At the start of winter 2022, 30% of respondents said they made few or no purc russian girl whatsapp number hases due to recession warnings, while 24% were more conscious about spending money than in previous months. The number of respondents whose spnding was not affected by the news also fell from 17% to 13%.
What does all this mean? For brand leaders or marketers faced with the challenge of getting products off the shelves, it’s time to get creative . They need to stay in touch with those who are tightening their wallets but can still afford to purchase items within their new budget or have a decent return on investment. Now is the time to consider discounts, promotions, deals or offer freemium marketing to provide experiences these consumers can’t resist.
Making our way through the new budgets
Brands need to take into account the significant shift in consumer spending that can occur during the first three months of a recession, or as the cost of goods and services continues to rise. 64% of consumers surveyed over the summer said they would reduce or continue to reduce their household budget. Interestingly, this percentage has dropped to 57%, with 27% saying their budget will stay the same and only 15% saying they will increase it.
Brands need to consider products that are key to people maintaining some semblance of their lifestyle. But a set of surveys shouldn’t be the sole basis for completely revamping the entire marketing strategy. Necessities should be the current focus rather than luxury or high-priced items.