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“Gen Z is the most voluminous and diverse population in the country. And we need to understand that and make it part of every messaging point.”
— Matt Britton
Consumers have seen disruptions and innovations since the onset of the global pandemic. As the world resets and looks towards the future amid continued economic uncertainty, what recent evolutions will remain true and what previous trends will experience radio silence as we head into 2023?
Matt Britton is a global-leading expert on the new consumer, having consulted for over half of the Fortune 500 over the past two decades. In 2018, Matt started Suzy, an end-to-end consumer insights platform that integrates quant, qual, and high quality audiences into a single connected research cloud.
On today's special edition of the Speed of Culture Podcast, Matt will dive deep into where we've been over the past two years, the landscape for 2023, and what emerging trends might be bubbling up.
- The Economic State of the Consumer - Despite the enthusiasm surrounding various new trends, economic struggles have put a damper on consumer power. Government policies are quickly reshaping business realities in unprecedented ways as we head into this decade.
- Macroeconomic Changes - Despite the devastating consequences of COVID-19, 2021 ushered in an unexpected economic boom. Consumers went on a buying spree—investing heavily in new homes and stocks like GameStop—while industry saw unprecedented highs. Unfortunately, any golden age must come to an end; supplies couldn't keep up with growing demand causing prices to soar as inflation became a major issue right away in 2022. With rising costs weighing heavy on consumers' minds, worries about our economy fill daily conversations once again
- Heading Into 2023 - The labor market is currently holding up the economy, with more open jobs than unemployed people in America right now. But with raising interest rates, unemployment may also grow. With nearly all-time low savings and all-time high debt, consumers are feeling the pinch. This economic reality is something brands need to be prepared for heading into 2023.
- Focusing on Gen Z - As the most voluminous and diverse population in the US, Gen Z is an important generation to focus on. Nearly 86 million people are Gen Z consumers, and that cohort has been seriously affected by the pandemic professionally and personally. Their experience impacts the work environment (quiet quitting), a return to brick-and-mortar, deglobalization in manufacturing, and openness to switching brands. Plus, their values of authenticity, impact on health and the environment, and diversity, equity, and inclusion all influence the way brands need to create and market products.
