Consumer Behaviour Trends 2023 Financial Choices

Upcoming Consumer Behaviour Trends for Brands to Act On

By Adwright, 25 November 2022

2022 is drawing to a close. By this time many countries have reopened almost fully, if not completely. With many aspects of our post-pandemic lives resuming back to normal, Mintel’s latest market research report on Global Consumer Trends 2023 analyses how consumer behaviour will change moving forward. Consumers around the world are more and more concerned about how the future, environment and communities are impacted by their everyday choices and habits. As such, what consumers eat and wear will no longer just symbolise their status. These products are a reflection of the consumer’s ethics, beliefs and attitudes, as well as that of the brands they support. In light of Mintel’s insights on the future of consumer behaviour this 2023, here are some of our biggest takeaways from the report. 

Re-building Identity Through New Experiences

Emerging from the pandemic and its community-like focus on public health, consumers are eager to re-focus on themselves now – whether it means identifying, redefining, experimenting or expressing themselves. This rings true across the globe – 44% of US Gen Zs agree that finding ways to celebrate themselves is more important now than before the Covid-19 pandemic, while 25% of UK consumers pursued hobbies as a form of creative expression in the past year. With consumers open to trying new experiences or products and seeking to celebrate their individuality, brands can introduce trial periods to encourage formation of new preferences or routines.

Developing future resilience in improving skills and ensuring well-being

As consumers prepare for future uncertainties by understanding and overcoming their weaknesses, Mintel predicts that their demand for mental health and wellness-focused products will grow. This is especially true in the Chinese market, where 43% of consumers bothered by uncertainties feel that the uncertainties have led them to focus more on improving self-skills, such as in work or study. Amidst impending stressors such as the rising cost of living, geopolitical unrest and the climate crisis, consumers around the world are finding ways to meet their mental well-being needs. Opportunities where consumers can reconnect with themselves, their surroundings and the larger communities will empower consumers with purpose and positivity, shaping the demand for escapism and emerging wellness solutions to protect their physical and mental well-being.

Shaping Brands From Inside Out

Consumers are also shaping brands from the inside out. Through investing, co-creating and using their voices and dollars, consumers want brands to listen, collaborate and evolve. New ways of investing in brands have also emerged – whether consumers hold NFTs as part of owning a brand’s overall success and growth, or purchasing from brands supporting causes they care about instead of personally donating to those causes. 

In addition, brands can view consumers at the centre of product innovation, highlighting how new products and services are the results of user feedback. As an example, athletic retailer Decathlon launched a local data lab innovating new products and processes in collaboration with experts, entrepreneurs, industry partners as well as students. 

Image credit: Decathlon Singapore

In addition, brands can also leverage social media platforms to interact with brand ambassadors, and gather information on how products are used, perceived and discussed online. 

Seeking Purpose in Purchases

With consumers perceiving local products as more sustainable, local businesses are talking about the shorter distances their produce travels. However, eco-friendly positioning can only go so far. (In fact, we recently published an article on avoiding greenwashing in your sustainable marketing  – check it out here if you haven’t already). With tons of products promoting environmentally-friendly benefits made these days, consumers are demanding proof and clarity of such claims.

Beyond that, ethical processes and sustainable corporate practices are gaining more attention in recent times. Businesses are also being transparent about their production processes in their digital content. In such a way, authenticity is highly-valued – products made and sold by home-grown brands are a means by which consumers support local economies and communities. Brands seen as trustworthy and who make a difference in society as they profit will be viewed favourably by consumers, with 91% of Chinese consumers likely to buy from brands demonstrating social responsibilities such as donating to public welfare. In view of this, international and local brands could consider collaborating with local artists or initiating schemes to support specific needs and behaviours of local communities. 

For example, McDonald’s this year launched a new family mental wellness campaign in support of the Ministry of Social and Family Development’s (MSF) Year of Celebrating SG Families (YCF). The campaign included an animated film promoted via social media, raising awareness about the crucial role parents play in managing their children’s stress during their early childhood. As part of the campaign, McDonald’s also hosted the Positive Parenting Programme (Triple P) seminar run by non-profit organisation Families for Life, guiding parents to better support their children’s mental well-being.

Redefining Value as Costs Rise

In times of financial pressure, consumers are evaluating what value looks like for them. Beyond cost-friendly considerations, financial decisions that can sustain their quality of life is top-of-mind for many. Flexibility, durability, sustainability and timelessness will gain greater priority in the search for products that serve multiple purposes and do not need to be replaced as often. As they assess where their dollars go, consumer mindset has shifted from ‘Let’s try this cheaper brand’ to ‘Let’s try going without it this month’ – instead of comparing, consumers are also stringently exploring and removing items from their cart to fulfil their current needs. Some consumers who cook at home have also cut back on dining out, with 37% of Chinese consumers who buy groceries spending less on dining out in September 2022 than in the previous month. To stay on top, providing the best bang for buck can help attract new or retain existing consumers. 

Going forward into 2023, consumers will seek to make decisions that matter. Whether redefining who they are through what they do or buy, contributing their voices to brands, or purchasing from brands echoing a similar set of personal beliefs, they want to align their everyday consumption choices with their aspirational future. It’s time for brands to suit the evolving needs of next year’s consumers.

Before you jump on the latest consumer trends, make sure your brand narrative is up and ready to run. Curating a thoughtful brand narrative is one way to build brand resonance with consumers, winning them over to seek your products for their needs. Need a leg up on your brand journey? We would love to walk with you in your branding journey with an authentic narrative tailored especially for your needs. 

At Adwright, we understand the paramount importance of having a reputable brand image. With our finesse and experience in curating strategic brand messages, we create the brand equity needed for marketing to succeed. While we are experts at building brand assets, it is our clients who play the biggest role in building trust with their customer base. After all, where there is trust, there is loyalty – the key factors that determine a brand’s reputation.

Adwright is an award-winning integrated branding agency in Singapore with over 25 years of experience in the industry and counting. We have collaborated with clients ranging from local SMEs to global corporations, spanning across many industries. We provide integrated solutions in branding, design, communications and beyond to help you bring your brand’s presence to market. Partner with us and embark on your unique brand journey today. To find out more about the services that Adwright provides, call us today at +65 6227 7227 or email



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