December 15, 2022
According to a 2022 survey, two out of five (40%) Brits plan to make New Year’s resolutions for the next year. This makes January the ideal time for brands to promote their products by helping consumers on their newfound journey. In today’s blog, we discuss the most recent data to uncover the latest trends around Consumer New Year Resolutions for 2023.
Financial Stability, Health and Social Interactions
- The cost-of-living crisis has a significant impact on people’s plans. In 2022, Save Money (46%) was the most popular resolution, moving a resolution to Lose Weight to second place. This would mean that some brands will have to re-evaluate how they deliver value to consumers.
- Ease of lockdown restrictions resulted in increased interest in travel and spending more time with friends or family. At the same time, the interest in self-development such as reading or learning new skills went down.
Generational Differences: Younger People Consider Mental Health More Important
- Surprisingly, interest in Saving Money decreases with age – 66% of Gen Z, 41% of Millennials and only 34% of Baby Boomers mentioned saving money in their New Year Resolution. This could be explained by the fact that Baby Boomers are the biggest earners across all generations, thus experiencing less financial pressure and the need to save money.
- While younger generations are more concerned about mental health, Baby Boomers (52%) have the largest share of those who want to lose weight. Despite that only 39% of Baby Boomers were planning to eat more healthily, which means that the link between losing weight and healthy eating might not be that evident for some people.
- Males are 20% more likely than average to plan to drink less.
- Gen Z and Millennials are 56% more likely to plan on finding love
Consumer behaviour is constantly evolving, and retail brands need to stay ahead of trends to remain competitive. Contact us today if you want to identify the most effective social marketing strategy for your brand and always stay ahead of trends.