize on the demand of people wanting modest rewards.

Polarized perspectives

Polarized perspectives continue to be a prevalent issue, where the media continues to promote divisive viewpoints, creating an ‘us and them’ mentality. This can lead to increased tension and division among individuals and groups. But brands with a keen understanding of this trend will be able to capitalize on this by positioning themselves as the bridge between differing perspectives.

They can promote unity and positivity by highlighting shared values, common goals, and a sense of community. This strategy can help mitigate the effects of polarization and foster a more inclusive and harmonious society.

Savvy brands that can identify and address this trend will be better equipped to connect with their audience and build a loyal customer base. They will be able to create a brand identity that aligns with the changing cultural and social landscape, making them more relevant and successful in the long run.

Real-world trends

Trends that were once confined to social media will now make their way into the physical world. This can be seen in the way that fashion, beauty, and lifestyle trends that were once unique to social media, such as fermented beauty products, are now influencing consumer behavior in the real world.

Brands which regularly review social and see which trends are starting to take off will be able to adapt and create products to meet the demands of consumers.

Collaborations between brands, influencers and celebrities will remain popular, but consumers may tire of them as they become more common. Brands that can simplify the shopping experience for consumers by providing a clear and easy-to-navigate online store, or by using technology like augmented reality to enhance the in-store experience will be well-positioned to succeed and stand out in this new and evolving marketplace.

The biggest brand challenge

The biggest challenge for brands in today’s fast-paced and ever-changing market is keeping up with new trends. As trends continue to evolve and change at a rapid pace, brands must be able to quickly identify and adapt to the most relevant trends to remain competitive.

Brands that have a rock-solid brand strategy in place will be better equipped to select the most relevant trends and adapt to them. They will be able to identify and capitalize on opportunities that align with their brand identity and long-term goals.

On the other hand, brands that are stuck in tactics without a strategy will be more susceptible to being hoodwinked into thinking that following trends is the answer to their problems. They may find themselves wasting time and resources chasing irrelevant trends. The key for brands is to have a clear and well-defined strategy that guides their decisions and helps them stay focussed on their goals.