In the past three years, consumers and marketers alike have seen more disruption and transformation in their habits and behaviors than probably in the past two decades. In 2023, a global pandemic thankfully seems to be slipping slowly into the rearview mirror, but the effects will be felt for years to come.
As we publish this year’s Consumer Trends Index, our fourth consecutive annual report, a potential recession hangs over the globe, threatening to bring more uncertainty to purchasing behaviors and, ultimately, the brand/consumer relationship. A now year long conflict between Russia and Ukraine has dealt a blow to Europe and beyond via strife and economic hardship. A presidential election cycle is kicking off in the U.S., which may also shake the confidence of consumers as interest rates climb in an effort to combat inflation.
In all, marketers across the globe have a rough road ahead as they try to grow revenue and build long-lasting relationships with their customers.