Presentation from NRF 2023: Retail’s Big Show. Michelle Evans, Global Lead of Retail and Digital Consumer Insights, Euromonitor International Get a first look at the top consumer trends with the biggest implications for retailers and brands. In this session, retail expert Michelle Evans reveals the latest insights from Euromonitor’s annual global consumer trends report. She examines the behaviors and motivations that will drive shopping habits next year so you can meet new demands.

1. MICHELLE EVANS
Global Lead of Retail and Digital
Consumer Insights
Euromonitor International
Top global consumer
trends for retailers in
2023

2. © Euromonitor International
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Euromonitor International
coverage area

3. The consumer landscape in 2023
8 billion
Global population in 2023
62%
Population using the internet
$10.2 tril
Projected online spend for goods
and services in real terms
© Euromonitor International
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4. Estimated inflation globally
Global real GDP Disposable income globally
6.4%
2.6% $64 trillion
Source: Euromonitor International Macro Model; national statistics.
Note: Data are forecast. Inflation and GDP data updated on 28 November 2022
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0
2
4
6
8
10
World Developed countries Emerging countries
Year-on-year
real
growth,
%
Annual Rates of Inflation and Real GDP and Disposable Income Growth 2023
Consumer price inflation Real GDP Disposable income real growth
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© Euromonitor International

5. Force of change
Evolving
economic
landscape
Population
change
Environmental
pressures
Technological
advances
Shifting
consumer
priorities
The drivers you thought would impact
consumers the most in 2023
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© Euromonitor International

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7. Authentic Automation
While machines make convenience and speed possible, the power
of emotional connections shouldn’t be underestimated.
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© Euromonitor International

8. 0% 20% 40% 60% 80% 100%
Robots guiding to
specific products within
a store aisle upon
request
Robots helping with
check in and room
service in a hotel
Robots preparing the
entire meal while dining
at a restaurant
% of digital consumers
Consumer Comfortability with
Robots Across Commerce, 2022
15-29 30-44 45-59 60+
Tech with a human touch
A genuine, emotional connection
makes consumers feel appreciated
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Source: Euromonitor International Voice of the Consumer: Digital Survey, fielded March 2022
Question: How comfortable would you be with the following types of technology?

9. Clockwork
© Euromonitor International
Robo-manicure
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10. Recommendations for
retailers and brand
manufacturers
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• Assess touchpoints to uncover the right
moments for tech
• Applications should be purposeful
• Give customers the ability to humanize
tech where possible
Percentage of industry professionals
who plan to invest in the next year…
55% artificial intelligence
42% AR/VR
38% robotics and automation
Source: Euromonitor International Voice of the Industry: Digital Survey, fielded
November 2022

11. Budgeteers
Inflation and high prices undermine purchasing power. Now,
consumers are methodical with their money.
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Economic shocks, record-high inflation and
supply shortages drive up the cost of living
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44% 47%
61% 58%
46%
25% 21%
31%
10%
28%
17%
11%
0%
20%
40%
60%
80%
Saving money Overall spending Purchase of private labels or
store brands
Visits to discount stores
%
of
digital
consumers
How Consumers Planned to Change Spending and Saving Habits, 2022
Unchanged Increase Decrease
Source: Euromonitor International Voice of Consumer: Lifestyles Survey
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IKEA
Bundlee
Accessible luxury Added perks
Image Source: IKEA
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© Euromonitor International

14. 55%
Recommendations for
retailers and brand
manufacturers
of retail professionals who said
their company increased prices
of certain products or services in
response to inflation
• Provide flexible and cost-effective
options to consumers
• Consider smart partnerships to appeal
to base
• Evaluate supply chains and product
portfolios
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Source: Euromonitor International Voice of the Industry: Retail Survey, fielded June 2022
© Euromonitor International

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Eco Economic
Decreased consumption happening as a result of cost-of-living crisis
is increasing sustainability by proxy.
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Save your pocket, save the planet
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0% 10% 20% 30% 40% 50% 60%
Reduce food waste
Reduce energy consumption
Use less water
Repair items instead of replacing
Reduce my carbon emissions by driving less
Rent items instead of buying
% of digital consumers
Green Activities and Sustainable Consumption, 2022
Source: Euromonitor International Voice of Consumer: Lifestyles Survey, fielded January to February 2022
Question: Which of the following activities, if any, do you typically do to positively impact the environment or lead a more sustainable life? Select all that apply.
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Sainsbury
Nike
Product longevity Eco-education
Image Source: Nike Image Source: Sainsbury’s
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© Euromonitor International

18. 45%
Recommendations for
retailers and brand
manufacturers
of retail professionals who said
investing in sustainability initiatives
is a strategic priority for their
company in the next five years
• Pursue business models that reduce
waste while providing consumers with
an economical solution
• Get creative with options that unify cost
savings with green commerce
Source: Euromonitor International Voice of the Industry: Retail Survey, fielded June 2022
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Revived Routines
After years of upheaval, consumers are eager to get on with their
lives despite continued uncertainties ahead.
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20. Ready to rally
Consumers are sprucing up and getting
out
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0%
10%
20%
30%
2021 2022 2021 2022
Visits to restaurants Visits to the cinema,
concerts or theatre
%
of
digital
consumers
Planning to Increase Social Outings, 2022
Source: Euromonitor International Voice of Consumer: Lifestyles Survey, fielded
January to February 2022
Question: In the next 12 months, do you intend to change any of the following
habits?

21. Walmart
Mango
Ready for the office Beauty upscaling
Image Source: Walmart
22
© Euromonitor International

22. 39%
Recommendations for
retailers and brand
manufacturers
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• Demonstrate to consumers how your
products fit into their daily routines
• Boost your on-trade distribution
strategy to capture new occasions
• Products and services that boost
confidence will prevail
of digital consumers who said more
of their everyday activities will be in
person over the next five years
Source: Euromonitor International Voice of the Consumer: Lifestyles Survey, fielded
January to February 2022

23. Young and Disrupted
Expressive and progressive, Gen Z takes matters into their own
hands as their financial freedom ramps up.
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© Euromonitor International

24. Gen Z’s Brand Engagement
48%
want to engage with brands
to influence product
innovation
30%
make purchase decisions
based on brands' social and
political beliefs
24%
boycott brands that don’t
share their same social or
political beliefs
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Source: Euromonitor International Voice of the Consumer: Lifestyles Survey, fielded January/February 2022
Questions: Which of the following activities, if any, do you typically do to be active in political and social issues? Select all that apply. How
much do you agree or disagree with the following statements?

25. Florasis
Puma
Mental health awareness Virtual influencer
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© Euromonitor International

26. 64%
Recommendations for
retailers and brand
manufacturers
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• Brands not only have to stand for
something, but also deliver authentic
experiences
• Use endorsements to let your product
speak for itself
of Gen Z consumers who say they
trust independent consumer
reviews as of 2022
Source: Euromonitor International Voice of the Consumer: Lifestyles Survey, fielded
January to February 2022

27. Experiential
mindset
rebounds
Authentic
interactions
prevail
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Cautious and
conscious
consumption grow
Key takeaways

28. View the full report:
https://go.euromonitor.com/white-paper-EC-2023-Top-10-Global-Consumer-Trends-
EN?utm_source=event_QR_code&utm_medium=NRF_presentation&utm_campaign=CT
_23_01_17_WP_Top_10_GCT_2023_EN&utm_content=GCT_2023
Michelle Evans, Global Lead of Retail and Digital Consumer Insights
Forbes.com/sites/michelleevans1
@mevans14
Linkedin.com/in/michelleevansdigital
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