Accenture Life Trends 2023: Control and Power

People are canceling gym memberships, pausing contributions to pensions, and abandoning health and life insurance policies. The cost of living crisis may also exacerbate loneliness, as one of the first expenses people drop will be their social activities.

As people internalize instability as a norm, they will evolve into new versions of themselves. The by-product of that evolution will be the generation of products and services that are defined by their choices.

There’s a tension brewing between those who enjoy the autonomy of remote work and those who crave the rewards of being together. This is about shaping a new value exchange between employer and employees beyond money vs output.

Leaders will need to go back to the drawing board and create logical, mutually beneficial plans, with a life-centric approach. Make no mistake: it’ll take more than drafting new policy. Leadership needs to put their full weight behind shaping and driving a brand new approach.

This is all great news for brands too. As cookies are phased out, the data they used to yield won’t be missed, as the data that people choose to hand over will be even more valuable. It’ll be accurate and shared voluntarily, giving conversion rates a much-needed boost.

Building customer confidence in digital wallets could be a challenge but one worth facing head-on. The technology exists and it works. Although it’s early days, companies can accelerate adoption in several ways.