Millennials will lead next year’s purchases

Nostalgia, inclusiveness, economic uncertainty and a return to analogue are the keywords for consumption in 2023 which will be guided by millennials.

Members of generation y – born between 1981 and 1996 – thanks to a higher disposable income, they have finally established themselves as the new dominant consumers. To draw this picture were Catawiki, platform for auctions of special items, e Ipsos, institute that deals with market research, who have joined forces with the aim of predicting the consumption trends that will define the coming year.

“We are thrilled to have partnered with Catawiki to produce the 2023 Trend Report. By combining our experience in qualitative research with the solid expertise of Catawiki’s experts, we have developed a tailored research approach that has allowed us to predict the behavior of consumers for next year in the world of luxury, art, design, automotive and much more» declared Thom Bremer, research executive at Ipsos.

Research from a variety of sources has been combined to determine these trends: from multiple reports and data in the ipsos databases to studies by industry leaders and various Catawiki experts. Here are the five dominant consumer trends:

  • Beyond the normal – forget the rules, 2023 will be the time to express an individual style: maximalist design with eclectic and bright colors, patterns and contrasting styles like Sottsass pieces; flamboyant genderless and gem-embellished clothing, where prints and brands flow into each other, effortlessly combining Moschino and Margiela; technological art created thanks to the new generative artificial intelligence platforms capable of creating portraits on the walls.
  • Nest – people’s relationship with their home has changed forever with the pandemic and they are increasingly looking for pieces aimed at creating a serene environment. Also because, due to the uncertain economic situation, it is expected that in 2023 people will stay more at home: rounded furniture as numerous psychological researches show that the human brain is predisposed to associate roundness with happiness and relaxation; minerals, stones and tarot cards following the increased interest in spirituality and objects that reflect it; analogue pastimes such as board games and model trains and holiday villages to unwind.
  • Throwback to the early 2000s – Millennials are the new dominant consumers and next year it is expected that there will be a throwback to the early 2000s: cars as flashy as the vintage jeeps used in jurassic park, the Japanese drifters featured in fast & furious and vehicles made famous by blockbusters; fashion of the time with the re-presentation of the it-bag – above all the balenciaga city bag – and oversized sunglasses; digital age memorabilia such as compact digital cameras, cell phones and quality wired headphones that hark back to a carefree past.
  • Alternative investments – many specialty items have risen in value in recent years to the extent that they are now regarded as sound investments: quality classic engines at a more forgiving price range, such as the Volkswagen golf gti mk1 and the 250cc Triumph tiger Cub; celebration of youngtimers, i.e. vehicles approaching their 25th birthday; alternatives to whiskey to switch to cheaper bottles such as cognac, armagnac, grappa and beers produced with ancient methods; new memorabilia, such as the already iconic Cassette Bag by Bottega Veneta or a vintage brooch embellished with gems.

Millennials will lead next year’s purchases