Every year, consumers spend differently than the year before. This is because their preferences are evolving, their priorities are shifting, and their behaviors aren't quite how they were before. So how are marketers supposed to meet their expectations in the new year? By making data-informed predictions.
To help marketers and business professionals prepare for the road ahead, we conducted a bi-annual survey of 600+ U.S. adults in January 2023 known as the State of Consumer Trends Report to learn more about the latest consumer trends and data. Here, we'll share our top three biggest consumer behavior predictions based on HubSpot Blog Research.
Consumer Behavior Predictions for 2023
1. Consumers will buy products on influencer recommendations over alternatives.
HubSpot Blog Research found that 17% of social media users bought a product based on an influencer’s recommendation, and this number goes up to 32% among Gen Z. Additionally, 27% of social media users follow virtual influencers.
Online word-of-mouth marketing is infectious, and brands that acknowledge the power of influencer recommendations have a lot to gain in 2023.
For example, Olipop, a new soda alternative company, has a large presence on TikTok. Using the strategy of influencer marketing, the newly popular brand has amassed over 180,000 followers, stemming from the positive reviews of the company's product flavor range, and health benefits over choosing traditional soda.
Consumers want to trust the recommendations of people they relate to, so if they see people with similar interests, tastes — or even appearance — rave over a product, they're more likely to want to give it a try.
2. Consumers will engage in social media platform shopping more.
And it's not just our data indicating this trend. Social media usage as a whole is growing with users spending more time everyday on these platforms. It's only logical to expect that shopping or increased interest in brand content will result in more online purchases.
3. Consumers will be pickier with which companies they buy from.
The three biggest concerns social media users have when it comes to making purchases on social platforms are that the companies aren’t legitimate (54%), that they won’t be able to get a refund (48%), and concerns about the quality of the products being sold (44%).
We predict that more consumers will be shopping on social media, however, the brands they'll buy from will have to prove their legitimacy, quality, and policy before they expect buyers to click purchase.
Brands with a social media presence will have to refine their brand identity to be more trustworthy and set realistic expectations for followers about the image and features of a product.
Keep an Eye on Consumer Behavior
Consumer behavior will change as the year progresses, and marketers should try to understand using informed decision-making. While these are only predictions, you should study your target audience for any changes in their behavior that you can prepare for to keep them loyal.