Global Consumer Trends 2023
Rishabh Mariwala
Founder & Managing Partner - Sharrp Ventures | Director - Marico Ltd. & Kaya Ltd. | Consumer Investor
An ambitious take on consumer patterns in 2023.
It is interesting to see the changing consumer patterns and how they are so different from before.
This is how and why I think it'll be different:
1.Increasing awareness:?Veganism, sugar-free products, plant-based meat, and high protein bars are a few examples of how aware the consumers are. This is contrary to the previous decade of adopting and adapting to the trends of the west.
2. Originality and India-first mindset:?The previous decade was all about catching up with the trends in the valley. This decade is becoming all about moving ahead and solving world problems.
3. Growing e-commerce market:?Online shopping is becoming increasingly popular in India, with a growing number of consumers making purchases through e-commerce platforms. This trend has been fueled by the expansion of internet and mobile phone coverage in the country.
4. Changing attitudes towards gender roles:?There has been a shift in traditional gender roles in India, with more women entering the workforce and becoming independent consumers. This has led to an increase in demand for products and services that cater to the needs of working women.
5. Urban-rural mix:?Initially there was migration. Now there is acceptance and adoption. Tier 2 & 3 cities are becoming a set of audiences. Founders are thinking of solutions pertaining to just these consumers. Ventures in agrotech & lending businesses are on the rise already.?
6. Future with Gen Zs:?How can we miss out on this? They have the power to create and break trends in days. And with every trend, there is a different consumption pattern.
Have you noticed any new or different consumer patterns?
Founder MALOKA | Building Creator & Community-focused brands.
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Product Management| KAM | B2B | NPD | Mahindra | Amul | Symphony
1 年Trisha Banerjee
Your Trusted Advisor for Everything SaaS | Singularity University | Global Shaper | Angel Investor
1 年Amazing analysis, Rishabh. Totally agree on India’s potential in shaping global consumer trends, especially the role of millennials and GenZs in creating new categories and broadening the spectrum of opportunities for the ecosystem. Charlie D'Amelio (an american GenZ) is creating a huge CPG empire after her success as a tiktok star. Indian GenZs will do the same across industries.?
Strategic and Visionary Leader | Pioneering Innovation as Global Head of R&D Packaging, Software & Devices, Diagnostics | Transforming Healthcare through Cutting-edge Solutions
1 年Hi Rishabh, Thanks for sharing. There are potential couple of add ons, whether in the Indian context or globally. (1) Awareness and preference towards environmental sustainable products. (2) As the world ages, there is a trend for products aimed at the aging population. (3) Digitization, the best example is Apple Watch where you have health on your wrist. I remember the days when we use to do a lot of trend mapping and linking to insights to develop product and packaging at Marico.??
Scaling SCF business @ IndusInd | Ex- ITC Ltd, EY I Rank 2, MBA Class; Top 1% in Mumbai University; MBA-CMAT All-India #13
1 年Rishabh Mariwala Below trends have also emerged in the last few years: 1) Fitness is taken seriously these days with the advent of Covid. This has led to people focusing on their hygiene, mental health, physical wellness and has spurred growth in related industries. 2) Travel to offbeat locations and adventure sports is an area seeing immense growth as millennials are moving towards splurging on experiences vs splurging on assets. 3) Rent based economy is more preferable to millennials due to the cost and freedom involved. For example, Uber for trave, Rentickle for furniture, NoBroker for rented apartments, etc. 4) Investing in a variety of asset classes other than parking money in Fixed Deposits / Saving Accounts is on an unprecedented rise in India with people understanding the gravity of inflation, understanding stock markets and gaining financial wisdom. 5) Risk-taking capabilities have drastically improved with consumers open to trying unorthodox options in careers, shopping, etc.