19 Oct 2022
Press Coverage: Business In The News: Two thirds of consumers cutting back spending on considered purchases
The cost of living crisis has had a dramatic impact on consumer spending with brands needing to focus on value and the longevity of their products to win customer loyalty. These were some of the key findings from a new research report by marketing agency Gekko.
The survey of 2,165 British respondents carried out by YouGov and commissioned by Gekko, revealed that two thirds, 66% have cut back spending on ‘considered purchases’. These are defined as non-essential purchases that have a degree of financial or emotional investment.
Meanwhile more than 4 in 10 (43%) of people have cut back on spending on ‘essential household items’ due to the increased cost of living.
The re-considered purchase
For considered purchases, 52% of 18-24 year olds have cut back on spending, compared to 68% of 25-34 year olds and three quarters (75%) of 35-44 year olds. The categories hit hardest by a cut back in spending of consumers of these goods are: Consumer electronics and homeware and home furnishings with 61% of consumers of these goods reducing spending. Next was Clothing & apparel 60%, DIY and garden, 50% and Baby and child, 41%.
To read the full article please visit Business In The News