Me Mentality
For the last two years, consumers have had a community mindset which led them to put their own needs on the back burner. People are now emerging from the pandemic eager to re-focus on themselves.
Now: the next 12 months:
Identity is built on daily routines and habits that accumulate over years. The pandemic disrupted much of this routine, leaving consumers with a chance to redefine who they are. Brands are responding to this need to solidify and celebrate one's individuality through experimentation.
Consumers may want to stand out rather than blend into the crowd, but might not know how to do so. By celebrating the interests that make them unique, brands can help give consumers the assurance they need to try something new or help them rethink who they are.
Consumers are ready for a confidence boost; brands can provide this to them in the form of new experiences and products that feed their curiosity as they form new tastes, routines and preferences that align with who they are or who they want to be.
Next: 18 months-two years
As consumers look to build up new parts of their identity, brands can help fill in the gaps with offerings that help them grow their skills and gain mastery in new areas.
Consumers want to quickly move forward and make up for lost time by diving into their preferred pursuits with gusto, seeking personalized products and services that match their skill level.
Consumers will look for ways to become more resilient to change as they prepare for the uncertainties of the future. Demand for mental health and wellness-focused products will grow as consumers look to understand their blind spots and actively work to overcome them.
Let me know if you are curious about how this trend could impact your business, positively or negatively.
Switching gears to another hot topic for 2023: Small Business Lending
Over the past year, brands tailored solutions to support business growth and met a variety of needs with flexible options to connect with small business owners.
Would you be interested in a read-out of this report and/or discussing with Marisa and Nicole what white space they see for you?
Brands tapped into podcast marketing in 2022 to increase awareness and build upon their narratives to reach a variety of listeners.
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A few noteworthy items in the news worth calling out:
1. Chase just announced getting paid "two days early". What really makes me want to look at?DailyPay?is that they refused?Chime's $2B offer. Chime, of course, is arguably the pioneer of getting paid "early".?So what does DailyPay offer that Chime is so keen to get its hands on?
3. Anticipating a large majority of the new year's resolutions,?Chase picks gym membership?as part of its 5% category for Q1
4.?SoFi?joins the majority of BNPL providers with the launch of their Pay in 4 offering.
And with this, I bid farewell to you for 2022 and will pick up this newsletter on Jan 4, 2023:
Happy holidays to all our dear clients,
We hope your season is filled with joy and contentment.
Thanks for being a part of our journey in 2022,
We look forward to partnering with you in 2023.
May your days be merry and bright,
Filled with laughter and good cheer.
We're grateful for your trust and support,
And we hold you all very dear.
So here's to a happy holiday season,
And a bright and prosperous new year.
Thank you for all that you do,
We appreciate you, dear clients, very much, it's true.
I wish I had the writing chops for the above, but I solicited help from my new friend,?ChatGPT.
As ever - Anuj