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Trend Q&A: The psychedelic renaissance in 2023 and more

2023 youth culture, SEA social commerce, the psychedelics market
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May 11, 2023 By WGSN Insider

Youth culture in 2023, social commerce in Southeast Asia and the future of psychedelics. That and more on today’s episode.

Want to know what’s next? Listen to the show where our experts from around the globe unpack your biggest challenges. This week, WGSN’s CEO Carla Buzasi takes us to London and Singapore to dive into the retail landscape, as well as consumer behaviours and actions in 2023.

Watch the full episode below or read on for highlights of this episode:

Q: What is youth culture shaping up to look like in 2023?
“A key trend is the rise of knowledge curators. As young people come of age during the cost-of-living crisis, they continue to feel stressed and anxious, and many feel reluctant to further their education.

“As we know, Gen Z is a self-taught generation and they will continue to seek out social learning experiences. In 2023, brands can step into democratised learning experiences for the masses.”
– Liz Tan, Trend Forecaster & Youth Culture Strategist, WGSN
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Q: How did social commerce in Southeast Asia evolve in 2022 and where is it going?
“In 2022, platforms such as WhatsApp and Line supercharged backend integrations to solve pain points around last-mile delivery, while others including TikTok focused on new formats of product discovery like in-app sales festivals.

“Brands should continue experimenting with new formats to keep content fresh and exciting, while prioritising human-like conversations and speedy responses to boost engagement and drive conversions.”
– Alison Ho, Insight Analyst, WGSN
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Q: What does the future of the psychedelics market look like and are there opportunities for brands to get involved?
“The psychedelic market is projected to grow from $2bn in 2020 to $10.7bn in 2027. It’s important to say a lot of this growth comes from the pharmaceutical industry, who are betting big on compounds such as psilocybin to treat some surging mental health problems as a result of the pandemic.

“Capitalise on this interest in psychedelics and substances that reduce stress. We’re in the midst of a mental health crisis, so lean into the mood market. Think about how your products can be positioned to alleviate the struggles of the day to day.”
– Joe McDonnell, Director for Insight, WGSN
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