Customers are becoming more aware of how the products they purchase affect them and the environment, so they're demanding healthier alternatives and more transparency. Founders expect this trend to reach far and wide, from fashion and technology to food and wellness.
"With the looming recession, people are going to take more things into their own hands to avoid expensive doctor visits and save costs," Cynthia Plotch, a cofounder and the CEO of the women's health brand Stix, said.
Katerina Schneider, the founder and CEO of the multivitamin and supplements company Ritual, believes cleaner and "better for you" brands are here to stay in 2023, from food and beverages to home goods and cookware.
"Over the last few years, we've seen a shift to consumers caring more than ever about their health, the transparency around the sourcing of ingredients, and the alignment around mission-driven brands," she said. "Additionally, it's no longer enough to be just clean; brands have to be clear with their standards around what is in their products."
While a recession may motivate customers to cut costs, Beatrice Dixon, a cofounder and the CEO of the feminine-care brand The Honey Pot Co., said people would continue to spend on groceries and essentials.
"The realities of coming out of several years of a pandemic have elicited a need for humans to prioritize wellness, namely what they put in and around their bodies," she said.
Chelsea Neman Nassib, the founder and CEO of the art marketplace Tappan Collective, believes customers are also becoming more socially conscious.
"People have become more considerate with their buying power and are looking for ways to spend that align with their values," she said.
Luis Gramajo, a cofounder of the cookie brand Wunderkeks, said customers were demanding more from the food industry, both in product quality and in branding.
"The new generations are buying brands that not only mean something to them, but also they feel represented by them," he said. "This is forcing companies to put a soul into their brands. We're seeing that trend in the food industry, and that's why it keeps growing."