Wise Spending

Key Takeaway:

As economic concerns rise, 74% of consumers worry about the cost of daily essentials in 2023, prompting a shift towards online savings, especially among younger demographics. Innovative e-commerce platforms from China like TikTok, Temu, and Shein are gaining popularity by offering direct access to savings through unique, app-based experiences. Amidst this, the demand for authenticity grows, with consumers valuing genuine brand connections over traditional marketing tactics.

Trend Type: Technology

Sub-trends: Online savers, eMarketed by China, Authenticity Marketing

May, 2024 • Less than 4 min read

Euromonitor’s data reveals a pressing concern for 74% of consumers in 2023: the escalating cost of everyday items. This issue has prompted a significant shift in consumer behavior, with a growing number of people turning to online platforms to save money. This trend is particularly pronounced among younger generations, with 59% of Gen Z and 53% of Millennials planning to save more money in the last year, compared to 43% of Gen X and 29% of Baby Boomers.
E-Marketed By China
The retail landscape is undergoing a seismic shift, with e-commerce players in China, such as TikTok, Temu, and Shein, leading the way. These disruptors have gained traction by introducing innovative, app-based, and deal-driven shopping experiences, which are not only reshaping the retail industry but also intriguing consumers, particularly Gen Z and budget-conscious shoppers.
However, lawmakers have noticed the rise of these new players, who are increasingly scrutinizing their business practices and potential security threats. On the other hand, established retailers need help to compete on price alone and seek differentiation through product assortments, categories, higher levels of customer service, and quality.
Authenticity Marketing
Alongside this evolving online saving landscape, another trend is emerging: the demand for authenticity. With the artificial intelligence boom, consumers crave genuine connections more than ever (refer to the “Ode to Joy” trend). A global survey conducted by Brandwatch revealed that 56% of marketers agree that human-to-human marketing will dominate in 2024 to counter AI’s influence. Authenticity is crucial, with 86% of consumers considering it when purchasing. However, while 80% of brands think they deliver authentic content, only 37% of consumers agree.
Variable Values
In addition, online savers proved to have had a volatile behavior more recently, in what has been named “Variable Values” in a Google Portugal AI in Marketing event last April. The 2023 searches in Portugal indicate consumers are indeed more cautious while buying online. Still, those same consumers are also willing to pay more for what they truly value—living sustainably, supporting meaningful causes, or having some luxury items.
To foster authenticity and showcase their values, brands need to not just promote it, but embed it across every aspect of their business, from production to promotion. Implementing human-driven brand-to-customer experiences, such as customer service offerings, and providing unique, quality content crafted with a focus on human connectivity and key values is not just a suggestion but an essential strategy for connecting with consumers in the current retail landscape:

Use Cases

Yindii: Save Money & Save The Planet

Online Savers: Yindii has been a marketplace that connects Bangkok restaurants and cafe’s surplus to consumers at discounted prices. So far the Yindii app has been able to reduce Thailand’s food waste and carbon footprint by 70 tons in its first year alone.

Oatly Exhibits Criticisms

Authenticity Marketing: The team behind the oat drink Oatly is as open as can be about ways the brand could improve. In fact, the brand has created a dedicated website discussing times the brand has come under fire, for example, when vegan critics questioned their decision to sell oat residue to pig farms. By acknowledging these commentators publicly, the brand’s authenticity is skyrocketing.

Use Cases

Yindii: Save Money & Save The Planet

Online Savers: Yindii

Oatly Exhibits Criticisms

Authenticity Marketing:

Sub-Trend Sources
Online savers: Euromonitor Digital Shopper Trends
eMarketed by China: Insider Intelligence
Authenticity Marketing: Brandwatch Digital Marketing Trends, Hootsuite Social Trends, NextAtlas

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