Top Consumer Trends That Will Change Retail In The Year Ahead

Business leaders are investing in these technologies to reduce costs and maximize efficiencies. About 40% of professionals surveyed in November 2022 plan to invest in robotics next year, according to Euromonitor’s Voice of the Industry: Digital Survey. Planned investment is down slightly from its peak in 2020 when digital transformation was put into overdrive.

To prepare for this trend, you should assess all touchpoints in the customer journey to distinguish between moments that could be automated versus ones that require human interaction. Relying too much on tech can jeopardize brand engagement.CEO Rodney McMullen noted at NRF: Retail’s Big Show that “if you know you are using technology, it is not good enough.”Inflation and high prices undermine purchasing power.

When consumers become thriftier, they typically opt for affordability over brand loyalty. Given that consumers want to get the most for their money, you should implement or develop solutions that help them navigate economic uncertainty to garner their long-term loyalty.partnered with Stella McCartney to make luxury items more accessible for parents on a budget.

To appeal to Budgeteers, you need to revisit your value propositions. For retailers, this may mean launching or expanding a private label portfolio. Likewise, brands should revisit their product portfolio to ensure value is considered in pricing, product assortment and pack sizes. Launching a rewards program, expanding perks for loyalists or exploring new product bundles also could help drive customer loyalty in light of economic headwinds.All eyes are on Gen Z.

As their financial freedom ramps up, brands need a crash course on these trendsetters and emerging professionals to be in tune with their expectations and capture their expanding purchasing power. Not only are Gen Z increasingly becoming the decision makers, but the way they arrive at decisions is different from past generations.

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