Consumer behaviour has changed significantly in 2023. Impacted by ongoing socio-economic global events that have resulted in inflation and adaptation in the market for producers, suppliers and supermarkets to continue to cater to consumer needs during these times.
Global market research expert Innova detailed the leading consumer trends in 2023, of which ten significant ones were felt worldwide. These include the redefining of value, affordable nutrition, generational push, plant-based (unlocking a new narrative), farming for the future, quick quality, devouring digital, revenge spending, un-puzzling health, and positively imperfect.
Cost and value for money have become increasingly more critical to consumers worldwide, with many investigating and exploring different money-saving strategies. These strategies have tested brand and supermarket loyalty as consumers become more financially savvy with purchasing decisions, frequently choosing cheaper alternatives to the brands they usually buy and cooking at home from scratch.
Despite this, consumers have continued to be adventurous, sampling new experiences and ensuring their well-being while supporting planetary health. Innova's insights show that after value, these are significant players influencing consumers' purchasing. The demand for more international and exciting flavours has pressured manufacturers to cater to the duality of value and innovation.
Read more in our latest issue on pages 40 and 41.
