9 Insane Things About Consumer Behavior in 2022
As consumers continue to adapt to the radical changes that must be faced in a post-pandemic world, there are several new consumer behavior trends, and the factors influencing them, to be aware of. Going into 2022 consumer behavior has shifted towards taking back control, after two years of uncertainty, and pursuing a future that rewards taking chances. These are 9 of the top consumer behavior trends that you can expect to see this year.
More Consumers Are Sourcing Locally
Supply chain disruptions have led to consumers relying more on locally sourced goods and alternatives to meet their day-to-day needs. While the world works to rebuild towards a new normal and discretionary spending is on the rise, businesses could find themselves struggling to keep up amidst growing supply chain and staff shortages, as consumers have begun to source out alternatives to their usual go-to products. This consumer trend is forcing businesses to get creative in the ways that they provide for customers to access their products or services.
Consumers Are Becoming More Eco-Friendly
The low-carbon lifestyle is on the rise and here to stay in 2022. With more consumers than ever dedicated to the green movement, the onus falls onto businesses to adapt to these new consumer expectations. For businesses, that means offering products that are carbon footprint certified and being transparent with their consumers about their environmental practices. The factors influencing consumer behavior towards eco-friendly spending are the desire the have a positive impact on the environment and the need to hold businesses and organizations accountable for their carbon footprint.
Older Generations of Consumers Have Gone Digital
Consumers aged 60+, who might have not been so tech-savvy pre-pandemic, have been forced online as the world shut down and ground brick and mortar business to a halt. This consumer trend is resulting in a demographic that is more confident and experienced using online services than before. As the older generations become more familiar with more technical ways to improve their lives, businesses can head off their needs by offering a tailored experience to target this new online demographic. This consumer trend is likely to have longstanding results, as more and more of the elderly adapt to using virtual solutions to meet their everyday social, shopping, and banking needs.
Consumers Are Getting Smarter with Their Money
The pandemic put many people’s financial security at risk and as a result, consumers adapted by becoming more educated and precise with their money decisions. Utilizing the latest consumer technology, more and more people are being drawn into the financial world that once seemed limited to Wall Street only. The factors influencing consumer behavior include a need to feel financially stable in a post-pandemic world.
Consumers Have Drastically Changed Their Priorities
As consumers adjusted their daily tasks during the pandemic, they also had the time to examine their lives and re-evaluate their goals and priorities. This resulted in many of those out of work, choosing to pursue other avenues, and those with jobs resigning in droves to do the same. In a world where value used to be measured by work, many consumers are taking back control and putting themselves first, while also requiring more of their employers in turn. Employers will be forced to react to this new way of thinking or else continue to face the growing staff shortages currently affecting parts of the world.
Consumers Enter the Metaverse
During the pandemic, more and more consumers have embraced virtual reality technology as the future of socialization online. From business meetings to hangouts, the Metaverse is being utilized in many creative ways by consumers to enhance their personal and professional lives. Businesses can grow with the Metaverse by getting on board with the technology early, as it continues to grow in the coming years. The pandemic drove the need for social networks to increase functionality and with the Metaverse serving as a response to that need.
Consumers Are Becoming More Thrifty
Another surprising development in consumer buying behavior in a post-pandemic world is that more and more consumers are shopping secondhand. Thrifting is on the rise, which reflects a consumer base that cares more about living sustainably and eco-friendly, than buying something brand new off the shelf. This consumer trend is the result of supply shortages, which made some new items unavailable, leading the consumer to adapt to new tastes and values.
Consumers Are Seeking More Rural Housing
Consumers are flocking to the suburbs and rural communities, leaving the big cities behind in pursuit of greener, quieter surroundings. The pandemic drove some employees into work from home situations, which for many, became permanent. This means fewer people in the office and more flexibility for employees to change their living situation. The allure of the city is still there, but many consumers found themselves cramped during lockdowns, paying higher prices for none of the perks of suburban living.
Consumers Are Recovering, But at Their Own Pace
Consumers are on the mend after the past two years of lockdowns and uncertainty, some came out ready to get back in the swing of things, while others are a little more apprehensive in a post-pandemic world. This split will become apparent as the year goes on as both parties adjust to the new norms with a more hopeful outlook for the months and years to come. As comfort levels adjust businesses can expect consumer spending to normalize as the year goes on.
These are nine of the top consumer behavior trends to be on the lookout for in 2022. The world will continue to adapt to the changes brought on by the pandemic and businesses should work to meet these new needs and expectations of the consumers if they wish to have a successful business model in a post-pandemic world.
In summary 2021 was the year consumers took back control and started making smarter financial decisions, while also taking the time to prioritize themselves and their mental health. As the demand for social technology continues to grow, the way the world interacts online is sure to be one of the more significant changes moving forward.