With 2022 in the rear view and 2023 upon us, CivicScience continues to track key quarterly trends across many consumer products and services. Notable insights from Q4 2022 across each area are listed below:
- Around The Home: Ownership of smart speakers, mesh Wi-Fi systems, and home security cameras all rose from Q3 to Q4. Although ownership was mostly unchanged from Q1 to Q3, the positive YoY change across products indicates economic uncertainty hasn’t affected willingness to invest in these products.
- Digital Engagement: Throughout 2020 and 2021 we saw little change in ownership of AI voice assistants and the market for such products seemed to have reached its peak. After a significant increase in 2022, it’s clear there is renewed interest in these products as they become increasingly prevalent.
- Finance: Intent to use/own cryptocurrency has now dropped to early 2021 levels. The year of volatility in cryptocurrency has scared off those who became interested when values reached all-time highs in late 2021. Meanwhile, adoption levels for online payment apps increased YoY due to more and more businesses becoming cashless in the aftermath of the pandemic.
- Health & Wellness: Awareness remains high for our health & wellness trends but intent and usage are now mostly unchanged. Fitness tracking apps and CBD products in particular have seen only marginal increases in usage YoY. At this point in tracking if trends do not change the only conclusion becomes that the products have reached peak popularity.
- Food & Beverage: Across all products tracked, oat milk saw the most significant increase in usage in 2022. As inflation hits the average American hardest at the grocery store consumers are increasingly likely to try new alternatives to their typical purchases.
- Shopping Behaviors: Usage of interest-free payment programs unsurprisingly rose throughout 2022 as inflation hit consumers hard. These programs and similar online solutions led to more online shopping, especially making purchases directly from social media.
- Technology Adoption: 5G saw the largest jump in usage among tech adoption metrics tracked, but this is more likely due to the growth of 5G infrastructure than consumers specifically seeking out this product feature.
- Miscellaneous: Interestingly, intent to buy electric vehicles decreased in Q4 even as gas prices remained high throughout the year. Whether this is due to changing consumer sentiment or, more specifically, recent controversy for the well-known Tesla brand will have to be monitored into 2023. Language learning apps saw increased usage in both Q3 and Q4 of 2022. As we get farther removed from the pandemic it seems adults are looking to travel abroad and hope to be able to better communicate in the country of their choice.