October 23, 2023 / Thought Leadership
Mood & Mindset Report October 2023
At CP, we are always asking “why?” We’re fascinated and ever curious about customer mood and mindset. Here’s a few observations and constructive fodder for discussion from our anthropology and strategic planning teams from this past quarter.
The power of women in economic revival.
Observation: The #girlhood cultural movement is in full swing, evidenced by a surge of trends in feminine self-expression.
Taylor Swift’s Eras Tour grossed over $1 billion. Beyoncé’s Renaissance Tour impacted inflation in two countries. Barbie became the biggest movie of the year. The Women’s World Cup set new records in ticket sales and TV viewership.
What brands can do: Focus on empowering women to embrace and celebrate their individuality and unique experiences while emphasizing joy, creativity, and authenticity.
2. On Strike
The renaissance of labor movements.
Observation: The Writers Guild of America (WGA) and SAG-AFTRA initiated strikes for equitable pay. This is historic as it is the first time both have simultaneously gone on strike since 1960.
The newly established Creators Guild of America characterizes itself as a “professional service organization” for digital content creators, extending benefits that are akin to those in unions.
What brands can do: Prioritize making their employees, and subsequently their customers, feel valued. Align themselves with workers’ rights by actively supporting fair compensation and ethical practices.
3. “Hype” it Up
“Hype” business model.
Observation: Streetwear is a major disruptor in modern retail, and its success is rooted in hype. The “hype” business model involves creating brand buzz through high-profile “drops,” and then leveraging that hype to sell ordinary products. MSCHF’s 2023 “Big Red Boots,” which sold out in seconds and ranked fourth on List’s list of most desired products, exemplify this strategy.
What brands can do: Borrow strategies from streetwear’s playbook to achieve similar success. Adopt limited “drops,” utilize irony, and create scarcity.
4. Transparency is Sexy
Advancing sustainability through clarity.
Observation: Allbirds revealed the design of its zero-carbon shoe, the “M0.0NSHOT.” Also released is an open source toolkit that outlines their process, including its materials and manufacturing.
In the 2023 Fashion Revolution’s Fashion Transparency Index, the luxury segment exhibited the most substantial improvements, with Gucci, Armani, Miu Miu, and Prada leading the way.
What brands can do: Investing in sustainable materials and production to reduce carbon footprints and publicizing footprint data for each product will demonstrate a proven commitment to climate action.
5. It’s Getting Hot in Here
European travel on the rise.
Observation: Popular European destinations proved their dominance, with a total of 11.7 million Americans traveling to Europe in 2023. International cruise bookings have also gone up 44% around European river routes.
June to August was the planet’s warmest period ever recorded. Because of rising summer temperatures, more people are seeking out cooler destinations like Denmark, France and the United Kingdom.
What brands can do: Climate-conscious messaging can work to reflect the changing priorities of consumers as our environment changes.
6. High Value Travel
People want to maximize their time and money.
Observation: The fallout from Covid continues to be far reaching. People are rethinking what they want from travel, making authentic and immersive experiences central to a sense of ‘value’.
This might involve heading into the great outdoors for a wellness-focused retreat, indulging in adventure therapy, taking a package trip with strangers, or going on an old-fashioned tour with a range of exclusive perks.
What brands can do: Tap into the sentiments, the motivations behind them and leverage these themes in messaging. Positioning themselves as the facilitators or gatekeepers of these experiences.
All good things expire. Look out for more reports coming soon.