Unpacking 2023 Consumer Trends: How Young Adults are Shaping the Scene
Updated: Sep 17
As 2023 nears its end, bars and restaurants are gearing up for a grand finale. The latest US Consumer Impact Report by CGA by NIQ sheds light on the hurdles and opportunities awaiting drinks brands and operators. While the frequency of visits to On Premise venues paints a positive picture, with many consumers maintaining or even increasing their visits, there's a flip side. The young adult consumer trends of 2023 show that cost of living and looming student loan repayments, especially for the 21-34 age bracket, are causing some to rethink their spending habits.
However, it's not all about challenges; there are silver linings too. The upcoming NFL Week 1 is set to be a blockbuster, with a significant chunk of consumers planning to enjoy it in bars and restaurants. This, coupled with the Labor Day celebrations, offers a golden opportunity for brands to roll out targeted campaigns. The allure of beer, sports betting during live games, and the vibrant atmosphere of sports bars and casual dining chains during early evenings and happy hours are set to be the crowd-pullers.
Matthew Crompton, the regional director for North America, encapsulates the sentiment perfectly. The On Premise sector remains a pivotal part of many lives, and with the right strategies, brands can ensure a memorable end to 2023. By understanding and catering to changing consumer habits, especially during peak times like early evenings, brands can craft experiences that resonate and delight. Dive into the full report for a deeper understanding and let's raise a toast to the opportunities ahead!