As we enter the final stretch of 2022, CivicScience’s Quarterly Trend Adoption Report continues to track trends across a variety of consumer products and services. Key Q3 insights from each section are listed below:
Around the home – Ownership of all home products stagnated this quarter, likely due to the major cash crunch imposed on consumers as a result of skyrocketing inflation. That being said, intent to buy home security cameras and mesh Wifi systems increased, which suggests that customers might be holding off on their purchases to avail discounts during the holiday season.
Digital Engagement – Ownership of smart displays, virtual reality, and augmented reality products increased this quarter. The intent to own an AI voice assistant has been rising and falling alternatively every quarter for a year now while its awareness continues to hover around 90%. This indicates that the market might have reached a saturation point.
Finance – As prices for day-to-day items continued to rise this quarter, consumers lost purchasing power and were forced to tighten their budgets – which left little to no room for casual investing in cryptocurrency. Consequently, intent to buy crypto continued to plummet this quarter while awareness remained stagnant. Meanwhile, intent and awareness of financial info aggregators rose this quarter, signally that consumers are becoming more mindful of their finances.
Health and Wellness – Usage of CBD increased this quarter, but intent and awareness remained the same. Recently, President Biden pardoned all prior federal offense cases of simple marijuana possession, which could impact usage in Q4.
Food and Beverage – Usage and awareness of oat milk has risen in almost every quarter since 2019, thus showing extremely strong and consistent growth. As consumers become more conscious about the environmental impact of their food choices, oat milk will most likely continue to emerge as the go-to dairy alternative.
Shopping Behaviors – Buying products directly from social media has increased this quarter, while AR shopping has decreased in usage.
Tech Adoption – Usage of 5G has continued to rise for almost every quarter since Q2 2019, but on the other hand, the intent to use 5G has been falling since 2019. This suggests that even though more consumers are hopping on the 5G bandwagon, the shift might be inevitable from the customer’s end, even if they don’t intend to do it since new phones or plans with major carriers are usually always eligible for 5G.
Miscellaneous – Intent to use online learning services increased this quarter. Awareness of language learning apps also increased.