AI Business Consultant

5 Essential Consumer Trends in 2023 and 2024

27 August, 2023

Remember that intriguing twist we talked about in consumer behavior? Well, brace yourself, because if Budgeteers is the saving guru, then Here and Now is your ultimate guide to smart indulgence. ๐ŸŒŸ

Let's be realโ€”recent years have been like a rollercoaster ride through constant challenges. We've weathered pandemics, soaring inflation, economic downturnsโ€”you name it. Sacrifices? They were practically our daily bread. ๐ŸŽข

But guess what? This year, we're giving ourselves the green light to embrace life's little luxuries. We're talking about those affordable treats and guilt-free splurges that make us smile. Yes, our wallets are cautious, but we're also ready to dive into a bit of pampering. We've earned it, haven't we? ๐Ÿ’†โ€โ™€๏ธ๐Ÿ’ฐ

The Era of Gaming ๐ŸŽฎ

Gaming is officially mainstream. From mobile delights to esports showdowns, everyone's catching the gaming bug. It's no longer about just amateurs, casual players, or hardcore gamersโ€”people of all ages are diving into the virtual worlds. ๐ŸŒ

In these digital realms, engagement levels are off the charts. We're talking about players who get utterly lost in the game. And guess what? More brands are stepping up their game with playable ads and products that cater to this gaming frenzy. ๐Ÿ•น๏ธ

But here's the kicker: this is just the start. Gaming isn't just entertainment; it's a whole new revenue stream waiting to explode. ๐Ÿ’ฅ

Smart Tech and Authentic Automation ๐Ÿค–

Tech is like air now, everywhere you look. Automation has snuck into our lives without us even noticing. From our home lights to the checkout counter at stores, automation is silently working its magic. But hold on, robots haven't quite nailed human touch. We still crave that personal connection, that human warmth. ๐Ÿ ๐Ÿ›’

In this symphony of humans and machines, balance is key. Your brand's heart needs to beat in sync with tech's pulse. Over-reliance on technology can make your customers feel distant. They want that personal spark that only humans can provide. ๐Ÿ‘ฅ๐ŸŒ

Mobile Commerce ๐Ÿ“ฑ

Having a mobile-friendly business isn't a luxury; it's a must. Seriously, the numbers don't lie. The Square x Afterpay State of Retail report spilled the beans: a whopping two out of three transactions made by millennials and Gen Z on Afterpay were done on mobile last year. And social commerce? It's steering the ship, with 95% of Gen Z and 94% of millennials using their phones for shopping sprees. ๐Ÿ“Š๐Ÿ›๏ธ

Square's got you covered with integrations that let you reach customers across platforms. You're not just selling; you're creating an experience, right in their pockets. ๐Ÿ’ผ๐ŸŽ‰

But wait, there's more! Customers want to talk with you too. More than 84 million messages have ping-ponged between buyers and sellers through Square Messages. From order pickups to pricing questions, these conversations matter. With mobile commerce and seamless communication gaining momentum, it's a no-brainer to expand where and how you sell. ๐Ÿ’ฌ๐Ÿ“ˆ

Luxury is a Youngster's Game Too ๐Ÿ’Ž

Did you ever wonder if luxury could speak to the young crowd? Well, it's not just speaking; it's singing, and Gen Z is joining the chorus. While millennials' share of luxury spending took a dip from 56% to 45%, Gen Z is turning up the volume. Their share has jumped from 13% to a solid 16% in 2022. ๐Ÿค‘๐Ÿ’ผ

Why? Well, aside from disposable income, the "return to office" vibe is pushing them to snag classy staples. We're talking dress shirts (+19%) and oversized blazers (+44%). Luxury brands, take notes! To get Gen Z's attention, you've got to vibe with their language and their world. Flexibility in payments, revamped marketing strategies, and reaching them where they hang outโ€”these are your golden tickets. ๐Ÿงฅ๐Ÿ‘ 

In the Limelight: The Future Unveiled ๐Ÿ”ฎ

In today's cutthroat world, staying competitive is the name of the game. And businesses? They're stepping up like never before. ๐Ÿ†๐Ÿš€

Case in point: the Square x Afterpay State of Retail report found that hiring baristas, servers, and bartenders for retail locations has shot up eightfold. Bars and breweries are becoming a fixture, elevating the whole shopping experience. After shopping, customers can grab a drink and soak in the ambiance. It's not just about shopping; it's about savoring the moments. ๐Ÿน๐Ÿ›๏ธ

But adding a bar isn't just about drinks. It's about inviting fresh faces into your store. Even if they just want a quick drink, they're in your space. And who knows? Tomorrow, they might check out your other offerings. ๐Ÿฅ‚๐Ÿป

Services are the new cool too. Spas, music, entertainmentโ€”they're booming, outpacing retail. You could consider immersive pop-up shops, taking your brand experience to a new dimension. ๐ŸŒŸ๐ŸŽถ

Conclusion: The Shape of Things to Come ๐ŸŒ„

In a world that never stops evolving, businesses must do more to stand out. And they're stepping up in remarkable ways. ๐Ÿ’ก๐Ÿ’ช

For instance, the Square x Afterpay report found that the growth of baristas, servers, and bartenders in retail outstripped overall hiring growth eightfold. It's a clear signal of a trend: the fusion of shopping with drinks, turning stores into experiences. โ˜•๐Ÿ›๏ธ

Diversifying revenue streams isn't just a strategy; it's a lifeline. The retail scene is in flux, and the key to survival? Staying ahead. So, whether it's exploring new payment options or crafting experiences that resonate, embracing the changing winds is the surest way to thrive. To dive deeper into this retail revolution, dive into the full Square x Afterpay report. ๐Ÿ“ˆ๐Ÿš€

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