6 Consumer Trends That May Impact your Business

As a business owner, staying on top of consumer trends is essential for staying competitive and ensuring success. From shifts in buyer behavior to inflationary pressure, trends are shaping the business landscape, so it's important to keep an eye on them. As your local Bank, we always stay on top of consumer trends to better understand the opportunities and challenges your business may face. 

Let’s explore some consumer trends that are likely to impact your business this year.  

1). The Rebound of Brick-and-Mortar Shopping   

In-store shopping is making a comeback since the Covid-19 pandemic first hit. Many shoppers are looking to get back to a sense of normalcy and find comfort in being able to browse and purchase items in person. Many stores are now offering discounts and other incentives to encourage customers to shop in-store. However, retailers must continue to prioritize customer safety.  

2). The Shift to Experiential Purchases  

Many shoppers are prioritizing experiences over physical goods. This can mean anything from buying tickets to an outdoor event or concert to booking a vacation in an exotic location.   

As a business owner, it’s important to think about how to capitalize on the trend by offering experiential options to your customers. For instance, by offering virtual experiences such as virtual cooking classes or virtual concerts and providing unique experiences that your customers can’t find anywhere else, you’ll stand out and create loyal customers who will return time and time again.   

With the right strategy, you can leverage the shift to experiential purchases and use it as an opportunity to grow your business.  

3). Conscious Consumption is on the Rise   

People are increasingly conscious of their purchasing habits and are looking for ways to be more mindful and eco-friendly in their spending. This increased awareness has led to an increase in conscious consumption - an effort to buy goods and services that are good for the environment, local communities, and even one’s own health.  

With an emphasis on sustainability and social responsibility, consumers are seeking out brands and products that meet their needs while also meeting their ethical and environmental standards. For example, they want to know where their food is coming from, how it is produced, and the impact it will have on the environment.   

The increase in conscious consumption means that businesses need to take a closer look at their operations and make an effort to meet the highto standards that consumers now expect.  

4). Inflationary Pressures Have Buyers Looking for Deals   

Inflationary pressure has consumers looking for deals and discounts more than ever. Businesses should be aware of this trend and consider offering promotions, discounts or loyalty programs to attract customers. Additionally, businesses should focus on maintaining high-quality service to differentiate themselves from competitors who may be offering similar discounts.   

Understanding consumer preferences and creating promotions tailored to them can go a long way in helping businesses remain competitive while still generating profit.  

5). Ongoing Supply Chain Issues   

The disruption to global supply chains is a problem that hasn’t gone away. Many businesses are still struggling to adjust to the new reality of backlogged goods and services, and increased costs of production.  

This means that goods may be more expensive and less available, while delivery delays and lead times can negatively impact customer satisfaction. To remain competitive, it’s important for businesses to stay ahead of supply chain disruptions and anticipate customer needs.  

Businesses should assess their current supply chain practices and look at ways to mitigate risks such as using multiple suppliers, diversifying their supply chain, and investing in automation technologies.   

6). Local Businesses and Local Relationships Matter More than Ever   

In recent years, there has been a growing trend towards localized businesses and the relationships that come with them. Consumers are increasingly interested in supporting small, local businesses, valuing the unique qualities they offer over chain stores. This is in part due to rising awareness of the environmental impact of large-scale companies and the carbon footprint associated with global supply chains.   

There is also a sense of community and support that comes with supporting a small business in one’s local area. By buying locally, consumers can help the local economy, boosting job opportunities and creating a vibrant, diverse economy.   

The world of business is ever-changing and trends are important for businesses to consider as they look to grow and adapt to the changing demands of customers. Staying on top of the latest trends can help you stay ahead of the competition and ensure your business is ready for the future.