What do sci-fi fits, vitamin seaweed and mushrooms have in common? They’re all the trends that will be taking 2023 by storm, according to Pinterest’s latest predictions.
Last week, visual inspiration platform Pinterest released its annual ‘Pinterest Predicts’ report, which looks at the latest rising trends in fashion, home and lifestyle which are set to become even more popular over the next year.
Over 400 million people visit Pinterest each month, with the platform leveraging this search data to gain early insights and identity the most significant emerging trends. It’s a model that has seen consistent success, with 80% of the platform’s predictions coming true over the last three years.
“Being able to look ahead rather than look back is Pinterest’s superpower,” Pinterest director of business marketing EMEA Visha Kudhail tells Charged.
But, how can ‘Pinterest Predicts 2023’ benefit brands and retailers? And how can they leverage its insights to get ahead of the curve?
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Benefits for retailers
“When it comes to knowing what will resonate with your audience, guesswork is simply not enough,” Kudhail says.
The ongoing cost-of-living crisis continues to have a severe impact on the retail sector, with shoppers exercising more caution in the face of surging costs and retailers tightening their budgets across the board.
“Our macro economic situation has shifted and people are more conscious of not only what they are spending, but who with,” Kudhail adds.
“Therefore, its more important than ever for brands and retailers to think smartly and creatively, to deliver campaigns that will have genuine impact and ultimately drive sales.”
Described as a “window into the future,” Pinterest Predicts gives retailers the chance to know about trends in advance, in order to create better strategies and be more forward-thinking.
In fact, the platform recently revealed that 75% of weekly Pinterest users say they’re ‘always’ shopping. Some 85% of Pinners say they use Pinterest to plan new projects, while the number of users engaging with shopping surfaces has grown by over 20% in Q4, both from the previous quarter and year-on-year.
Kudhail believes that, at their core, Pinners are planners, with millions coming to the platform every month to discover ideas and “shop them into reality” – from “daily outfit ideas and what to cook for dinner at the weekend, to which car to buy next, and how to renovate their kitchen.”
Evidently, Pinterest users come to the platform in the mood to consume; seeking inspiration, discovery and future planning.
“Our report is a cheat-sheet for brands to see which trends are set to go big the following year, enabling them to create relevant campaigns that are informed by robust data,” Kudhail adds.
How Pinterest forecasts upcoming trends
With an 80% success rate, Pinterest Predicts is clearly backed up by a strong and robust data model.
To determine the upcoming year’s trends, Kudhail says the platform uses rigorous data methodology, looking at figures from previous months to identify the search terms and topics that have been seeing traction over that time period and show a strong upwards trend globally.
“The trends we’ve identified are ideas that we’ve seen a large number of people searching for and that we anticipate people will be trying in 2023 – not as fads, but as trends that you’ll see in the mainstream,” she adds.
To determine how these trends are performing, the company has built out an analysis that takes into consideration how searches within each trend have grown throughout the year, as well as monitoring each keyword closely to see what continues to grow.
“In 2022, we’ve loved watching trends like Dopamine Dressing, Pearlcore, Celestial Celebrations, and Curve Appeal all continue to grow – both on the platform and adopted by brands on the high street,” Kudhail says.
“For those trends, and many others in the report, every single keyword sustained growth post report-launch.”
Looking ahead rather than backwards
Being able to forecast upcoming trends and operate in a prescient manner is what sets Pinterest apart from other social media titans.
“Unlike other sites, people come to the platform to plan for their future, so Pinterest data is grounded in the future, not the past,” Kudhail says.
“We have access to insight from over 400 million people worldwide, every month, and the pool of data allows us to really understand what consumers want, and are planning to do and buy next, before the trends get big.”
The retail landscape is constantly shifting and customers are savvier than ever, meaning brands must do all they can to engage shoppers and drive growth.
“With brand marketing budgets tightening alongside and every penny counting in their output, it’s important for them to be ahead of the curve, staying on top of what’s new and not dwell on what has been,” Kudhail says.
“What I love about the 2023 report is that, despite all the uncertainty the world is facing, consumers are still optimistic, and are actively looking to make positive choices and changes in their lives.
“Brands can be there to inspire people’s purchases along the way, as they turn their Pinterest boards into reality.”