One thing is for certain in 2023 regarding trends: From Web 3.0 to generative AI, the improving online experience will enhance and support consumers in their daily activities, both online and offline, as they look to continually individualize and personalize their experience. Creating an immersive online experience will be key for corporations looking to capture consumer attention. Brands that build trust and stay focused on trends will create engagement with consumers.
Call it the attention economy. With the rise of social media and the explosion in the development of digital content, the attention economy posits that attention is both a resource and currency. Users pay for a service or a social media network with their attention. However, consumers have a limited attention span and a limited capacity, with the attention economy far exceeding that capacity. How can brands stand out? Staying keyed in on specific trends will in part help keep consumer attention on your brand. Tapping into such advertising elements as consumer screen behavior, ad engagement, advertising attention drivers including the creative and features, length and device preference for ads, and interactivity all come into play in this attention economy’s focus on winning the consumer.
2023 Insights & Innovation Outlook
For 2023, we’re all certain of the uncertainty ahead. And so, now more than ever, a collection of outlook statements from thought leaders would be of value. All Things Insights collected “29 Perspectives On What To Expect In 2023.” All Things Insights at TMRE and All Things Innovation at FEI captured an outlook statement from leaders in each respective space. For the All Things Insights 2023 Outlook, click here.
Each page features key thoughts from our community. No matter where you are on the spectrum of outcome, you’ll be able to find like minded insight along with counter-point-of-view. One key reason that we fused thoughts from our innovation and insights communities was the bi-lateral feedback coming out of our respective Spend & Trends Reports. Per our Insights Spend & Trends Report, when asked for their “current area of focus,” our insights community’s highest response was to “support the product development & innovation teams.” When asked, “for the next six months, how do you expect ‘innovation spend’ to change?” the top answer was to increase spend on “Insights.”
Zeroing In On Consumer Trends
What are key consumer and lifestyle trends for 2023? Targeting specific trends is challenging without being too broad or narrow, but with the help of ChatGPT, we winnowed down the list:
- Increased Demand for Sustainable Products: Consumers are increasingly seeking out sustainable products that reduce their impact on the environment and support more ethical production practices.
- Growing Interest in Personalization: Consumers are looking for more individualized experiences, with products tailored to their specific needs and preferences.
- Increasing Emphasis On Health & Wellness: Consumers are becoming increasingly aware of the importance of a healthy lifestyle and taking steps to improve their overall wellbeing through diet, exercise, and mental health initiatives.
- Rise In Home-Based Experiences: As people become accustomed to spending more time at home, there is an increased demand for home-based experiences such as virtual fitness classes or online cooking lessons that allow them to enjoy activities without leaving the house.
- Growth Of Digital Shopping Platforms: With brick-and-mortar stores facing increasing competition from digital shopping platforms like Amazon, customers now have access to a wide range of products from around the world at competitive prices with convenient delivery options.
Regardless of what specific trend you are zeroing in on, certainly the world has become noisier lately. Back to the previously mentioned attention economy: With shorter news cycles, shorter attention spans, and shorter media formats, it seems like every few days new inputs emerge and drown out yesterday’s news and hot topics. It becomes more important to strive to cut through the chatter and focus on what’s important for the future. Once identified, these trends will put you in a position to seize opportunities rather than being blindsided by them.