Joceline Yong is a Senior Behavioural Analyst at Canvas8 based in Singapore. She holds a BA in Psychology from Yale-NUS College and is currently pursuing a Master's in Applied Social Science Research. She has strong experience in applying behavioural science across tech, healthcare, and the public sector, and enjoys bringing structure to chaos. Outside of work, she can be found social dancing, wandering through flower gardens, and escaping into fictional worlds.

In the turbulent economic environment, money is losing its value. Consumers are reevaluating their spending across sectors. With a looming crisis of trust in financial institutions, how are people managing their budgets? And how can brands navigate the complex relationship between value and cost?

Critical Spenders

Conversations about sustainability are no longer enough. As it becomes all but certain that global heating will increase beyond the 1.5°C of the Paris Agreement, the effects of climate change are already a reality for many communities worldwide. People are not only sensing the urgency of the matter but are realising that existing strategies – on a personal and collective level – are not sufficient.

While companies and businesses were quick to make environmental pledges and commitments, demonstrated by the rising ESG movement in recent years, the momentum has slowed or reversed in the face of economic downturn and potential culture war boycotts. Both people and companies are increasingly confused about the language of sustainability, and vague and misleading vocabulary has led to cases of greenwashing. While climate change is acknowledged as a pressing matter, people no longer understand how they can make a difference – feeling mistrust, scepticism, and fatigue from the oversaturation of messaging from big companies. At the same time, others are angry at the lack of progress, taking more drastic measures to spur governments, businesses, and billionaires into taking action and accountability for their disproportionate environmental impact.

Facing polycrisis in a world that's more interconnected and globalised than ever, people recognise the need for new leaders and ways to mobilise. They're calling for more intersectional approaches to sustainability, looking at long-term social, environmental, economic, and ethical impacts across the supply chain.

At the same time, the cost of living crisis is having a significant impact on people's sustainable behaviours. People often prioritise price over ethics (even if the growth of the eco-luxury sector shows no signs of stopping) but are also increasingly adopting circularity to save on costs – buying more secondhand, seeking out durability, repairing more, and sharing more.

Sustainable Solutions

Gen X (born 1967-1981)

Gen Y (born 1982-1996)

Gen Z (born 1997-2010)

Germany

Automotive

Money

Car buyers in Germany are showing muted demand for electric cars as the cost and quality of EVs fail to meet their needs. Countries recognise the need for an urgent transition towards a greener future, but balancing the competing needs of people and brands is an uphill battle.