IPA poll reveals what shoppers want from brands as cost-of-living crisis bites
A survey commissioned by the IPA has revealed that shoppers want brands to focus on fair pricing and value rather than entertainment amid the cost-of-living crisis.
Consumers want brands to focus on driving down prices / Image via Deposit Photos
The nationally-represented survey of 2,000 adults was carried out by Opinium, and asked consumers to respond to the question: what would consumers like brands to do to support them through the cost-of-living crisis?
The survey found the following to be the most important:
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Keep prices fair (57%)
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Freeze price on value-range products or services (36%)
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Offer more value for money promotions (33%)
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Reward existing customers’ loyalty (30%)
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Increase the number of promotions they offer (28%)
In terms of the top preference of brands keeping prices fair, this was desired more acutely by women than men (62% v 52%), and even more so (by 100%) from those aged 55+ (72% v 36% of 18-34-year-olds).
On the other hand, consumers are least in favor of brands prioritizing the following actions:
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Entertain and make customers laugh/smile (5%)
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Engage directly with customers to develop new solutions and ideas (8%)
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Offer affordable customer finance (10%)
Paul Bainsfair, director general of the IPA, said: “The cost-of-living crisis is a serious issue, especially for those at the older end of the spectrum, so it is understandable that consumers aren’t looking to brands to provide the fun but to provide help where it hits hardest – their finances.
“With further pressures forecast, this won’t be easy for brands to navigate, but as the data shows those that are fair and transparent with their pricing and value proposition may well fare better in their customers’ eyes going forward.”
Amid the ongoing cost-of-living crisis, many workers across the advertising and marketing industry are feeling the pinch. We recently explored how the soaring cost of childcare is pushing parents out of work.
If you’d like to get in touch to tell us more about how the current economic crisis is impacting you, contact ellen.ormesher@thedrum.com
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