The Top Five Consumer Trends of 2023 (and Beyond)

Change Is the Only Constant

You have probably heard the saying (usually attributed to the ancient Greek philosopher Heraclitus) that “The only constant in life is change”.

Interestingly, there is no proof that Heraclitus ever said (or even wrote down) this particular saying. However, there is truth to it. The world is always changing. And, for as long as humans have been around, we have been trying to predict and manage change.

Predicting the Future

Each January, popular media outlets proclaim their top “predictions” for the year ahead. Unfortunately, these predictions are often nothing more than educated guesses or a collection of anecdotes with a track record of accuracy not much better than chance.

Other outlets take a more scientific approach toward change and “predicting” the future. For example, there are dozens of companies, research firms, and think tanks that specialize in analyzing the past to forecast the future. This is commonly referred to as trend research or trend forecasting.

What Is Trend Forecasting?

To quote one source:

Trend forecasting is about identifying and analyzing patterns in data to predict future events, such as consumer behavior or business performance. Trend researchers use statistical methods to analyze historical information to determine whether there has been any change over time. Sometimes referred to as trend spotters, these analysts also look at other factors that may affect these changes, including economic conditions, demographics, technology, marketing strategies, etc.

Trend forecasting is big business and companies all over the world pay handsomely for trend research. They pay handsomely because understanding trends can help them to find new opportunities and guide product and marketing strategies. For example, insight into consumer trends can help companies of all sizes determine what their customers will value and buy in the future.

An awareness of trends is a way to ensure your product, service, and overall business model line up with consumer expectations and demand. Sadly, the business world is littered with the remains of companies that failed to adapt to trends.

Kodak and Polaroid both failed to appreciate the profound impact of digitization on their core business as did the entire music industry. Blockbuster, Blackberry, Yahoo, and Hostess are some other well-known examples of companies that did not successfully adapt to market trends.

Trends in Common

Trends reflect changes in the needs, attitudes, and expectations of consumers – factors that influence purchasing behavior. Underneath every trend lies significant technological, social, and economic change. This is why trends are not just about the success or failure of an individual product or innovation. Neither are they the same as fads. Fads come and go; trends emerge and evolve over time.

Unfortunately, trend forecasts and recommendations can vary widely between the numerous companies that specialize in trend research. What is identified as a trend by one company may not be mentioned at all by another company.

How can business owners, managers, and executives know which of the many forecasts to trust? There is no easy answer to this question because trend research companies use different data sets and methodologies to arrive at their conclusions. Fortunately, there are common trends between forecasts. The challenge is to sort through the various forecasts to identify these common trends.

We Sort Through Forecasts so You Don’t Have To

When you compare and synthesize findings from the dozens of trend forecasts published each year, it is possible to identify trends that almost all of them have in common. Some trends may be relatively new and just now beginning to have an impact on consumer behavior. Other trends may reflect change that is more persistent. All of the identified trends, however, are driven by significant underlying changes in the needs, wants, and behavior of consumers.

What you don’t know about the future can hurt your business. In fact, it can destroy your business. Don’t let the future catch you by surprise. Be aware of important trends and how your business will need to change and adapt to these trends. Get started by downloading your free copy of our new special report The Top Five Consumer Trends of 2023 (and Beyond).