Consumer Trends for 2023
Tips to Stay a Step Ahead
On an annual basis, Hubspot, a leader in digital communications, reports the latest consumer trends for 2023. After surveying over 1,000 individuals across the U.S. including Gen Z (18-24), Millennials (25-34), Gen X (35-54), and Baby Boomers (55+), the compiled their findings. Here are a few highlights that most pertain to independent paint retailers.
1. PURCHASING HABITS – If businesses want to reach today’s consumers, mobile optimization has to be a priority. From web development to digital advertising, making sure the mobile experience is top of mind and receives just as much attention as the desktop experience could mean the difference between connecting with consumers or losing potential customers to the competition.
TAKEAWAY: Make sure your website and all your digital communications are responsive (meaning they automatically adjust to mobile displays).
2. SOCIAL MEDIA – Social media remains a powerful tool and now harnesses the power of brand awareness, online shopping, influencer partnerships and customer service. Looking at data from the past three months, 28% of Gen Z and Millennial social media users bought a product on social media. Millennials also get the most use out of social media as a customer service channel, with 24% using social media direct messaging for support over the past three months.
TAKEAWAY: Use social media to your advantage. Word of mouth remains the most valuable form of endorsement. Today, influencers are considered a powerful form of public relations. Consider working with micro-influencers in your area to spread your message and create brand ambassadors.
3. CORPORATE RESPONSIBILITY – If employee retention is an issue—which has been the case for many businesses since 2021—another area that companies can prioritize is corporate responsibility. It’s essential to make sure employees’ needs are heard and respected. In addition, consumers are increasingly expecting companies to take a stand on current issues like diversity and inclusion, the environment, and if they give back to their communities.
TAKEAWAY – Ensure you and your employee’s expectations line up to create a positive work environment. Also, show your customers how much you care about issues that mean something to you, even if it’s as simple as recycling, giving to a local charity, or providing paint for a beautification project!
4. SUPPORT FOR SMALL BUSINESS – this is great news for independent paint retailers! While some consumer brands achieve billions in yearly revenue and become household names, support for small businesses is also steadily growing. Just look at the growth of Small Business Saturday. What started as a small initiative by American Express has grown into a nationwide observance, bringing in billions of dollars for small businesses around the country.
Consumer preferences support small businesses, offering them a leg-up against larger competition. Of those surveyed, 39% said they had chosen a product in the last three months based on it being made by a small business, and 45% percent say they are more likely to buy a product made by a small business.
TAKEAWAY: Embrace what makes you uniquely YOU, from offering free coffee to introducing them to products they can’t find anywhere else. It’s more important than ever for you to show that shopping at small businesses is the way to go!