4 Oct 2022
Press Coverage: LondonLovesBusiness: Cost of living hits consumer spending on ‘essential household items’ and millions are changing brands
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 in August 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.
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