Hyper Fatigue

I'd like to continue spotlighting 英敏特 's annual global consumer trends for 2023. Last week we covered?Intentional Spending?and today I'd like us to dive deeper into?hyper-fatigue:?consumers will try to cut through the noise and connect with what matters to them, and they need brand support to overcome the things that overwhelm them.

Reduced FOMO and being forced to slow down gave some consumers the chance to reevaluate their lives. The pause on new out-of-home experiences, the comfort of old favorites, and having time to appreciate the tactile experience of products were among the highlights of spending more time at home.

Consumers are emerging from the pandemic into a cost-of-living crisis in many regions. Lower-income and even financially secure consumers will want to prepare for future uncertainty as the economic forecast in many regions appears to be negative.

Technology is also advancing rapidly, but people remain unconvinced of its actual benefits in spaces like the metaverse, NFTs, or cryptocurrencies, which can make them feel disengaged.

Next: 18 months-two years

Consumers will find meaning, solace and a restored sense of purpose in reconnecting with their surroundings, communities and themselves.

We will see a polarised response to relaxation and unwinding in the wellness space; retreats that offer a digital detox and the opportunity for consumers to immerse themselves in nature will appeal to some, while others will navigate their wellbeing through wellness apps.

In response to consumers' financial pressures, brands should continue to offer solutions to manage costs and tap into their demand for escapism, exploring opportunities to collaborate and help consumers establish new connections.

Future: five years+

Demand for convenient options and interactive experiences will only continue to grow, implying that technology will continue to play a vital and influential role in consumer experiences.

However, brands will need to establish boundaries to bring order to the influx of information and initiatives to enable consumers to form healthy connections with resources in the technology, wellness and leisure spaces.

Functionality will go a long way towards serving the underserved. Digital advancements have already had an impact and carved out a space in the tech segment, which we will grow as more consumers are look to brands for practical solutions.

Additional evidence of Intentional Spending and Hyper Fatigue is in Marisa's latest report:

Holiday Marketing Themes 2022: An exploration of holiday marketing over the past three years for financial services, telecoms, and insurance in email and digital marketing channels.

With Chase Ink Premier marketing hitting our databases, Andy has a report on Chase's Business Marketing: A Spotlight on Chase Business Marketing

Explore Chase's recent marketing strategies, from celebrating minority and black-owned businesses to launching a new Ink card.

You can view the Ink Premier National TV spot?here.

Lastly, in other notable news items from the week:

1. Visa and GoHenry expanded their partnership to accelerate Financial Education for Children and Teens. This is an area that continues to resonate with Gen Zs as well as older Millennials many of whom are now parents. Details?here.

Major FIs are creating products (Chase First Banking is an excellent start) but until schools teach Financial Education it's a fantastic opportunity for FIs to step in.

2. With holiday spending front & center, Klarna , and Afterpay have been in the news a fair bit. A recent survey from Stripe found that 33% of merchants offer BNPL as a payment option while 51% of customers are more likely to complete a purchase if a BNPL payment method is offered. There is a gap in consumer expectations vs what's offered by retailers. The battle to close that gap is heating up as resilient US consumers continue to spend despite high inflation and rising interest rates. Andrew has the details?here.

3. As the dust settles on the debacle known as FTX, it's a bit reassuring to see that Gemini (who was impacted quite significantly by FTX) is advertising its credit card offering. Unfortunately, BlockFi, the other major crypto-based credit card wasn't as lucky and filed for bankruptcy protection last week.

As ever,

Anuj