Q1 2023 brought fresh innovations to the retail industry, but against the backdrop of continued economic uncertainty. With consumer spending cooling off, retailers and brands are bracing themselves for headwinds and looking ahead to capture the demand that still remains.
TikTok’s meteoric rise during the pandemic — with its highly engaging and “viral” videos — even further accelerated changes in how consumers are influenced and how trends are sourced across essential and non-essential retail categories.
Q4 often shakes up the retail industry across sectors as consumers enter the period of holiday spending and gift purchasing. But, beyond the traditional holiday shopping season, what trends and news shaped the industry this past quarter?
As we think ahead to the largest trends of 2023, here are our predictions for the top four consumer and retail trends to expect in the coming year, and how they each might impact the larger consumer and industry narrative.