7 Oct 2022
Press Coverage: ERT Online: Two-thirds of consumers cut 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.
This was one of the key findings from a new research report by Gekko. The survey of 2,165 British respondents carried out by YouGov in August commissioned by Gekko, revealed that two thirds have cut back spending on ‘considered purchases’.
Meanwhile, 43 per cent of people have cut back on spending on ‘essential household items’ due to the increased cost of living.
The categories hit hardest by a cut back in spending are consumer electronics and homeware and home furnishings, with 61 per cent of consumers of these goods reducing spending.
In today’s environment, the number one factor making people consider a purchase in the consumer technology space is that something is within budget, 69 per cent, said Gekko, and durability/being fit for purpose was next, at 52 per cent.
To read the full article please visit ERT Online