Before considering what strategy some companies are following and what seems to resonate with people, I think it is important to see where people are at psychologically and what trends seem to be appearing.
Some key takeaways from the GWI 2023 Consumer report are…
- The American Dream is struggling, people are lowering their ambitions and we are likely to see spending habits decrease as 51% of US consumers expect to see the economy get worse in the next six months. Use of apps that track spending have increased 9%. The cost-of-living crisis is adding to this spending halt.
- COVID has reminded many of how crucial personal relationships are and we have seen a 7% increase from 2022 on opinions of how important it is to be present for family and friends.
- Challenging yourself has become one of the last priorities at work, while salary and compensation along with work/life balance has become the highest priorities.
- Interest in religion is the lowest it’s been in years, while interest in astrology and spirituality are the highest it’s been in years.
- People are getting sick of advocacy for human rights issues over social media and want to see less talk and more action along with authenticity.
It is key to understanding what is happening with your consumer so before considering any approach, learn everything you can about who you are trying to reach and what they may be experiencing and consider how your product or service can act as a solution for the problems they may be facing.
You can access the entire GWI 2023 consumer report by visiting https://www.gwi.com/connecting-the-dots.
