The global cost of living crisis is contributing to rising inflation, and consumers are increasingly worried about their personal financial situation. The impact of inflation is reflected in the shift in consumer spending behavior towards more frugal choices, which has resulted in a moderation and avoidance trend. Consumers are also becoming less concerned about product quality and more focused on value for money. Brands must adapt to these changes and offer products that cater to consumer concerns by providing better value-for-money options, multi-functional products, and discounts.
This set of information provides insights into the impact of rising inflation and cost of living on consumer spending patterns and priorities. It highlights the growing concern of consumers about their personal financial situation and how this has shifted their purchasing behavior towards more frugal choices. Brands must adapt to these changes by offering affordable, multi-functional, and long-lasting products while enhancing their digital footprint to maintain consumers' interest in online activities.
This set of information provides insights into the impact of rising inflation and cost of living on consumer spending patterns and priorities. It highlights the growing concern of consumers about their personal financial situation and how this has shifted their purchasing behavior towards more frugal choices. Brands must adapt to these changes by offering affordable, multi-functional, and long-lasting products while enhancing their digital footprint to maintain consumers' interest in online activities.
Scope
- In the current economic climate, rising inflation and the cost of living are having a significant impact on consumer budgets, pushing them towards more frugal choices. As a result, consumers are becoming increasingly worried about their personal financial situation and are changing their spending habits.
- Brands must understand and adapt to these changes by offering affordable, multi-functional, and long-lasting products that cater to consumer concerns.
- Consumer perceptions of value for money have also shifted, with low prices, multi-functionality, and discounts becoming more important than quality.
Reasons to Buy
- Gain a broader appreciation of the fast-moving consumer goods industry.
- Understand the relevant consumer trends and attitudes that can drive and support innovation and brand strategy.
- Access valuable strategic take-outs to help direct decision-making and inform new product development.
Table of Contents
1. Consumer Behavior Tracking: Spending Priorities- Introduction
- Spending Priorities
- Take-Outs
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Twinings
- Tata Tea
- Halfords
