As the global market from around the world continues to feel the effects of COVID-19, 2023 will set a new precedent for years to come. More things have been taken into consideration over the past few years. Consumers have proven now that they are more conscious in where they put their money towards. Disposable income has tightened, forcing consumers to re-evaluate their values and where they want to spend their income. People now consider the repercussions of fast fashion. Will people be more likely to invest in better quality items and consume less? Or will they be more inclined to go to the local thrift store and shop second hand?

Moana Tellbuescher, a senior trends analyst mentions, “While there will still be some post-pandemic splashing out, 2023 is likely to see similar changes in spending habits and in American culture as we observed during the Great Recession,” she continues with “Americans have ultimately fashioned themselves a new dream based on the realities of today, one with more modest ambitions, and brands must cater to it.”

From what we have seen in years past, if there is a will there's a way. Companies have been effective in changing branding, marketing, along with innovative business models. Start-up companies have also had the unique opportunity to cater to new audiences. As we have seen brands embracing inclusivity, many brands are now being able to reach a whole new demographic unlike before. Numerous brands are also finding more ways to be more eco-friendly. TheRealReal for example, offers an index calculator and chart on their website, to show how much water and carbon emissions you are saving with each purchase. As we get deeper into 2023, we will see the next evolution of businesses around the world.